Anyone tried ZOPA ?

Pssst

Apologies if discussed previously..

has anyone borrowed or lent money via www.zopa.com
If so,what are your experiences? How do borrowing rates and lending rates generally compare with borrowing from/investing with high street establishments?

kirsty000

Hi Dont know if this will be helpful or not, I borrowed with Zopa last month on the listing section, so basically people say is they want to lend you the money or not. I have found the site easy to use and the customer service team very helpful. There is also a forum on the zopa site which is worth a look. The interest that im paying back is a good rate for my credit report as I couldnt get a loan from high street banks.
Kirsty

mojomcl

Zopa is a great, low cost way to borrow. The main attraction for me was that I could take a 12 month loan, with the ability to overpay, or even settle early, with no penalties what so ever. It made it a very cheap way to buy my dream suite (a chesterfield), without cashing my premium bonds!

Fairrate

Well I found about Zopa just as it was kicking off and I decided to invest £10000 and became one of the "founder members" at that time I was a little sceptical as to what would happen as it was a new start up.

Today I have found it to give me the best return of any investment I have at the moment, on average like many lenders with Zopa I have made returns of over 8% but in the last 2 months my average return on money lent has been over 17.5%! beat that!!

I have even been a borrower with Zopa as I unexpectedly needed some of my investment back and I got an amazing rate, nothing the banks could match.

For those of you that havent tried it, I would highly recommend it,

-no early repayment charges for borrowers gives the ultimate flexibility on repaying your loan vs banks who load up interest up front

- online environnment so you can check your balances within a few minutes or seconds if you type fast!

- and there is a real aspect of social lending, you actually see who your money is going to if you use the listings (an auction type environment) or you can take an armchair approach and lend on the markets at an interest rate you set

Zopa wins hands down vs the high street, better rates, lower fees, and more flexibility.

Mick2404

I've been using Zopa for a while now.

I've both lent money out and i've also borrowed through the "listings" section.

To be honest it's the best thing i've done in a long time financially, not only do you get a good return on your money, it's convienient and hassle free.

It's by far the most "human" way to borrow money too, no profit's for "the big boys" so to speak


Give it a go, like I did, if your uncertain start off small, then as you find out the benefits (which like me i'm sure you will) you can increase your investment later on.

HTH

Mick2404