Has anyone used the company ZOPA for borring money?

[B14RY W]

Folks

Has anyone used this company for borrowing a chunk of cash?

https://uk.zopa.com/ZopaWeb/

I am looking to find funding for a Range Rover, reckon i will need about £15-£20k loan, probably over about 5 years to keep payments around £350-£400 mark

Dont want to get into the situation of destroying credit file by applying for lots of different loans so would rather go somewhere where its a higher chance of getting the cash even if that means paying a high interest rate (prob upto about 12%)

Cheers

[tighnamara]

12% APR Interest, are you for real.

[Jimslips]

B14RY W said:

Folks

Has anyone used this company for borrowing a chunk of cash?

https://uk.zopa.com/ZopaWeb/

I am looking to find funding for a Range Rover, reckon i will need about £15-£20k loan, probably over about 5 years to keep payments around £350-£400 mark

Dont want to get into the situation of destroying credit file by applying for lots of different loans so would rather go somewhere where its a higher chance of getting the cash even if that means paying a high interest rate (prob upto about 12%)

Cheers

If your credit file isn't bad then apply for a lowest interest rate loan

[M Powered]

No, but I do lend out money on Zopa. Rates are variable dependent on credit status, typically at the moment they seem to be upwards of 6.x% for best credit ratings.

[clarkey]

Yes, I have just used them. Simple application process, very competitive rate (about the best available), no early repayment fees, money in my account within 3 days. About as simple and painless as it can be.

[996c2]

clarkey said:

Yes, I have just used them. Simple application process, very competitive rate (about the best available), no early repayment fees, money in my account within 3 days. About as simple and painless as it can be.

Same experience here.

[pah250]

996c2 said:

clarkey said:

Yes, I have just used them. Simple application process, very competitive rate (about the best available), no early repayment fees, money in my account within 3 days. About as simple and painless as it can be.

Same experience here.

and here too. Although the maximum you can borrow is £15k

[influential]

M Powered said:

No, but I do lend out money on Zopa. Rates are variable dependent on credit status, typically at the moment they seem to be upwards of 6.x% for best credit ratings.

Same at this end - lending is pretty painless, minimal bad debt in the year I've had it going.

12% would be a terribly high rate. You should be able to achieve 6-8% if you're a reasonable credit risk.

[iphonedyou]

influential said:

Same at this end - lending is pretty painless, minimal bad debt in the year I've had it going.

12% would be a terribly high rate. You should be able to achieve 6-8% if you're a reasonable credit risk.

Off topic, but would you recommend this Zopa setup? I'm looking into it now. Have a couple grand doing nothing now the ISA bonus rate has dropped, the best rate I can get is 3.07% so Zopa lending seems attractive.

[influential]

Well, should be able to achieve 6% easily but there's tax to consider vs the tax free setup of the ISA. And I've always rolled over my lending so can't comment how quickly you can withdraw funds in an emergency.