Leave out the banks
January 18, 2007 by admin
Filed under News, News-Loans
Following a stinging attack on banks over penalty charges, consumers are being told that they can avoid contact with banks altogether if they wish.
Zopa, an online market place where people meet to lend and borrow money, says customers need to be made aware that they are no longer limited to simply switching between banks.
During a parliamentary debate on January 16th, many banks were accused of “ripping off” their own customers and penalty charges were labelled “illegal” by Liberal Democrat MP Matthew Taylor.
The people at Zopa say that by borrowing from other members of the public it is possible to get some of the lowest interest rates around.
“There is simply no need for people to continue to suffer at the hands of the big banks anymore,” said James Alexander from Zopa.
“They are no longer restricted to just switching to an apparently less greedy bank either.
“They can cut them all out by borrowing and lending between fellow individuals to get not just a better deal, but also the pleasure of no longer contributing to the banks’ truly staggering profits,” he added.
