zopa, money lending, good rate?

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31 January 2009, 11:40 AM

mw2655

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zopa, money lending, good rate?

Zopa - Loans from people not banks

hi has anybody lent or borrowed via zopa?

with interest rates on savings accounts low i'm thinking
of lending... not megabucks as it's probably a bit risky.

any comments from experience appreciated

cheers matt

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31 January 2009, 11:45 AM

scoobyvirgin

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It seems a good idea, i'd only lend what I thought I could afford to lose though.

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31 January 2009, 11:56 AM

Nat

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What's to stop me borrowing £25K and not paying it back to whoever lends it?

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31 January 2009, 11:58 AM

darts_aint_sport

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Quote:

Originally Posted by Nat21

What's to stop me borrowing £25K and not paying it back to whoever lends it?

I was wondering the same thing.

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31 January 2009, 12:03 PM

Nat

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Just read it, they just pass on the whole thing to a collections agency without doing any chasing/enforcement themselves.

Debt collection agencies are next to useless, job's a goodun

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31 January 2009, 12:06 PM

scoobyvirgin

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It won't be just one person that lends you the money, from what I read, they take a bit from everyone.

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31 January 2009, 12:25 PM

Nat

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Yeah i saw that, i wouldn't feel so bad about not paying it back then as no One person would be exposed for more than a few quid

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31 January 2009, 01:21 PM

john banks

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I'd buy corporate bonds instead.

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31 January 2009, 01:31 PM

HankScorpio

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People are even doing 10 quid!
Would be interested in hearing from anyone who's actually done it.

Although, I would say to this person - buy a cheaper car...
Hi. I will be using the money to pay for a car my husband has bought. We are 2500 pound short.