any zopa lenders out there

ard123en

just been reading about zopa im not in need of any credit

but like the idea of getting a cut of what the banks make from my money

I really have a feeling to try the market with £500 to see what its like

has anyone tried it had good/bad experiances ?

thanks

Ard123en

grumbler

See Anyone considered or using Zopa to lend money with >5% rate? ...

ctdctd

Am lending at the moment on their 36 month "A" Market - projected return after bad debt is about 5.5% - their figures. Max return is about 6.8%.

This was before they started charging fees and with the 2% lender bonus.
So you only get say 0.75% over decent cash savings assuming they survive in the big bad world and the banks don't kill or buy them:-(.

I may risk lending in the higher risk "B" markets - but only when I've got cash I don't want for anything else!

Dealing with them seems fine, web based interface works, took about 2 months to get my initial deposit lent out. Holding cash and repayments earn 3.25%. Web interface does not currently allow you to withdraw - you have to phone / email them.

Nice idea - not sure how it will work out in the long term.

Ted_Bloke

There are several threads here about it, and the Zopa site also now has discussion threads, Zopa people are maybe not as bright as MSE people but OTOH question asked there tend to get answers from Zopa itself.
On the MSE site I've asked how can their 2% (now I think of it as a 1.5% because of the new fee) bonus possibly work and I've been told it's a "loss leader". I hope the loss leads to my profit. Having built up a bit of confidence by seeing money actually being repaid I've decided - since this has always been a bit of money it won't break me to lose and I wouldn't recomend anyone put there anything else - I've decided to move into the higher rate higher risk bracket - that is also because the higher the rate the slower loans are concluded, so when a trickle is coming back I can lend out that at a trickle rate. Your first lump sum committed OTOH is frustrating to see just sitting there - though it does get 3%. I think the 2% subsidy is valid for money put in before end of June so decide. Mind you they have been saying it is only till the end of this or next month since about last October or November. I cannot see it being worth my while to go on lending after the subsidy stops - unless the interest rate increases correspondingly, but in that case I can't see how anyone would borrow there against the conventional competition.