skoobidude

As above. I've done some research to find out who gives the best APR rate for a loan and Zopa come out top. It appears they can only be contacted online so I was wondering if anyone on here has taken the plunge and borrowed from them?

I'll be borrowing circa £10k over 36 months and putting another £10k of my own hard-earned towards my next car. But I want the flexibility of paying off a couple of grand within the next year to get the payments down. On their site it says there is no penalty for early settlements but nothing about part-settlements (unless I'm mis-reading somewhere )

Any comments/advice welcome.

Thanks

Nick

Matteeboy

There's slight risk involved with Zopa for savings but I'm sure it's okay with loans.

I'm about to stick about £20-30k away but think I'll go for A&L - 5.64%.

JonMc

iTrader: (51)

iirc these zopa loans offer good rates because people invest their savings and set their own rate, which means you're not paying your interest to money grabbing 'bankers'. Only problem is the pot doesn't seem too big and the most they could offer me was about £3k, but that was a few months back

Petem95

But like FirstDirect's online saver you get no interest paid for the month you make a withdrawal...

So its ok if you plan on not withdrawing the money - but then if you dont plan to withdraw it then why not go for a 1year fixed rate? 5.85% with Allied Irish (however chances are interest rates will be higher than that by the time the year comes to and end, so it might not work out the best).

Icesave returns 5.45% too, which is good and no penalty to withdraw.

Henrik

iTrader: (5)

Wow, aren't we a bit bearish today? I fully agree, though