Zopa? Thoughts?

amanda_r_2

Has anyone used Zopa? It's a peer to peer lender aiming to cut out the banks... just wondering if anyone has used them or if anyone knows of any potential pitfalls?

I'm new so I can't post a link apparently but Google Zopa and you should get the site!

Apples2

Have you even considered searching this forum???

There is somewhere in the region of a billion posts about Zopa

Zopa really isn't a revelation on a money site.

PROLIANT

They are so bloody picky at the moment I am supprised they are still in business.

amanda_r_2

Apples, I did search but clearly I did something wrong because I got no results. I didn't think it was a revelation, I was just asking opinions. Apologies.

Apples2

amanda_r wrote: »

Apples, I did search but clearly I did something wrong because I got no results. .

Must have, I get 12 full pages of posts.

http://forums.moneysavingexpert.com/search.php?searchid=83632601

Apart from "zopa" what did you search for???

withabix

PROLIANT wrote: »

They are so bloody picky at the moment I am supprised they are still in business.

Any reason why they shouldn't filter out those customers who are likely to default?

Woul you want to lend money to people who aren't going to pay you back?

I certainly wouldn't!!

From my point of view, the returns are too low. Also, there should be shorter lending periods so that we can beat the interest rates of the paydayloans type companies by a mile.