What do you know about ZOPA?

Any

Hi,:hello:

Recently someone mentioned Zopa as a possible borrowing option. I looked at their website and I am very intrigued by this idea of "normal people lending to normal people". Though I don't know whether it is sensible site, can I trust it and does anyone have any experience with them? Is it con or is it real?
I would like to know opionions on both sites - lending other people money (average returns) and borrowing from them please.

Thank you
Any

apcorbett

Any wrote: »

Hi,:hello:

Recently someone mentioned Zopa as a possible borrowing option. I looked at their website and I am very intrigued by this idea of "normal people lending to normal people". Though I don't know whether it is sensible site, can I trust it and does anyone have any experience with them? Is it con or is it real?
I would like to know opionions on both sites - lending other people money (average returns) and borrowing from them please.

Thank you
Any

Hi,

I can confirm that all is indeed as it appears, and I currently have a small loan from the lenders on Zopa (all 200 of them for my £2k loan), at 5.9% (although rates are a bit higher now).

Can't speak too highly, as it took three days from start to finish.

Any

Thank you Apcorbett,
I might give it a go and see!
I cannot decide if I can live without new car (then I would borrow) or not (then I would join lenders)... But it looks like I will do further research on this. It could be very exciting! And as long as you are lending at £10 a person, you are not probably putting yourself in such a high risk....

As for loan application - was it easy to get a good rate? You say you have 5.9%, which was a good rate even a year ago.. What is your rating like? Was is difficult to apply?

Thanks

red_devil

wouldnt bother if you lend you dont always get it back.

apcorbett

Any wrote: »

Thank you Apcorbett,
I might give it a go and see!
I cannot decide if I can live without new car (then I would borrow) or not (then I would join lenders)... But it looks like I will do further research on this. It could be very exciting! And as long as you are lending at £10 a person, you are not probably putting yourself in such a high risk....

As for loan application - was it easy to get a good rate? You say you have 5.9%, which was a good rate even a year ago.. What is your rating like? Was is difficult to apply?

Thanks

That was around nine months ago, and was about the best I could find anywhere and I was A+ then (and hopefully still am, although an identify fraud by my ex-partner has been caught and dealt with).

I note for a similar loan, it is more like 8.9% at the moment, although it might drop when the interest rates on savings drop a bit - but who knows!