Zopa. Neither a borrower nor a lender be!

jamesd

That was a genuine request, verified by Zopa, though they were surprised that they weren't contacted directly so they could supply the details free of charge.

Gorgeous_George

MSE_Martin wrote: »

Update Note 2 March 2006

Well zopa has now been around a long time and finally its rates, in some limited circumstances, have got competitive ( see updated cheapest loans article for when.

The fact that this is possible, is rather worrying in some ways. Why people are willing to lend at 4.6% when they could put it in a savings account and earn more, i don't quite understand. However the fact that they are means cheap borrowing is now available and thus moneysavers should grab it.

Martin

Is it time for another update Martin?

GG

voodoomox

Totally agree GG

Especially for savers!

jamesd

voodoomox, some lenders are not impressed by current lending interest rates, including me. Good news for borrowers, though. Since Zopa only does a quotation search until the application is actually accepted, it's effectively a free application and worth trying first. Also have to pay that Zopa fee if accepted, though it's shown in the APR that you're quoted so you can turn it down if you don't like the rate. Only worth trying if there are no recent late payments and no CCJs, though - anyone with those will be refused.

Declaration of interest: in theory I could lend to someone and make money but the Zopa markets and Listings are so awash with cheap money at the moment that it's unlikely I will.

Paul_Herring

theartfullodger wrote: »

I agree! Zopa seems to offer me the best rates around, by quite a margin!

Zopa isn't a savings account. At a stretch, they could possibly(!) be compared to the fixed rate savings accounts doing the rounds at the moment, but the risk is a lot greater. Do not treat ZOPA as a savings account.

I'm defo a satisfied customer...

I'm not. I've been with them (as a lender) for 3 years. Returns (personally) are 'average.' Customer service is grossly lacking. Others have reported defaults 'they didn't really expect.'

As an 'place to put money' (i.e. savings vs investment) I would put them on a par with premium bonds. Don't put your life savings with them, but if you have spare money, have a go.

(FTR, I have 100 quid in PB's. Just in case I turn out to be an outlier )

thriftybeatnik

I whacked just £100 in mainly to Y's.

Much like gambling I'm just treating it as a flutter

ally58

I tried to get a loan from zopa after a 'friend' decided not to return £1000 i lent her to save her from being evicted yes stupid i know as everyone tells me now i need the money back and lo and behold i cant get it cant get a loan anywhere except express finance who also wanted me to supply a home owning guarantor that i cant ,zopa said i didnt fit criteria even though i only wanted loan over 6 months really to clear it quick why is that i would have thought it was a good return £200 per month over 6 months

Pmarmalade

How quick do these guys work? Do they send cheque or can you opt for BACS?

How long from applying until I have the loan, basically?

thebyp

I'm not sure if i'm reading it right, but a couple of pages back there was a table that basically showed that there was nobody lending in the 15k arena. However I applied for 15k, why would they let me apply for 15k if there is nobody to lend in that market?

Paul_Herring

People don't lend to 'the 15k arena,' what likely happened is there weren't enough people willing to lend their tenner or whatever to make up 15k to that section (A*, A, B or C/36 or 60 month) of the market.