Zopa / Natwest

runmichellerun

Hello!

I have a £2,500 left on a loan with Natwest at 10.4% APR. I have been looking on this site for better deals and came across Zopa. I applied for a loan with them and have come up as an 'A' for my credit score. My case is currently under review. The APR is 10.3% - much the same as Natwest.

My question is whether I should move my loan to Zopa or not. I can currently pay off more than my regular payment with Natwest with no extra charges, but having read about 'setting off' I thought moving my loan might be a good idea.

I also like the idea of the interest going to real people rather than a big bank.

However, with the Zopa charge and the hassle of changing it all over, I would like people's opinions on whether they think it's worth it?

Thank you!!!

p.s. the decision may be taken out of my hands if I don't get through the Zopa checking process :rolleyes:

kyliee18

runmichellerun wrote: »

Hello!

I have a £2,500 left on a loan with Natwest at 10.4% APR. I have been looking on this site for better deals and came across Zopa. I applied for a loan with them and have come up as an 'A' for my credit score. My case is currently under review. The APR is 10.3% - much the same as Natwest.

My question is whether I should move my loan to Zopa or not. I can currently pay off more than my regular payment with Natwest with no extra charges, but having read about 'setting off' I thought moving my loan might be a good idea.

I also like the idea of the interest going to real people rather than a big bank.

However, with the Zopa charge and the hassle of changing it all over, I would like people's opinions on whether they think it's worth it?

Thank you!!!

p.s. the decision may be taken out of my hands if I don't get through the Zopa checking process :rolleyes:

Hi, what did you do when it came through to the lenders bit where you had to sign? That confused me as I've never had that come up on an application and wasn't sure whether I was going to get charged or not? Thanks

runmichellerun

kyliee18 wrote: »

Hi, what did you do when it came through to the lenders bit where you had to sign? That confused me as I've never had that come up on an application and wasn't sure whether I was going to get charged or not? Thanks

I had to agree to some of the lenders by clicking on the page, but didn't get to a bit where I had to sign. Sorry I can't help

runmichellerun

theartfullodger wrote: »

Well, do you want to line the pockets of bankers or be part of a mutually-supporting community where people try to help others...

Tough one eh!

Good luck with your application!

Lodger

Good point!

Gorgeous_George

Ok.

Listings are quite simple really. You create a listing and you suggest the interest rate that you are interested in. Lenders then make offers (don't worry if these are slow to come in, most lenders wait until the last day to avoid tying their money up longer than necessary).

Each lender pledges to lend a sum of money at a particular interest rate. As the offers come in, the listing reaches 100% funding. At this point, the rate starts to fall and you could easily achieve a rate lower than 10%. All depends on your application, the level of detail and the number of stars that you receive for affordability, credit score and stability.

Just like in eBay, when offers tend to come in towards the end of the auction, your listing attracts a lot of interest in the final minutes.

It's fun. I suggest you add a photo and as much detail as possible, answer the questions quickly, and fully. Join in the chat on the Lender's forum and you should get a good rate.

GG

kyliee18

Gorgeous_George wrote: »

Hi

I'm a Zopa member.

You may find that applying for a loan through the Listings would result in a better APR than the 10.3% quoted in the markets. Also, use a referral and you could receive £40 (out of the £50 referral fee) by using one of the referrers over on the referral board (mine is at post no 13 ).

A slightly larger loan could result in a smaller APR as Zopa's borower fee is the same for any size loan.

You can repay at any time without penalty i.e., you only pay interest on the outstanding balance.

If everything else is equal, the £40 referral may make it worthwhile.

GG

I have now done a listing and cancelled the application as I got pretty confused with it all? I haven't come up with very good affordability and credit rating do you still think I have a good chance?

Is it a proper legit site etc? As I can't seem to find it on companies house and mentioned it to a friend who wasn't sure if it sounded right as not many people have heard of it? I actually think its a really good idea but just a bit anxious now? Thanks

runmichellerun

You know, working it out I really don't think it's worth my while moving my loan. With the Zopa fees it will mean I'll pay more over the long term than less. Even with a better interest rate.

Such a shame as I hate giving my money to a bank.

Gorgeous_George

kyliee18 wrote: »

I have now done a listing and cancelled the application as I got pretty confused with it all? I haven't come up with very good affordability and credit rating do you still think I have a good chance?

Is it a proper legit site etc? As I can't seem to find it on companies house and mentioned it to a friend who wasn't sure if it sounded right as not many people have heard of it? I actually think its a really good idea but just a bit anxious now? Thanks

Derfinitely legit

Search the BBC or youtube or any quality newspaper. Loads of articles about Zopa.

Your listing is active and should attract some interest. People like loans over 36 months. My guess is that you will beat 10%.

Your banking details helplenders be confident that you are who you say you are. Relax and enjoy the listing. I bet it does better than you'd expect. I'll make an offer later this weekend. Don't worry that the first batch of lenders will offer at 20%. They do this so that they get reminded to make a sensible offer later.



GG

kyliee18

Gorgeous_George wrote: »

Derfinitely legit

Search the BBC or youtube or any quality newspaper. Loads of articles about Zopa.

Your listing is active and should attract some interest. People like loans over 36 months. My guess is that you will beat 10%.

Your banking details helplenders be confident that you are who you say you are. Relax and enjoy the listing. I bet it does better than you'd expect. I'll make an offer later this weekend. Don't worry that the first batch of lenders will offer at 20%. They do this so that they get reminded to make a sensible offer later.



GG

Sorry runmichellerun for taking over your page! I think you may be better off staying where you are not that I suggest you take my advice at all haha!

and thank you for getting back to me, I will try and chill just wanted to make sure it was all ok. Could you possibly explain to me how I supply my bank details as I can't seem to find anything on how to do this? Thanks very much for your help.

Gorgeous_George

Hi kyliee

I'll ask and get back to you.

GG

sparkey1

Watch your rate fall once you reach 100% subscription on Zopa. Its not unknown for rates to drop 1-2 % in the last 15 minutes of a listing. It all depends on how professional your application looks to the lenders and the competition to subscribe. Some of the listings are paying less than 8%.

You should check that there are no early repayment charges with your Natwest Loan.

Im going to log on now and see your listing!