Author Topic: Zopa?  (Read 3136 times)

  • Offline Pete

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Zopa?
on: April 04, 2011, 19:10:22 PM
Anyone had any experience of zopa.com.

On the one hand I got a few k in rainy day savings earning lol% so on the face of things it might be worth lending it out instead of keeping it in an ISA.

On the other hand I wanna borrow ~10k and their interest rates are quite good.

http://uk.zopa.com/ZopaWeb/
I know sh*ts bad right now with all that starving bullsh*t and the dust storms and we are running out of french fries and burrito coverings.

  • Offline matt5cott

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Re: Zopa?
Reply #1 on: April 04, 2011, 20:33:24 PM
Been around a while now, a thread was on here, might have even been started by me but it really was ages ago, not cowboys afaik.

(checked my email 09/10/06!)
Last Edit: April 04, 2011, 20:34:58 PM by matt5cott #187;

Re: Zopa?
Reply #2 on: April 04, 2011, 20:57:45 PM
Been around a while now, a thread was on here, might have even been started by me but it really was ages ago, not cowboys afaik.

(checked my email 09/10/06!)

think walrusbonzo invests in it

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  • Offline Clock'd 0Ne

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Re: Zopa?
Reply #3 on: April 05, 2011, 09:38:23 AM
I think it's been proven a pretty stable place to put money as there were initial feelings that it would be a con. I'm pretty sure Walrusbonzo put some money in it too.

Re: Zopa?
Reply #4 on: April 05, 2011, 10:15:29 AM
This looks great to me. My housemate just applied for £12k to refinanance existing debt and has been quoted 11%, he'll find out in 3-5 days if his request gets filled. That compares to 28.9% he's currently paying Barclays.

I havent been able to find any average return AFTER bad debt and fees (1% pa) on lending, thats the crucial figure that is omitted from all of their information. I would think its possible to break even or even lose a 1% or so if you're unlucky with borrower defualts but unlikely.

Also, if Zopa go bankrupt and lent out money would effectively be gone, thats a pretty substantial risk.


Formerly sexytw

  • Offline Pete

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Re: Zopa?
Reply #5 on: April 05, 2011, 17:02:55 PM
^ It says they've made arrangements for if they go bankrupt.
I know sh*ts bad right now with all that starving bullsh*t and the dust storms and we are running out of french fries and burrito coverings.

Re: Zopa?
Reply #6 on: April 05, 2011, 18:17:33 PM
The only thing I can find is that unlent funds are covered as they aren't part of the companies assets so they will be returned. I haven't seen any mention of what happens to lent funds.

I thought Id see what rate I would get so I went through the first section and got declined! Was quite a shock, there must be something up with my credit rating. Im consoling myself with the fact I didnt need to loan. It also says something for the standards of people they are willing to loan to, it looks like its fairly high.



 
Formerly sexytw

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