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U.S. Model for Zopa 'Being Revised, Remodeled'

SAN FRANCISCO -- The nation's financial meltdown has apparently struck another victim, the U.S.-launched social lending venture of Zopa started a year ago with six participating credit unions as an innovative way to reach the youth market.

By Jim Rubenstein | Updated on October 10, 2008

SAN FRANCISCO — The nation’s financial meltdown has apparently struck another victim, the U.S.-launched social lending venture Zopa, which was started a year ago with six participating credit unions as an innovative way to reach the youth market.

“Yes, we have altered loan procedures with our U.S. credit union partners as we found the ratio of suitable applicants to loans very challenging,” declared Douglas Dolton, Global CEO of Zopa, the United Kingdom lender which has maintained its U.S. base here.

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