How many people use Zopa?

xnetco

Hi All.

I'm considering to use Zopa. What do you other people think of the site? Is it worth setting a side some money each month to reinvest?

Tim

Madiba_2

I put £1000 in there last month, £750 of it has been lent out. I havnt got any repayments yet, as the firstl ot got lent around the 20th Dec.

I put it there as a fun experiment, rather than a solid investment.

xnetco

That's interesting. I was thinking of doing something similar. What rate did you use if you don't mind me asking?

Madiba_2

I entered every single market and just set the net gain to be above 5.3%. I didnt worry too much about whether or not my offer was "zopa".

chickadee

I was considering using Zopa as a borrower but I got a better rate from a mainstream lender. However I will consider investing at a future date.

Tustastic

Can't find the link, but Martin wrote about Zopa when it was fairly new. His conclusion, if I remember rightly, was that it was worth staying away from for the time being AS A LENDER. Think it was because people were offering their money at a higher interest rate than they could have got for it as savings, but not accounting for the tax they were liable for, which meant they were actually lending at a loss.
I registered my interest as a lender just before finding MSE. Have not done anything else but have had numerous pleading phone messages from Zopa, that I have ignored.

Madiba_2

£750 of my lolly is lent out at an average rate of 7.14%. Obviously their could be some bad debt and stuff, but thats the risk you take I guess.

Was only a bit of fun anyway.

MSE_Martin

Actually my original quote on Zopa was "nice idea shame about the rates" yet things have now changed as its more established, and i include it in my cheapest loans article as an option for those with a top credit score earning over £25,000

MSE_Martin

Actually my original quote on Zopa was "nice idea shame about the rates" yet things have now changed as its more established, and i include it in my cheapest loans article as an option for those with a top credit score earning over £25,000

Madiba_2

Say again?

Tustastic

MSE_Martin wrote:

Actually my original quote on Zopa was "nice idea shame about the rates" yet things have now changed as its more established, and i include it in my cheapest loans article as an option for those with a top credit score earning over £25,000

Well if I have to stand corrected, at least I get corrected by the man himself! Sounds like it's still a better idea for borrowers than lenders though. And, Madiba, if I hadn't seen Martin's article, I'm sure I would have bunged in a few quid, like you, just to have a bit of fun.:)