Zopa

beckysld

Hi, I have just come across the loan providers' group, Zopa.

It all seems to good to be true - their rates seem lower than most high-street lenders.

Has anyone got any experience of borrowing from them? Are they reputable? I understand it appears to be some kind of "peer to peer" lending system.

I am looking to consolidate my remaining credit card debt (Around £5k and therefore pay lower APR.)

Thanks everyone.

Browntoa

https://forums.moneysavingexpert.com/discussion/3910385

DCFC79

They are known to be strict very strict who they lend too.

chanz4

i got declined, but my bank or nationwide offered 8%

27col

As a zopa lender, as far as I am concerned they have proved to be completely reliable. They are very strict in their lending criteria, as it is not their money they are lending. It is my money and those of many small lenders like me. The stricter they are, the better, as far as I am concerned. We, the lenders, bid against each other to get our money lent out, so we have to be competitive when setting our interest rates.
Zopa does lend for consolidation purposes, but you are by no means sure of getting accepted. Best of luck with your application, and if you get a loan, don't let down the people who are trusting you to pay it back.

Denzel09uk

These are a great Loan provider, I got my loan approved within 3 days at 6.2% I borrowed 7500 and came through within a week. I did get a phone call wanting to confirm what I was doing with it. But all was OK.

beckysld

27col wrote: »

As a zopa lender, as far as I am concerned they have proved to be completely reliable. They are very strict in their lending criteria, as it is not their money they are lending. It is my money and those of many small lenders like me. The stricter they are, the better, as far as I am concerned. We, the lenders, bid against each other to get our money lent out, so we have to be competitive when setting our interest rates.
Zopa does lend for consolidation purposes, but you are by no means sure of getting accepted. Best of luck with your application, and if you get a loan, don't let down the people who are trusting you to pay it back.

It's thanks to the people like you there is a chance for people to make a fresh start without unethical bank rates dragging them down. :T

herewegoagain2010

My hubby applied for one and was accepted straight away. Great low rates, easy to use internet site and quick transfer time. Can't recommend them enough.

badger09

27col wrote: »

As a zopa lender, as far as I am concerned they have proved to be completely reliable. They are very strict in their lending criteria, as it is not their money they are lending. It is my money and those of many small lenders like me. The stricter they are, the better, as far as I am concerned. We, the lenders, bid against each other to get our money lent out, so we have to be competitive when setting our interest rates.
Zopa does lend for consolidation purposes, but you are by no means sure of getting accepted. Best of luck with your application, and if you get a loan, don't let down the people who are trusting you to pay it back.

As a fellow lender, I would echo what 27col says

beckysld wrote: »

It's thanks to the people like you there is a chance for people to make a fresh start without unethical bank rates dragging them down. :T

Yes indeed. There are however also some 'unethical' borrowers who do not repay their loans - and I'm not talking about people whose circumstances change. Hence Zopa's strict borrower criteria.

One thing to bear in mind is that Zopa (and I assume other lenders) will assess your ability to repay the new loan on the basis that you will not pay off your existing loan. While you might have every intention of doing so, there is no way to enforce this

Good luck, and don't take it personally if you are not successful.

beckysld

badger09 wrote: »

As a fellow lender, I would echo what 27col says



Yes indeed. There are however also some 'unethical' borrowers who do not repay their loans - and I'm not talking about people whose circumstances change. Hence Zopa's strict borrower criteria.

One thing to bear in mind is that Zopa (and I assume other lenders) will assess your ability to repay the new loan on the basis that you will not pay off your existing loan. While you might have every intention of doing so, there is no way to enforce this

Good luck, and don't take it personally if you are not successful.

I completely agree! I always think if someone is refused credit, it is for a good reason.

I've never ever missed a payment for anything - car HP, credit cards, phone etc. I believe I am a good "borrower" and hope not to let anyone down if I'm accepted.

I am surprised I've never heard of P2P lending before now...it makes sense for all involved.

BugsyBrowne

beckysld wrote: »

I completely agree! I always think if someone is refused credit, it is for a good reason.

I've never ever missed a payment for anything - car HP, credit cards, phone etc. I believe I am a good "borrower" and hope not to let anyone down if I'm accepted.

I am surprised I've never heard of P2P lending before now...it makes sense for all involved.

Never missing a payment is only 1 step towards being accepted,they'll be taking in many more things then just paying your bills on time.