ZOPA anyone used this company

janejsb

Need to take a loan out for new car as our old one has been written off. Been searching for quotes and came across ZOPA. All sounds very good but as I haven't heard of them before wanted to check here if anyone had heard of them.

Many thanks

Phantom_Flan_Flinger

They've been around a while now.

Unfortunately you won't find out the actual rate you're offered until you've gone through the application process.

janejsb

Many thanks for that!

PNPSUKNET

You would be better getting garage 0% deal

Gorgeous_George

Sometimes it can be better to avoid the 0% deals offered by salesmen. Beware of free lunches. Better deals can be had from smaller dealers and privately but make sure you know what to look for.

Zopa are a social lending website. There's a fixed admin fee of £118.50 regardless of loan size. Rates are genrally competetive and you have the satisfaction of not lining the pockets of fat-cat bankers.

Your Zopa loan rate depends on your credit score and loan amount. Over 36 months rates can be as low as 7% or thereabouts. You can repay the loan in full or overpay at any time and you gert the full benefits of doing so without penalty.

Use a referral buddy (search MSE for 'Zopa referral') and take a loan in July and you could 'earn' £90 (of the £100 referral fee) which could offset your admin fee.

GG

Idiophreak

Gorgeous_George wrote: »

Zopa are a social lending website. There's a fixed admin fee of £118.50 regardless of loan size. Rates are genrally competetive and you have the satisfaction of not lining the pockets of fat-cat bankers.

Just out of curiosity, do the lenders have any kinda protection?
So if the borrower doesn't pay, do the lenders take the hit?

I was thinking about Zopa at one point, but the idea of emptying the pockets of an "average joe" was much more scary than having some fat-cat bankers missing a couple of quid.

(not that I planned not to pay, obviously!)

Gorgeous_George

Idiophreak wrote: »

Just out of curiosity, do the lenders have any kinda protection?
So if the borrower doesn't pay, do the lenders take the hit?

I was thinking about Zopa at one point, but the idea of emptying the pockets of an "average joe" was much more scary than having some fat-cat bankers missing a couple of quid.

(not that I planned not to pay, obviously!)

If a borrower fails to pay, they are chased for payment just like any other bank would chase a late payer. If the chasers give up, the lender loses his/her money.

Being a Zopa lender is not the same as being a saver at a mainstream bank.

Being a Zopa borrower is the same as being a borrower at a mainstream bank.

To minimise the impact of bad debt, most lenders will lend small chunks to any individual borrower. For example, I lend just £10 to any borrower at the moment. Just as a lender may lend many hundreds of microloans, a borrower effectively borrows from many hundreds (or even thousands) of lenders. However, they make just one monthly payment and Zopa do the rest.

GG

saveallmymoney

I have a Zopa loan, its been great to be able to make overpayments without any penalty.

I have also started to do a bit of lending on Zopa.

Bangoutofluck

id have to say I think Zopa is amazing, the service, speed and whole exsprence is amazing, 0% Intrest free credit is a joke, it just means you pay 2000k more for the car in the first place, let me know what you are buying and ill see if i can give you some ideas of where to buy. I would have to say though try and avoid buying new cars unless you are going to keep it forever!

You lose so so so much money the secound you drive it of the forecourt its just nuts. buy a 6-1 year old at least you will make a large saving still have a car under warrinty and dont get ripped of by the sharks, the only exseption to this is the current gov scheme where you get 2k back for a car over 10 years old. I worked in the car market for 5 years buying cars from trade and then selling them on. one thing this taught me was Anyone can get a bargain if you no what you want. let me no what you are looking at and how much for and ill

:money:see if i can point you to some good sites.

What ever happens good luck and jelious because my car sucks lol