6% for savings?

G_M

Do a google search for your local credit union.

AirlieBird

Milarky wrote: »

Google 'ZOPA'

G_M wrote: »

Do a google search for your local credit union.

As the BBC would say, other search engines are available:D

Mikeyorks

I will happily lend at 6% ..... but only to savers! As I've read somewhere recently that there are a few bad debts about? :rolleyes:

exel1966

v8owner wrote: »

Just received the latest Martin's Money Tips email. The Money Moral Dilemma at the bottom was interesting. I for one would be very happy to pay 6% on a loan to pay off my credit card.

Why doesn't MSE offer a service whereby savers "deposit" funds with MSE which then "lends" these to borrowers at say 6.5% interest? MSE could use the .5% interest for administration fees; savers would get a decent rate of return, and borrowers could pay off expensive credit cards.

Yes?No?Bovvered?

You just have to read the dozens of daily posts here on MSE from those in debt who either can't or in many cases just won't repay what they owe to realise your idea is non-entity.

Rustvaar

I'm not sure if we are not allowed to discuss the particular 'Z' product; if this is the case I'm quite alright with my post being removed!

If there was a group of MSE forumites using this particular service then would it not be a really good thing to offer them stupidly low rates on taking out a loan so that way they could possibly use it to pay off bigger, scarier debts much faster?

Or am I being somehwat naive in my youth?

ballyblack

Do a google search for your local credit union.

Some people used this credit union, now bust with No bail-out!

http://forums.moneysavingexpert.com/showthread.html?t=1283231

evenasus

Rustvaar wrote: »

If there was a group of MSE forumites using this particular service then would it not be a really good thing to offer them stupidly low rates on taking out a loan so that way they could possibly use it to pay off bigger, scarier debts much faster?

Who are you suggesting could loan money, at 'stupidly low rates', to people who have run up debt?

LittleCharlie

exel1966 wrote: »

You just have to read the dozens of daily posts here on MSE from those in debt who either can't or in many cases just won't repay what they owe to realise your idea is non-entity.

Nail hit squarely on head...

Too many people on this forum have stupidly got themselves into debt and now think that the world owes them a favour. Everyone looking for loopholes to get out of paying what they should after living beyond their means.

What makes you think that these people will pay back these 6.5% loans? The goodness of their heart? I don't think so...

Frankly, people would be better off playing the stock markets with their savings rather than schemes like this, it's all risk...