Zopa Loans, Interesting concept.
Discussion
Looking around for a loan at the moment (need to pay off a current loan and want to indulge a bit 
)
Went to the bank, they will charge me a handsome 25% APR.
Santander wouldn't lend me the money at all and Tesco wanted a ridiculous APR because I'm refinancing a current debt..... My credit score is 901, I only owe 3k currently and want to borrow 5k....
Anyhow, I was recommended to try Zopa. It's not a bank, the concept is you borrow from other people. You tell them what you want and people chip in to go towards your loan, 10, 20, 30 whatever quid each to make up what you want.
The rates are fantastic (under 10% APR for what I'm borrowing) and, ok there is a small delay while people 'pick' you (I guess that's what happens) But I've logged on today, and lo and behold, there's a list of Just under 300 People who have chipped in to lend me the cash making up the full ammount.
Just wanting to share, in case anyone is looking for what is low cost borrowing if others seem to be intentionally obstructive.
P.S, if it seems good to you, speak to me and I'll give you a referral code and split it with you
)Went to the bank, they will charge me a handsome 25% APR.
Santander wouldn't lend me the money at all and Tesco wanted a ridiculous APR because I'm refinancing a current debt..... My credit score is 901, I only owe 3k currently and want to borrow 5k....
Anyhow, I was recommended to try Zopa. It's not a bank, the concept is you borrow from other people. You tell them what you want and people chip in to go towards your loan, 10, 20, 30 whatever quid each to make up what you want.
The rates are fantastic (under 10% APR for what I'm borrowing) and, ok there is a small delay while people 'pick' you (I guess that's what happens) But I've logged on today, and lo and behold, there's a list of Just under 300 People who have chipped in to lend me the cash making up the full ammount.
Just wanting to share, in case anyone is looking for what is low cost borrowing if others seem to be intentionally obstructive.
P.S, if it seems good to you, speak to me and I'll give you a referral code and split it with you
Edited by IrrElephant on Sunday 8th January 20:07
I met some of the guys behind Zopa ages ago, a great concept as you have found. At one point they were finding savers (lenders) hard to come by, but I guess with interest rates as they are and banks not looking so solid, this is not so much of an issue any more.
They used to make money by flogging PPI if I remember correctly, but have now 'gone straight'.
They used to make money by flogging PPI if I remember correctly, but have now 'gone straight'.
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