unsecuredloancompany.net

SnowTiger

jamesd wrote: »

SnowTiger, the £130 fee is added to the amount borrowed and taken before you get the money. The effect of that fee being taken on the effective interest rate is added to the APR.

I know, and the text I quoted from Zopa's own website confirms it:

No sneaky terms and conditions; our fee of £130.00 is included in the APR quoted above.

I don't consider that to be an "up front fee."

jamesd

It's £130 that you pay before you get the money. That certainly looked like an up front fee to me when I was taking out a loan and does now. Pay a fee before you get the money and it's up front, even if it's added to the loan amount.

I'm puzzled by how what you quoted does anything to contradict it being an up front fee, though. The law requires that the effect of all fees that will be charged to be included in the APR. That says nothing about when the fee is taken, it could be at the end of the loan and it would still have to be included in the APR calculation.

bryanbukowski

Am I the only one that can smell a rat?

Pyronaut seems to be able to spell 'Affiliate' but can't spell the word 'Heard' ("Herd"). Strikes me as unusual.

This chap has kept this thread going for three pages, getting people to repeat themselves, just seems suspicious to me.

Oh God, how cynical am I getting in my old age.

KingElvis

Do you suspect Dave or Henry?

bryanbukowski

Ha, neither, I imagine those two are doing some serious bird right now.

I don't know, just smells a little like an insider. Kind of holding our hands, leading us into a final post that tells us that he's found an amazing new company called 'Fiddlesticks Loans' who don't charge an upfront fee, nor have extortionate rates. And before you know it, BAM, got himself some traffic.

SnowTiger

jamesd wrote: »

It's £130 that you pay before you get the money. That certainly looked like an up front fee to me when I was taking out a loan and does now. Pay a fee before you get the money and it's up front, even if it's added to the loan amount.

I'm puzzled by how what you quoted does anything to contradict it being an up front fee, though. The law requires that the effect of all fees that will be charged to be included in the APR. That says nothing about when the fee is taken, it could be at the end of the loan and it would still have to be included in the APR calculation.

Ah, okay. I thought the fee was included in the the monthly payments.

I've lent a few small sums of money out via Zopa, so I really should know this stuff.

RichGold

bryanbukowski wrote: »

Am I the only one that can smell a rat?

Pyronaut seems to be able to spell 'Affiliate' but can't spell the word 'Heard' ("Herd"). Strikes me as unusual.

This chap has kept this thread going for three pages, getting people to repeat themselves, just seems suspicious to me.

Oh God, how cynical am I getting in my old age.

I know what you mean, I've had a funny feeling since half way down the first page.

geordieracer

after the first few posts i think this dude is pushing log book loans or similar

jamesd

SnowTiger wrote: »

Ah, okay. I thought the fee was included in the the monthly payments.

Ah, that explains the misunderstanding! Here's what happens:

1. When you get a personal quote for a £5000 loan Zopa includes lenders up to £5130 when working out the loan interest rate and repayments.
2. When you accept the loan Zopa takes the £5130 from the lender's accounts, keeps the £130 and pays out the £5000.
3. The borrower has already paid the £130 out of the amount borrowed, now has to repay it as part of their loan repayments. Or could choose to just make an extra payment of £130 at the start if they don't want to pay interest on Zopa's charge.

For Zopa it's a good deal because Zopa gets paid just after incurring any costs of underwriting and regardless of whether the borrower repays the loan. That undoubtedly gives some significant cashflow benefits. It also allows Zopa to pay incentives for those who bring in new borrowers (commissions etc.).

It's pretty much the same sort of system as mortgage lenders who add their charges to the amount borrowed on the mortgage.

Pyronaut

Firstly for those without Suspicious minds thanks for help and advice, sorry iof half of you had to repeat yourselves, as i explained i just to cover everything even twice.

As for the rest of you, talk about looking for something that isnt there, is everyone out to get you? oh no its over 3 pages and he reply's back :eek: this guys upto something!!
As for the spelling mistake, the term typo or even Dyslexia familiar to you as unfortunately both my mind and fingers are effected by the latter?

But for Novelty,

Ive found a great new website that genuineley gives out low interest loans top folk weith no credit rating its called.
stopspendingoncrap.com, Startbeentightandsave.com, or there sister site, changeyourstandardofliving.com
as opposed to using Unsecuredloans.con or Yesloans.con