Any Zopa Borrowers out there.....

PROLIANT

Hi guy's today I have been approved a loan from Zopa; I am over the moon as I have been stuck with two sub-prime credit cards for a while now so the time has come to clear them.
Just wanted some feed back about Zopa and how they operate i.e. customer service etc, so thank you in advance.

Mr P

Grade_A_Reject

I think Zopa's time may well come with the credit crunch. As banks' savings rates are falling as well as their willingness to lend, at the same time lending rates on credit cards seem to be heading the opposite way.

Zopa allows "savers" to lend directly to borrowers at mutually agreed rates cutting out the banks completely. You'd be hard pressed to find savings rates of 8% and I doubt there are many non-introductory credit card rates in that region either so it would be nice to see a huge shift of savers/borrowers towards Zopa's working model.

statusquo1

Hi. ive had 2 loans with Zopa and customer service is brilliant. I like the fact yo can overpay without penalty online. I too agree, thinking they will become massive,
Colin

PROLIANT

Cheers guy's, I have just signed up to the forums on Zopa, the people on there seem canny.
The Zopa underwriters seem very down to earth too, I got a very reasonable rate for my loan - 17.5% which is the lowest APR any creditor has granted me.

Alex_the_lad

Hi Proliant! I'm glad you were able to obtain a loan. I've been looking into Zopa, but I'm worried about being declined as I understand that they generally 'play it safe' in terms of borrowers histories. If you don't mind my asking was your credit history clear?

Floxxie

I'm a Zopa lender and have been since they started. If you are thinking of borrowing, then take a look at the referral board on this site as myself and others are offering part of the referral fee (£40) we receive for referring people.

One of the people I referred got rejected for a standard loan but reapplied again using the listings on the site and was accepted.

Hope that helps.

Floxxie

PROLIANT

Alex_the_lad wrote: »

Hi Proliant! I'm glad you were able to obtain a loan. I've been looking into Zopa, but I'm worried about being declined as I understand that they generally 'play it safe' in terms of borrowers histories. If you don't mind my asking was your credit history clear?

Well sort of, I have applied for lots of things recently and I had a few searches on my Equifax file but no missed payments or defaults etc.
Give it a go, they do a quotation search first to see if there is a market for your credit profile.

Mightyowl

PROLIANT wrote: »

Well sort of, I have applied for lots of things recently and I had a few searches on my Equifax file but no missed payments or defaults etc.
Give it a go, they do a quotation search first to see if there is a market for your credit profile.

Any news on the loan Pro?

PROLIANT

PROLIANT wrote: »

Hi guy's today I have been approved a loan from Zopa; I am over the moon as I have been stuck with two sub-prime credit cards for a while now so the time has come to clear them.
Just wanted some feed back about Zopa and how they operate i.e. customer service etc, so thank you in advance.

Mr P

Yes, got it sorted.

Mightyowl

What sort of time frame did it take if you dont mind me asking?

Only i read a few posts on the forum and Zopa seem to be dragging they're heals with some pending borrowers!