ZOPA - Anyone joined to make money?
07 March 2005, 12:48 PM
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ZOPA - Anyone joined to make money?
www.zopa.co.uk - become a money lender, wild idea, anyone joined?
07 March 2005, 01:21 PM
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Radio 4 did an interview about this subject this morning - the guy reckoned there were different levels of risk (i.e who the money is lent too) but generally expect about 30% return.
And as I undserstood it, ZOPA take nothing off the lender, but 1% off the borrower.
Your money is split over 200 odd 'lends' so even if one or two of the borrowers default & dont pay back what they owe the risk to you is very small, and you would lose a v small amount of the total interest.
Sounded very interesting, and its something I will look into.
The banks & building socs must be crapping themselves as there is mega profit on some loans!
And as I undserstood it, ZOPA take nothing off the lender, but 1% off the borrower.
Your money is split over 200 odd 'lends' so even if one or two of the borrowers default & dont pay back what they owe the risk to you is very small, and you would lose a v small amount of the total interest.
Sounded very interesting, and its something I will look into.
The banks & building socs must be crapping themselves as there is mega profit on some loans!
Last edited by Dr Hu; 07 March 2005 at 01:26 PM.
07 March 2005, 03:44 PM
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I saw that earlier on the BBC website. Sounds interesting, I take it you money has to be in there on a fairly long term to make a decent return. I guess there isn't any instant access type facility where you can decide you want your capital back and transfer the loan to other lenders? Might register to see what's what.
And yes the banks do have a lot to lose if this type of thing takes off.
And yes the banks do have a lot to lose if this type of thing takes off.
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07 March 2005, 07:02 PM
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Interesting, anyone registered and found out what sort of returns you get over what period?
Is there a minimum you need to 'lend'?
Actually cant see it being that worthwhile, I cant see the returns being much greater than 6%, and you can get 5.35% in an instant access online account, so putting 10k in Zopa would only return a further 65 quid over the year...
Is there a minimum you need to 'lend'?
Actually cant see it being that worthwhile, I cant see the returns being much greater than 6%, and you can get 5.35% in an instant access online account, so putting 10k in Zopa would only return a further 65 quid over the year...
Last edited by Petem95; 07 March 2005 at 07:05 PM.
07 March 2005, 07:12 PM
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Registered and had a look just now. Only 300 members to date and so far only one person has borrowed cash - £1,000'ish @ 7.2%.
Could only see three loans available @ between 7 and 9% - Slow start or damp squib
Could only see three loans available @ between 7 and 9% - Slow start or damp squib
07 March 2005, 07:30 PM
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so far only one person has borrowed cash - £1,000'ish @ 7.2%.
I reckon its bound to take off, seems like an excellent idea, just will take some time for people to trust.
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