Zopa. Neither a borrower nor a lender be!

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Comments

  • thepearce
    thepearce Posts: 2,287 Forumite
    First Post First Anniversary Combo Breaker
    Darren21 wrote:
    Can someone tell me what the minimum amount to lend to people is?
    The minimum total amount you can offer is £500.

    - I would definitely advise you searching the forum and reading some Zopa threads if you are considering this.
  • wannasave_2
    wannasave_2 Posts: 776 Forumite
    this quote
    MSE_Martin wrote:
    Frankly at the moment Zopa wins my BARGEPOLE WARNING as in don't touch it with.

    Martin
    taken from this thread here kind sums it all up for me. If the main man doesn't like it I think that's fair enough warning for anyone :o

    Shouldn't this thread be on the Loans board where the other zopa threads are? Not really a grabbit bargain :confused:
  • thepearce
    thepearce Posts: 2,287 Forumite
    First Post First Anniversary Combo Breaker
    wannasave wrote:
    this quote

    taken from this thread here kind sums it all up for me. If the main man doesn't like it I think that's fair enough warning for anyone :o

    Shouldn't this thread be on the Loans board where the other zopa threads are? Not really a grabbit bargain :confused:

    The £80 is, I believe, a grabit. The main man's article was written almost a year ago - and when there was no incentive. I think the £80 might change things - just like the £100 to open a pretty poor Barclays account did.

    Personally I'd only look at Zopa from a borrower's perspective as I don't think the lending angle is a particularly good one. I'll make £65 and have £1,000 paying off a higher APR debt...... but that's just me. People should weigh it up for themselves.
  • eek
    eek Posts: 84 Forumite
    thepearce wrote:
    The £80 is, I believe, a grabit. The main man's article was written almost a year ago - and when there was no incentive. I think the £80 might change things - just like the £100 to open a pretty poor Barclays account did.

    Personally I'd only look at Zopa from a borrower's perspective as I don't think the lending angle is a particularly good one. I'll make £65 and have £1,000 paying off a higher APR debt...... but that's just me. People should weigh it up for themselves.

    Well I've taken out a £1000 loan simply to earn the £80. The cost of the loan over 6 months is a grand total of £15 so it seems worth keeping a borrowing account simply to get a really cheap short-term overdraft.

    As for whether its worth lending money on Zopa. If I'm paying a grand total of 1.5% to borrow money for 6 months I really don't think its a place I would invest my savings.
  • thepearce
    thepearce Posts: 2,287 Forumite
    First Post First Anniversary Combo Breaker
    eek wrote:
    Well I've taken out a £1000 loan simply to earn the £80. The cost of the loan over 6 months is a grand total of £15 so it seems worth keeping a borrowing account simply to get a really cheap short-term overdraft.

    As for whether its worth lending money on Zopa. If I'm paying a grand total of 1.5% to borrow money for 6 months I really don't think its a place I would invest my savings.
    My centimetres exactly ;) I've done exactly the same thing.
  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    First Post Combo Breaker First Anniversary
    I noticed that you can pay back early without any penalties...... Might be worth keeping it a couple of months and giving it back to save yourself a bit of interest

    I just hope I'm elligable
  • thepearce
    thepearce Posts: 2,287 Forumite
    First Post First Anniversary Combo Breaker
    Amba_Gambla wrote:
    I noticed that you can pay back early without any penalties...... Might be worth keeping it a couple of months and giving it back to save yourself a bit of interest

    I just hope I'm elligable
    The way I read that is no EXTRA penalties - I think you're still liable for the full cost of the term's interest....otherwise I mighta turned it around in a month :)
  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    First Post Combo Breaker First Anniversary
    I think it said somewhere that you can save on interest payments by completing early...
  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    First Post Combo Breaker First Anniversary

    Yes. You can pay off the outstanding amount on your loan contracts at any time without penalty. Sign in to Zopa and go to the ‘Money I’m borrowing’ tab. Click on the link next to your loan details and follow the instructions. We will calculate the amount outstanding and send you an email that tells you how much you need to pay us to clear your loan contracts along with instructions on how to pay us. You will have 10 days to transfer the money to us, which will be distributed to all your lenders and your contracts with them will end.

    maybe not then :o
  • Stuart_W
    Stuart_W Posts: 1,731 Forumite
    Name Dropper First Post First Anniversary
    Has anyone who has tried this scam had their £80 turn up on Quidco yet?
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