Zopa

Juni_3

ejones999 wrote:

How do you work that out?
Best rate savings accounts pay upwards of 4% gross, base rate is what 4.5%? and best rates for personal rates are around 6%.

The spread goes towards running large amounts of branches , computer systems etc, Internet banking systems and of course bad debt.

Twenty years ago I would have agree with you but the world has moved on a lot since then.

How are you overexposed to the property market?
How are you over exposed to the stockmarket?

With a little planning you should be able to stay ahead of the game.

For the sort of money I can deposit in a savings account I expect a slice of the high interest action that banks have. 6% personal loans is a drop in the ocean compared to the interest rate on corporate loans etc. I know for a fact that there are A listed companies paying double figure interest rates on loans taking out over the last two years.

A third of my assets are in property and a third are in the market with the remaining third being in cash and luxury assets.

It is never a good idea to overexpose to any particular marketplace. When I had options in my company I sold them the second they matured, not because I believe they would drop in value but because my salary, bonus, pension etc etc were all in the same place.

I want to do a lot more than stay ahead of the game.

jonesMUFCforever

Juni wrote:

I want to do a lot more than stay ahead of the game.

Take care not to get too greedy or you you could end up losing the plot!

grumbler

Back to the topic ...
Allegedly, you can borrow a small amount of money for a short time and get £80 for this: Getting paid to borrow money !?!? (Zopa)

michaels

grumbler wrote:

Back to the topic ...
Allegedly, you can borrow a small amount of money for a short time and get £80 for this: Getting paid to borrow money !?!? (Zopa)

But don't shout about it too loudly as I have forgetten my zopa login and am waiting for it to be reset.

Borrowing costs 1% of principal and you are free to repay at any time without penalty (on my reading of the T&C) so I can see a 70 quid profit being available from this offer - plan to give it a try on Monday...

newmoneyuser

There is currently no 1% borrowing fee, so the offer is not reduced. The only downside is that borrowing the money is likely to reduce your credit score more that paying off will increase it.

innovate

I would be careful with the £80 cashback/£1,000 loan scheme because

"The Zopa programme pays commissions on successful applications only, and so not every member referral would attract commission" (this is directly from Zopa, in response to an inquiry from one of the cashback sites).

I think this means that anybody who would cost Zopa money will not get the cashback - which is somewhat understandable, because money doesn't grow on trees AFAIK

michaels

I'll let you know how I get on - Innovate, I read your quote form quidco as saying all successful applications get commission - how else can it be read? Zopa have lots of venture capital to burn through after all ;-)

They also offered me 1000 at 4.62% over 6 months giving an interst cost of 13 quid less any interest I earn on the money so the only risk is to my credit rating...

innovate

The quote wasn't from Quidco......the best of luck with your application, michaels, let us know whether your application goes through their manual checking.

ReportInvestor

Juni wrote:

Bank and building society rates suck given the amount they lend the money back for.

And yet many regulars on MSE get more on our savings accounts (gross in Cash ISAs) than we pay in mortgage/loan interest .

Juni_3

ReportInvestor wrote:

And yet many regulars on MSE get more on our savings accounts (gross in Cash ISAs) than we pay in mortgage/loan interest .

Not all of us have or want a mortgage. The amount of money that can be put into a cash ISA is pitiful.