P2P loans from Zopa

TechnoBadger

It's been a few years since Zopa (P2P or "social" lending) launched and I was wondering what the current view of them is around here? I know that you need a reasonable credit rating to borrow - but how do the rates stack up in comparison these days? I'm a "lender" to Zopa and wonder if they're now finally due a spot of better press?

Non affiliated link:

https://uk.zopa.com/ZopaWeb/

TechnoBadger

I guess they're not used much round here then! Too expensive? Too difficult to get a loan? Any views would be appreciated.

TechnoBadger

This is what Yahoo Money think of them then! :

http://uk.biz.yahoo.com/11082008/404/loan-bank-says.html

clubJWP

aprt from zopa there is one more i know called Kiva.
i got these statistics from one of the sites

Total value of all loans made through Kiva.org: $20,269,485
Number of Kiva Lenders: 232679
Number of loans that have been funded through Kiva.org: 30922
Number of Kiva Field Partners (microfinance institutions Kiva.org partners with): 77 Number of countries Kiva Field Partners are located in: 39
Current repayment rate (all partners): 99.85%
Current default rate (all partners): 0.15% Average size of loan for funding: $577.95
Average total amount loaned per Kiva Lender (includes reloaned funds): $87.26
Average number of loans per Kiva Lender: 2.27


these stats are not given by Kiva they have been results of a an independent survey agency
JWP

simongregson

Spam reported.

Phantom_Flan_Flinger

TechnoBadger wrote: »

I guess they're not used much round here then! Too expensive? Too difficult to get a loan? Any views would be appreciated.

To be honest, it's been a couple of years since I applied for a loan with Zopa.

At that time their best rate was around 5.5%, but after going through the application process, they offered me somewhere around 8%. I didn't accept their offer and went with Northern Rock and got their best rate at 5.9%.

I do remember getting a follow up call from Zopa asking why I didn't finalise the loan. I told him I'd got a better rate from NR. He thanked me for applying and asked me to remember them for next time I was after a loan.

I can't comment on what they're like now though.

RebTech

The Zopa info on the MSE cheap loans page is seriously out of date. How would I complain about that?

TechnoBadger

simongregson wrote: »

Spam reported.

Apologies if I've upset you. I agree with RebTech above - the information about Zopa on the main site must be a couple of years old. Things have moved on - Martin could do with having another look at them now that they're more established. They're now clearly an option for investors and borrowers. I guess RebTech is a user like myself, I'm sure that any users will help with feedback.

RebTech

TechnoBadger wrote: »

Apologies if I've upset you. I agree with RebTech above - the information about Zopa on the main site must be a couple of years old. Things have moved on - Martin could do with having another look at them now that they're more established. They're now clearly an option for investors and borrowers. I guess RebTech is a user like myself, I'm sure that any users will help with feedback.

I assumed he didn't like the one about Kiva -- even though they're non-profit! Some people see spam everywhere.

Locoblade

Ive had a loan with Zopa for about 2.5 years now and would certainly recommend them if the rates are still competitive. Its very flexible if required (can overpay / repay entirely with no penalty at any point) and I got a rate at least 0.5% lower than anything on the highstreet at the time at 4.5% (!). Ive also earned £90 from them in that time from recommend-a-friend type offers, I think its £30 each if someone takes up a loan or starts investing with them.

TechnoBadger

From a Zopa lender's point of view rates seem to be on the low side at the moment. An expected New Year rush doesn't seem to have happened yet. I doubt that I'll be lending for a while, good news for borrowers though I suppose!