Medical Loan - advice please :)

lildoonbuggy

I'm with AnotherJoe - I found interest rates drastically dropped after £7.5k. I was offered 4.5% paying £150pm over 5 years with Sainsbury's on that amount (advertised rate 2.9%). I paid it off in 1 year and recall the overall interest paid was very low. The best advice I can offer is shop around, compare offers across different amounts, and pay it off early. The Martin Lewis Credit Club is a great starting point.

FlowerFairy7

Nebulous2 wrote: »

Zopa are a large lender who have taken a fair chunk of the loan business in recent years. You've nothing to worry about with them, other than whether they give you the best rate you can get.

Thank you for explaining, this is reassuring

FlowerFairy7

emilyela536 wrote: »

Hey their are many another options you can try but don't take a loan.

Hey, thank you for replying. May I ask why you would advise against a loan and what other options you feel are preferable? Thanks

FlowerFairy7

lildoonbuggy wrote: »

I'm with AnotherJoe - I found interest rates drastically dropped after £7.5k. I was offered 4.5% paying £150pm over 5 years with Sainsbury's on that amount (advertised rate 2.9%). I paid it off in 1 year and recall the overall interest paid was very low. The best advice I can offer is shop around, compare offers across different amounts, and pay it off early. The Martin Lewis Credit Club is a great starting point.

Thank you for your advice. It's been really helpful to shop around and compare as you suggested. I have been looking at Santander who are advertising a loan for £7,500, paid over 60 months (monthly repayment £133.98) at 2.8%. I didn't plan to borrow this much, but the interest rate is one of the lowest I've seen, so it's something to consider. Thank you.

antrobus

Nebulous2 wrote: »

Zopa are a large lender who have taken a fair chunk of the loan business in recent years. You've nothing to worry about with them, other than whether they give you the best rate you can get.

I'm one of their 'investors.' That isn't quite so rosy and carries some risk if a lot of people are unable to repay their loans.

Zopa is not a large lender, it's a very small lender compared to say, Lloyds Bank.

In any case, as you should have worked out, Zopa isn't a lender at all, you are.

FlowerFairy7

antrobus wrote: »

Zopa is not a large lender, it's a very small lender compared to say, Lloyds Bank.

In any case, as you should have worked out, Zopa isn't a lender at all, you are.

Haha yes, quite right, you can tell I am new to all of this I'm still shopping around and comparing, but definitely considering Zopa

Nebulous2

antrobus wrote: »

Zopa is not a large lender, it's a very small lender compared to say, Lloyds Bank.

In any case, as you should have worked out, Zopa isn't a lender at all, you are.

2% of the UK market, having loaned £3.6 billion since they started certainly makes them a large lender - regardless of whether others are bigger.

You're right though, they aren't lending the money, people like me are!