Zopa loan + Sainsbury's

27col

As a Zopa lender in a small way. All I can say is that the stricter their lending criteria are, the better. It is my savings they are lending out, not their own money. I, and others like me, do not take kindly to being shafted by borrowers.
Having said that, they do seem to have a remarkably low rate of defaults. So their checking appears to be working ok.

jimw6

Interesting point. I guess if Zopa is about peer to peer lending then the individuals behind it who are doing the lending would have less means of redress than an institution, in the case of non-payment (unless Zopa has some kind of process in place to protect lenders)...thus the caution on display here. As a borrower who has never defaulted in the past, this hadn't occurred to me. Just want to apply and hopefully be accepted as smoothly as possible - hanging around weeks while paperwork is processed is not what's wanted as I'm sure you can get deals that happen quickly and I'm trying to lower my monthly interest repayment asap!

Maybe Sainsbury's is quicker...