1% Borrowing

RichyRich

As a way to stooze (not something I'm able to do at present), according to Zopa their lowest lending rate in Market A for a term of 36 months is 1% at present. Maybe it would be worth taking out a 1% Zopa loan and bunging that into a savings account as another string to your stoozing bow?

Unless it's a typo.

Rich

kingkano

Remember the lowest lending rate isnt the rate you get. BEcause of the way Zopa works, you only borrow 10 quid at that rate (as you borrow 10 quid from every person in that group till your loan value is met) then the rates are averaged to give you an APR. So while 1 person might be lending at 1% you wont get a 1% rate unless 100s are....

The typical APR at the moment if you quote a 5k loan at 3years seems to be 4.5% if your group a (you need credit score above 475 to be there too - from equifax). Which isnt bad as loans go but not much use for stoozing.

Nice idea tho