Anyone had a loan from zopa?

lee._4

I imagine this has been answered before!
Anyway im looking for a loan of £3000 to buy a new car, im with hsbc and the rate i was offered from them was 18.9%.
I went on a comparison website and found a company called Zopa offering a rate of 9% which is the best ive found. Has anyone dealt with them before? :beer:

sueaye

lee. wrote: »

I imagine this has been answered before!
Anyway im looking for a loan of £3000 to buy a new car, im with hsbc and the rate i was offered from them was 18.9%.
I went on a comparison website and found a company called Zopa offering a rate of 9% which is the best ive found. Has anyone dealt with them before? :beer:

I too am interested in Zopa, not sure how it works though. Isn't it like borrowing from real people and not a bank?

jamesd

I've both borrowed and lent via Zopa. If you meet the lending criteria for Zopa you're likely to get a rate well below 18.9%. If you're not accepted all you get on the credit record is a quotation search, not an application search, so it's less negative than other places that I've encountered. Zopa's fee makes the APR for small amounts a fair bit higher than that offered by lenders but it's included in the APR you're shown when you're deciding whether to accept or not, so you can make a fair comparison between borrowing via Zopa and from a bank. It'll probably still come in a fair bit below HSBC.

sueaye, Zopa does most of the credit checking work and you get contracts with each individual consumer who lends you the money. Save those contracts - a PDF file - when you apply because you'll need to email Zopa to get them later. If there's a problem with payment, first Zopa and then a debt collection agency are used to chase the money and perhaps set up a payment arrangement that's affordable.

There's a Zopa referral offer in the referrers section here and you should use that to save some money - as much as £90 back is available if you get a loan via Zopa this month. It's usually £40.

Disclosure of interests: there's a fair chance that I would end up lending to anyone seeking a large loan but it's unlikely that I would be lending on one of £3,000. Not impossible, though. I also make a referral offer and could make £10 that way.