Zopa, a website which is the world's first online lending and borrowing exchange, has been launched in the UK. Zopa is aimed at bringing borrowers and lenders closer by eliminating the middlemen.

Lenders can choose borrowers to whom they want to lend on the basis of the borrowers' credit worthiness. Borrowers can also choose their lenders on the basis of the interest rates that the lenders are charging.

Zopa helps to reduce the risk for lenders by spreading their loans to a number of borrowers. This way, one lender can lend his money to a number of borrowers. The risk for the lender is greatly reduced because even if one of the borrowers defaults in repayment, the lender will still get his money back from other borrowers to whom he has lent.

Zopa is authorised by the Financial Services Authority and has been granted a credit license by the Office of Fair Trading.

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