Zopa are they any good?

claire8606

Hi i am thinking of using Zopa to borrow some money to buy a newer car.

Was wondering what you thought of the company?

dartilov

Depends on your circumstances, take a look here if you haven't already.

http://www.moneysavingexpert.com/savings/peer-to-peer-lending

PasturesNew

They are good if it's not your savings. If it's a bit of 'investment' and excitement you're after, then it's worth a pumt. They do what they can to minimise problems/losses, but ultimately you're not protected by the FCA/FSA £85k like you are in a savings account.

kloana

OP said lend, meant borrow (original now edited). So probably unconcerned with the investment side of things.

Claire8606, I was reading an article about them this morning. Apparently they, and similar outfits, reject well over 80% of applications. Not to put a downer on things, but rejection is a possibility here.

claire8606

apologies for the incorrect wording..

DCFC79

Your credit history needs to be pretty good to be able to borrow from Zopa since its other peoples money involved.

27col

claire8606 wrote: »

Hi i am thinking of using Zopa to borrow some money to buy a newer car.

Was wondering what you thought of the company?

You had better have an unblemished credit record if you want borrow from Zopa. They are not lending their money, they are lending the money of small savers like myself and we do not take kindly to borrowers who default. I have had a couple of defaulted loans and if there were a much higher percentage I would stop lending. Think about it, you are borrowing from your peers, and should always bear that in mind
Your statement about using Zopa is not down to you. It is down to your credit record. You can apply for a loan, but it is by no means sure that you will get one.
Zopa's lending criteria can be as strict as they like as far as I am concerned.
In answer to your question. As far as I know they are a well run and open company. I wish I could say the same for all their borrowers.

duckandcover

I managed to get a £4500 loan from them a few months ago without difficulty, and one of the best things for me was that you're able to make penalty free repayments whenever you want (and it shows you what the new repayment will be before you hit the button), and you can also pay it off in full, which i've now done, and again it shows you the settlement figure at the click of a button.
The rate I got was 10.1% (based on £4500 over 2 years), which i thought was fair enough for my credit profile.
Applying was very easy, only took a couple of days with one very short phone call followed by an e-mail confirming their decision about 5 mins later!

tonkinator

good rates for sub 7500 loans, low acceptance rate.

Good if you can get it!

Felix_Schalyz

There's a shock someone's asking about borrowing off Zopa and the normal clientele on this forum who forgets to read the title haven't jumped in with" Well I lend to Zopa etc etc'