Earn 10% interest
Even ISAs are not really performing very well, and it can be hard to know where to put your money to make a decent rate of interest these-days.
One option you don't often hear about in the main press is the idea of 'social lending', a new idea which is rapidly out-performing the current banking system, by 'cutting out the middle-men', the bankers!
One UK example is Zopa, where people lend and borrow money to and from each other, sidestepping the banks.
It's a smarter, fairer and altogether more human way of managing your money, where both borrowers and lenders get better rates. Check out Zopa to find out more.
One member of our team has been getting over 10% by investing their money in Zopa, an almost unbeatable rate of return in the current economic climate. You do need to invest your money for at least 36 months but the way the money is leant out, in small amounts across thousands of borrowers, makes it a very secure system.
Zopa run all the usual credit checks on borrowers and have an extremely low default rate. If people do default on their loan they use all the means available to the banks to collect the money back and because the loans are split up across so many investors any individual loss is minimised.
Obviously, the rates available to borrowers are also better than via the banks, making it the perfect example of 'beating the bank', by cutting out the bankers themselves. Brilliant!
Check out Zopa to find out more and let us know what you think. With a few more systems like Zopa we won't need banks for much longer!ShareThis
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