*P2P Loans?*

Ok, now I've heard of some crazy things, but this Zopa loan idea is crazy. Zopa is a peer to peer loan that involves an online investment to lend money out to other people. The system is in use in the UK and I must say if they can get it to work it sounds really slick. No longer will you have to go to a bank and settle for a high interest loan. This way you can get money with lower rates.

This idea sounds really good to me, but I have my doubts. I don't understand how they're going to prevent fraud. They will need to come up with some sort of system like eBay has with PayPal. Although I think it's a potentially great idea, I can't see myself using it until it's been proven in the US, not just in the UK. Although if you're interested in more information on Zopa you can go here.