Peer - Peer Loans

[51mon]

I need to get a small loan (2k over 2 yrs) to top up my funds for my next motor and when I did a search on Money Supermarket a company called Zopa kept coming up cheapest. I hadn't heard of them so did a bit of reading up, and realised they're a 'peer - peer' lending company.

I'm not the best when it comes to financial knowledge so was just seeing what peoples opinions are on the idea? Seems like a good idea in principal, less overheads etc, and from the borrowing side, you've got your money, so if it goes t*ts up, kind of not your problem....!

In the end I borrowed the money from my bank as it was only a few quid a month dearer with priority account discounts etc, so thought I'd stick with what I know.

Probably worth getting behind the peer - peer idea in the long run though if its legit?

[Defcon5]

I plan on using them to buy a car in the future

[Magic919]

They have lent at least £100 million, so I'd say they are legit. Some folk on here make money on the lending side of it.

[51mon]

Sounded like a good idea to me too, just wasn't sure if I was missing something...! I guess from the lending side, its a kind of 'safe' investment? Guaranteed to make more than a savings account without the risk of trading?