Zopa

djrenegade_2

Hi Everyone

I have just been reading Martins page about loans and see that he has mentioned a company called Zopa a few times, which is a peer-to-peer lending service.

I am just wondering if anyone has used Zopa and what their experiences are?

It looks genuine, well it must be if Martin is suggesting it, but as I have never heard of it before I am a bit of a sceptic.

Thanks, Ade

redsaxon

Ive not used it personally as my credit rating sucks and there responsible lenders so wont touch me with a bargepole From what ive read about them there investors are doing well but theres more people looking to borrow money than lend money so im assuming there turning quite a lot of people away at the moment.
A quick google search or visit to there site will give you far more info than me as im not sure if your looking to invest or borrow.

andymc29

A workmate of mine invests using Zopa, he's got a few thousand invested and lent out to dozens of people, for the last 18 months it's been going well.

djrenegade_2

I was looking to borrow rather than lend, there's a few mixed thoughts on their own forum. ie A disgruntled borrower who had previously borrowed and repaid £10k but then been refused a 2.5k loan afterwards.
It does sound quite difficult to be approved from the sounds of things but I have put in my application so fingers crossed.

Moneymash

I looked into Zopa some time ago but found the fees/charges for borrowing were high and unjustified.

djrenegade_2

Moneymash wrote: »

I looked into Zopa some time ago but found the fees/charges for borrowing were high and unjustified.

But surely still better off than a bank with the low interest rates?

pbarber00

currently using them for a loan and had no problems. the rate is MUCH better than what I was offered by other providers.

can't fault the way it was setup, quick and easy. applied about 8pm monday night, got phone call first thing tuesday asking a couple of basic questions, approval email received tuesday afternoon, money in the bank friday lunchtime.

andymc29

I looked into Zopa some time ago but found the fees/charges for borrowing were high and unjustified.

They're justified by the fact that this is how zopa get their profit due to the margin between borrowing and lending rates being so small.

ktb

I have had a Zopa loan since May 2011. I shopped around plenty and found Zopa's rates much better than the other lenders' at the time. Found the application really easy, got accepted very quickly (I have an excellent credit history though) and find keeping track of things extremely easy on their website. I also like the fact you can overpay and pay off early without penalty. I would wholeheartedly recommend them.

djrenegade_2

pbarber00 wrote: »

quick and easy. applied about 8pm monday night, got phone call first thing tuesday asking a couple of basic questions, approval email received tuesday afternoon, money in the bank friday lunchtime.

I applied monday morning after posting this topic and still haven't heard anything yet so not holding my breath now, fingers crossed and all that but my credit history isnt the greatest.

BugsyBrowne

djrenegade wrote: »

I applied monday morning after posting this topic and still haven't heard anything yet so not holding my breath now, fingers crossed and all that but my credit history isnt the greatest.

As Zopa uses peer to peer lending,with your credit history not being the greatest as you say then expect a decline shortly.