Zopa Loans

...that I first read about ZOPA – Zone Of Personal Agreement. I think the phrase ‘in glowing terms’ applies. In a nutshell, it’s an on-line dating agency for lenders and borrowers which has been going now for a few years. However, if that all sounds a bit scary to a potential lender it isn’t for several reasons. For one thing, unlike banks, they can't lend out money they haven't got! I can’t see any reason why a borrower would find it scary anyway, ...
...wait for any action. However, Zopa are wise to this and charge them accordingly for their first payment. I have opted for 36-month loans, and so each month, I get 1/36th of my £500 back plus interest, the two amounts being separately quantified on Zopa’s excellent web site, although, if you opt to ‘auto-lend’, which I have done, anything in my holding account, capital and/or interest, gets ‘re-lent’ as soon as it reaches £10. If you don’t auto-lend, ...

BNibbles 17.04.2009 · Read full review
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Review of Zopa Loans

...plan and simple terms. Zopa is as the title may suggest, an area where possible agreements may occur. The community itself is made up of two types of people, LENDERS and BORROWERS. You may wonder about what the personal agreement is? Zopa is a web based community where you can lend your money out to borrowers or borrow money from the lender. A loan site in many simple terms, a loan site with a difference, NO MIDDLE MAN. Because Zopa lenders lend ...
...reduce there loan rates if ZOPA gets too successful, bad news for newcomers to ZOPA if, and that is a big IF, the banks decide, as a collection of banks, to do this just to put ZOPA out of business. Many belive thiswill not actually happen but there is that 0.000000001% of a risk there. So then, you know the people behind the idea and company, what else do I need to know? Zopa itself is a place where people lend money, people borrow money and people ...

evergreen46 13.04.2007 · Read full review
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Review of Zopa Loans

...change, thanks to Zopa. Zopa (short for the "Zone of Possible Agreement") is an online exchange offering savers the chance to lend money to borrowers in a safe and straightforward way. Savers wanting to earn a higher rate of interest than they might get from a bank can pay money into Zopa and offer it to potential borrowers at rates and terms (length of time of the loan) that suit them. Borrowers can similarly be matched to these lenders. The beauty ...
...be limited - in fact, Zopa spreads your money around 50 borrowers, if you put up £500. That said, arrears and non-payment are well below bank-averages on Zopa, as it uses three credit agencies to reference potential applicants, and has a tight lending criteria. This has been reflected this year in a bonus to lenders - as the overall 'bad debt' provision for the Zopa system was much lower than expected. Once loans are approved, borrowers' installments ...

andyev 10.04.2007 (20.04.2007) · Read full review
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Review of Zopa Loans

Zopa is a company based in the UK which offers an alternative way to make money for those who want to make money, or an alternative way to get a loan for those who want to get a loan. It's a bit like ebay, but for loans. '''How it works — borrowers''' You can apply for a loan either by creating a listing, which is effectively your chance to plead to some lenders for their hard earned cash by appealing to their kind heartedness. If you put a picture ...
...So that's the idea of ZOPA as far as lenders are concerned. You split up your money into tiny little loans to loads of people, and chances are that most people won't go bust. Chances are also that some people WILL go bust, but then you set your rates with that in mind. (At least we don't have a fragile economy with uncertain employment prospects and huge amounts of debt everywhere. If that were the case then lending to random strangers who can't ...

hard_to_please 10.08.2009 · Read full review
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Review of Zopa Loans

...to their customers. Zopa is a new website which allows real people to lend their spare money to real people thereby passing a greater rate of return to the individual lender and offering more competitive rates to borrowers. By cutting out the middle man everyone wins. How Does It Work? Zopa has been described as the Ebay for your money. Lenders put their wares on display; in this case, money they are prepared to lend to other people for a certain ...
...When you join Zopa they will verify your details with Equifax as part of the current Anti Money Laundering Regulations. They have a special arrangement with Equifax which means that this search will not influence your credit rating. In your members area you are provided with the facility to transfer money into your Zopa Holding Account from either a bank account or via Paypal. You are also provided with up to the minute details on your money which ...

bigmadeejit 31.12.2005 · Read full review
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Review of Zopa Loans

I found Zopa when I was looking around for a loan I wanted to consolidate my debts. It's a bit of a game I play with myself, and one in which I always believe that this time I really will pay off my credit cards, whilst not using them for the next holiday at the first sign of the cloud of never -ending debt re-emerging. Zopa is a new and completely different way of getting a loan. It's not a bank, that's for sure. They were too friendly to be mistaken ...
...to get a B. On Zopa however, there are only two markets, and you guessed it; the other one is A, not C. Being slightly disgruntled (I had always thought I had an unblemished credit history), I continued to see what this would mean for the interest rate I would have to pay. After playing around a bit with rates and amounts (the rate calculator was really quick to get results) I noticed something else a little strange. I checked again, just to make ...

Islander72 18.08.2005 · Read full review
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Review of Zopa Loans

Great for borrowers as some lenders offering rates as low as 4.5% for 12 months loans and one today offering 3.5% for 36 months!!! that is 2% below base rates. Also anyone looking to lend or borrow can receive upto £30 by using this link. www.zopa.com/member/ligaya For lenders it depends on purpose of the lending as social lenders are gaining the satisafaction of helping community so presumably not to concerned with return while those trying to ...

suehappiness 30.06.2007 · Read full review
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Review of Zopa Loans

I applied for a loan with Zopa. The processing was clear and efficient. My credit rating was assessed positively, considerably higher than the minimum for an A graded loan. I also made it clear that I had considerable positive equity and that my next payment from self-employment would be substantial, at least enough to pay off the whole loan. I was told that it was likely that I would be given a loan, but was asked to wait for a few days for final ...
...was turned down. There was no explanation, but I could apply again when my circumstances changed. Well, when my circumstances change, I won't need the loan! So I emailed three times asking for an explanation. Apart from anything else, how can I know which circumstance needs to change before I can make a successful loan application? I did not receive an explanation of why I'd been turned down. So much for finance 'with a human face'. ...

coledavis 26.12.2005 · Read full review
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Review of Zopa Loans

...to see the difference between Zopa and any of the traditional lenders. I'd be in the category of freelance, self- employed, hardworking but cautious with my money. An ideal candidate you might think, but no such luck. I was heartened to hear that Zopa say "they're interested in a group of people called 'freeformers'. They're more likely to be freelance, more likely to be self-employed, and pulling away from the institutions of society." - indeed. ...
...to be disappointingly small after all the fuss. There is no human contact either which is interesting since the website seems so friendly and wants to know all about you. It really is all one way. Don't get your hopes up guys, it's not all it's cracked up to be! ...

ciaohello 01.03.2007 · Read full review
Ciao members have rated this review on average: somewhat helpful
Review of Zopa Loans