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/

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!)

Quote from: matt5cott 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!)

think walrusbonzo invests in it

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.

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.

^ It says they've made arrangements for if they go bankrupt.

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.