Financial group Zopa have launched a new 'Young Markets' loan service aimed at borrowers who are unable to get a loan due to a lack of credit history.
The loan – which are aimed at people aged 20-25 – will have a typical rate of 12.5 per cent and will be available to those who have a clean, but limited credit record.
Giles Andrews, UK managing director and co-founder of Zopa, said: "With our Young Markets launch we are delighted to be offering this unique service to young adults who have been unnecessarily blocked from accessing competitive loan up to now simply because they have a very limited credit history."
Mr Andrews added that Zopa - which is a unique person to person lending exchange – promises that its borrowers will not have to "suffer restrictive lending practices" and unnecessarily high charges.
Money saving expert Martin Lewis advises consumers to shop around for the best loan rates and try to repay the capital as quickly as possible.
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