Boober:New Way Of Banking
By admin at April 15, 2007 | 10:09 pm | Print
Boober launched last month, Boober is bringing peer to peer lending to The Netherlands. The start-up works much like Zopa and Prosper, with prospective borrowers listing the amount they want to borrow, their credit rating, purpose of the loan, interest rate they’re willing to pay, etc. Credit ratings are determined by credit report agency Experian. And loans to AA and AAA borrowers are guaranteed by debt collectors Intrum Justitia, at 90% and 99.5% respectively. Investors are required to distribute their capital over at least 10 borrowers to minimize risk. Borrowers pay EUR 19.95 to have their credit rating determined, and if their loan is funded, they pay Boober a yearly fee of 0.5% of the loan. Investors pay a yearly fee of 0.5% over the funds they’ve invested, as well as an annual contribution of EUR 9.95.
Boober’s founder, Guus Drijver, doesn’t hesitate to share his feelings about why Boober is better than the Big Banks: “Boober doesn’t work with hidden costs and is completely transparent. We don’t sponsor yacht races or soccer teams, and don’t have expensive headquarters or pay thousands of people high salaries.” Boober isn’t alone in this sentiment; many consumers are equally discontent with banks and their high profit margins, driving interest in alternatives like p2p lending. After a beta phase in The Netherlands, Boober hopes to expand to Belgium and Germany.
Website:www.boober.nl/
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Lovely material, Regards.