Zopa - very interesting site

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bren2002

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(Long time reader, first time poster)

I have just been checking out www.zopa.com it's a bit like Betfair in that it's a exchange, and like Betfair it offers much better rates for both borrowers and lenders than the traditional high street (and Internet) banks

I'd love to hear other peoples thoughts on it. I must admit I'm tempted put 500 into it to see how it works. Thinking of buying a car too in October, will definitely be checking it out for that.
 
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Should have mentioned that you can borrow at 5.4% and lend at 7% (that's a lot better than any deposit account!)
 
Sounds great but I dont think Id have the bottle to risk lending money like that.
 
just asked for repayments on 15k over 3 years. rate was higher then several quotes I got from banks here. Story with that?
 
If you can borrow for 5.4% and lend at 7%, who makes money on that? The Borrower isnt it?
Im assuming its vice versa so I wouldnt borrow as BOI do less on a fixed loan.
 
Remeber it's UK based and UK Interest rates -Bank of England base rate is currently 4.75% which is 1.75% higher than ECB rates

It's a fascinating concept for sure
 
I'm sure they have plans to open it to the wider public. Did you read the concept is based on an informal lending system that exists in Latin America.
 
max said:
Don't think its available in Ireland yet unfortunately
Click to expand...
Correct - from their help:
Who can join Zopa?

 If you're interested in borrowing at Zopa, or if you want to lend a figure less than £25,000, you need to be an individual over the age of 18, who's resident in the UK and who has a UK current account and a personal Equifax credit rating.
Click to expand...

By the way this earlier thread deals with the same subject:

Zopa - online lending & borrowing exchange (UK)
 
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