Upon logging into their Zopa dashboard, borrowers click a link to sign up to become an Airbnb host. If they earn GBP 500 from Airbnb within six months, they get GBP 50 off their loan. If they earn GBP 1,000 from Airbnb rentals, they get GBP 100 off, finovate.com reports.
UK hosts earn an average of GBP 2,000 per year for renting their home for 46 nights, which means borrowers would need to rent out their homes around 18 times over the course of a year to take full advantage of Zopa’s offer.
While the partnership makes sense for Zopa – it’s a focused way to help borrowers increase their income – it seems unlikely that banks will make the same move. The risk and liability that come with the nature of the P2P sharing economy are native to both Airbnb and Zopa but do not mix well with a highly regulated bank.
The loan-repayment offer is only available to new Airbnb hosts who receive a quote from Zopa from 1 September 2016 to 1 September 2017 and are approved for a loan.
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