Zopa

Glasgow_Al

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

As a lender on Zopa, I get a real shiver down the spine when I see comments like this from potential borrowers whose applications are being assessed.

In the nicest possible way, I don't want to lend to someone who wants a fresh start. Someone recently put a comment thanking their potential lenders because "it's so hard for the working person to get a loan these days". Fortunately the underwriters rejected that one!

Now if only they'd let me opt out of lending to people who wanted a loan for debt consolidation...

BugsyBrowne

Glasgow_Al wrote: »

As a lender on Zopa, I get a real shiver down the spine when I see comments like this from potential borrowers whose applications are being assessed.

In the nicest possible way, I don't want to lend to someone who wants a fresh start. Someone recently put a comment thanking their potential lenders because "it's so hard for the working person to get a loan these days". Fortunately the underwriters rejected that one!

Now if only they'd let me opt out of lending to people who wanted a loan for debt consolidation...

Ok Alan Sugar what gets on my nerves are posters who come on this forum saying they lend to Zopa like they're some sort of importance with their few hundred quid they've put into lending when really they are scrapping pennies from it.

Glasgow_Al

BugsyBrowne wrote: »

Ok Alan Sugar what gets on my nerves are posters who come on this forum saying they lend to Zopa like they're some sort of importance.

"Importance" neither assumed nor expressed - merely a reasonable interest in how my money is administered.

bigadaj

I thought you'd mellowed bugsy, nice to see the weight of opinion is fully back on.

BugsyBrowne

bigadaj wrote: »

I thought you'd mellowed bugsy, nice to see the weight of opinion is fully back on.

A leopard never changes its spots.

marathon_man_3

I am neither a lender nor a borrow as regards these peer-to-peer companies.
However, I have to come down on the side of Glasgow_Al on this one. Of course he wants to ensure that he has every chance of getting his money back so I am not sure why there was a mini-abuse towards him. These arrangements are two-way affairs and, like it or not, the original poster and others wouldn't get advantageous interest rates without the likes of Glasgow_Al putting his money into the pot; albeit whilst trying to eke out a better rate of interest for his funds. This better rate of interest comes with the risk that the investment is not guaranteed by the FSCS £85k cover.

badger09

Glasgow_Al wrote: »

As a lender on Zopa, I get a real shiver down the spine when I see comments like this from potential borrowers whose applications are being assessed.

In the nicest possible way, I don't want to lend to someone who wants a fresh start. Someone recently put a comment thanking their potential lenders because "it's so hard for the working person to get a loan these days". Fortunately the underwriters rejected that one!

Now if only they'd let me opt out of lending to people who wanted a loan for debt consolidation...

As a long term (November 2006) lender on Zopa I'm surprised by your comments.

When Zopa offered loans through 'Listings' you could indeed choose not to lend to borrowers requesting consolidation loans (or loans for any other purpose of which you didn't approve ).

However it makes absolutely no difference what purpose a borrower states their loan is for. Zopa will always consider affordability on the assumption that the loan applied for is in addition to any other borrowing, and approve or reject accordingly.

Most Zopa lenders do not have the time or inclination to read comments from borrowers. They rely on Zopa's underwriters to safeguard their investment.

addyboy1982

badger09 wrote: »

As a long term (November 2006) lender on Zopa I'm surprised by your comments.

When Zopa offered loans through 'Listings' you could indeed choose not to lend to borrowers requesting consolidation loans (or loans for any other purpose of which you didn't approve ).

However it makes absolutely no difference what purpose a borrower states their loan is for. Zopa will always consider affordability on the assumption that the loan applied for is in addition to any other borrowing, and approve or reject accordingly.

Most Zopa lenders do not have the time or inclination to read comments from borrowers. They rely on Zopa's underwriters to safeguard their investment.

As a fairly newbie lender on Zopa I wholeheartedly agree with that