Zopa

Daralondon

Hi all,

I am looking to get a loan for a car for around £3,000 over 3 years - all of the comparison websites are bringing up Zopa as having the cheapest interest rate but has anyone actually used them? Are they actually reputable and reliable?

I have tried to look up some reviews surrounding the reliability of the company but to no avail.

Any help gratefully appreciated

Daralondon

LeeSouthEast

I'm on the other side of the coin (A Zopa Lender), so from my perspective it's all above board.

Rafter

What do you need to know?

They are regulated... they will lend you money from around 50 people like LeeSouthEast who chose to invest there to earn a better rate on their savings and they are able to offer you a better rate as a borrower than the banks at the moment.

R.

Daralondon

Thanks for your help - I suppose I just want reassurance that I'm not going to enter the loan agreement and then get stung.

D

LeeSouthEast

If anyone is more likely to get stung from the two potential ends of the Zopa arrangement, it's me

glowgirl_2

I'm a lender on Zopa too, no problems and all above board:)

sundin13

I got a Zopa loan of £8k in June - and I've had absolutely no problems with them. I got a call from an underwriter before my loan was approved and she was really nice - money arrived quickly, payments have all been taken as arranged, and I can see loads of info about my account on the Zopa website.

The reason I chose Zopa was for the flexibility to make extra repayments as and when I feel like, plus I like the concept. And so far so good!

00ec25

another Zopa lender here, process works well and has been going a few years now. The risk is all with us from people who do not repay

the problem for a borrower is whether you will pass the credit checks in the first place, which are, for obvuious reasons now much tighter. If you do, then its all very straightforward.

baxgttdi

I can back that up to, I'm on both sides . I'd dabbled in Zopa as a small lender from 2007ish and then when I needed a loan I'd been impressed with the way it worked and now have a loan with them. As stated above, had no problems with payments going, I can view anything I want (who I'm lending from, when my next payment's due etc) on the website, and so far so good . Hope that helps.

JimmyTheWig

I remember Martin writing in an article fairly recently that a loan _from_ Zopa was like any other, so don't worry about it.

[Becoming a Zopa lender, however, isn't for everyone as there is a risk associated with it.]