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Home > Finance > Banking & Personal Finance > Loan Lenders > Zopa Loans

User Reviews

for Zopa Loans

Rating Summary based on 11 reviews

  • 5 Stars
    		6
  • 4 Stars
    		2
  • 3 Stars
    		0
  • 2 Stars
    		2
  • 1 Star
    		1

Detailed rating

  • Competitiveness of charges/rates
  • Efficiency of service
  • Online - Content/organization of site
  • Online - Ease of applying for products
  • Online - Investment tracking
  		• 4.1
  		• 3.6
  		• 4.2
  		• 4.1
  		• 3.3

Review attribute filters

Previous page Next page Page 1 of 2 | 1 to 10 out of 11 Review(s)
  • 48 of 48 Ciao users found the following review helpful
    Picture of BNibbles

    Level 7 BNibbles

    Member since 08/10/2000

    Reviews written: 564

    5 Stars Meerkat, Smoke Me A Kipper, I'll Be Back For Zopa Review with images 17/04/2009
    User recommends the product

    Advantages Advantages Better interest rates for borrowers and lenders alike - just don't expect it to be an easy ride

    Disadvantages Disadvantages Lenders - Don't tie up money you might need quickly

    Revised: November 2010 When I first wrote this opinion inflation was zero (allegedly). Unfortunately this news didn’t seem to have percolated through to my house insurers, and neither had it, when the time came for my car insurance to plop onto my mat. Coupled with savings, even those in tax-free Cash ISAs earning what is known in the financial world as‘****-all’, the pressure on income was and still is clearly downwards whilst the prospect of zero inflation would appear to have been only in the heads of those that calculated it. Worse still, back in the present day, the RPI and the CPI ... more
  • 18 of 18 Ciao users found the following review helpful
    Picture of Rostow

    Level 3 Rostow

    Member since 05/12/2010

    Reviews written: 38

    4 Stars MONIES FOR ME 09/03/2011
    User recommends the product

    Advantages Advantages Easy to use, better rates than banks for lenders and borrowers

    Disadvantages Disadvantages Lending for 36 or 60 months no other choice

    I first started lending money on Zopa in May 2010 and was initially apprehensive because I had never heard of Zopa never mind the concept of ‘social lending’ or ‘peer to peer lending’. However, it has been actually pretty rewarding overall as my bank pays little interest on my regular savings whereas Zopa has offered a pretty good rate of return on what was quite a small investment. I have earned about 7.2% on my investment which actually makes me cheaper to borrow from than a bank – so the borrower wins and is much better for me because I make a much larger interest rate on my savings. The ... more
  • 18 of 18 Ciao users found the following review helpful
    Picture of evergreen46

    evergreen46

    5 Stars Zone Of Possible Agreement 13/04/2007
    User recommends the product

    Advantages Advantages Very easy to use

    Disadvantages Disadvantages None worth mentioning

    Zopa, What is it? How was it formed? What benefit is it to me and you? Let me tell you in 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 there own money out directly to the borrower, the borrower ... more
  • 33 of 33 Ciao users found the following review helpful
    Picture of andyev

    andyev

    5 Stars The wacky loan-zone 10/04/2007
    User recommends the product

    Advantages Advantages Easy to use, excellent rates, cut out the banks

    Disadvantages Disadvantages Some longer term rates can be less competitive for borrowers

    What's good about a Personal Loan? If all the junk mail and newspaper ads from the big banks are to be believed, a Personal Loan is a great product that everyone should have! In reality, the best thing is usually receiving the money, and buying your big-ticket item or paying off those debts... it's rarely the loan itself, but that is about to 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 ... more
  • 13 of 13 Ciao users found the following review helpful
    Picture of hard_to_please

    Level 1 hard_to_please

    Member since 07/08/2009

    Reviews written: 9

    5 Stars Loan (ar) Ranger 10/08/2009
    User recommends the product

    Advantages Advantages Fun, easy to lend, makes you feel good, can earn better interest than a bank sometimes.

    Disadvantages Disadvantages Can lose your money, your money is tied up - I mean it's tied up for years (or forever)

    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 up showing you're a good looking girl, or write an amusing yet convincing argument about why you want the loan then you might get a decent rate. If your ... more
  • 32 of 32 Ciao users found the following review helpful
    Picture of bigmadeejit

    bigmadeejit

    5 Stars You could earn the same profits as the Bank 31/12/2005
    User recommends the product

    Advantages Advantages Better rates than you would get at a bank

    Disadvantages Disadvantages None so far

    If you have spare money 9 times out of 10 you will put it into a bank account and the bank will pay you interest. Banks then pretty much do whatever they like with it. Some of it they lend to people who need to borrow. Some of it they give to their shareholders. As we all know banks make lots of money from all this, a fraction of which they give back 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 ... more
  • 20 of 20 Ciao users found the following review helpful
    Picture of Islander72

    Islander72

    4 Stars Banking on real people 18/08/2005
    User recommends the product

    Advantages Advantages Not a bank, easy to use website, low rates, no early repayment fees

    Disadvantages Disadvantages Max 3 years, rates not guaranteed

    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 for a bank. When I joined them as a member I was apparently not recognised by the systems they have in place. Fearing this was going to turn ... more
  • 5 of 8 Ciao users found the following review helpful
    Picture of suehappiness

    suehappiness

    5 Stars Win Win Situation for Borrowers or Lenders 30/06/2007
    User recommends the product

    Advantages Advantages potentially very low borrowing rates

    Disadvantages Disadvantages need good credit score

    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 achieve a better return than the banks can offer should be able to achieve 6.5% plus by being selective into which markets they offer their money. All ... more
  • 4 of 14 Ciao users found the following review helpful
    Picture of coledavis

    coledavis

    2 Stars Not as human as it looks. 26/12/2005
    User doesn't recommend the product

    Advantages Advantages Efficient processing of data.

    Disadvantages Disadvantages Illogical lending decisions, without feedback.

    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 checks to be made. Eventually, having waited patiently, I was turned down. There was no explanation, but I could apply again when my circumstances ... more
  • 3 of 11 Ciao users found the following review helpful
    Picture of ciaohello

    ciaohello

    2 Stars Alas, no such luck for the self-employed... 01/03/2007
    User doesn't recommend the product

    Advantages Advantages Zopa professes to help people with irregular incomes or short-term cash-flow requirements...

    Disadvantages Disadvantages But in reality it does not take the 'individuals' circumstances into account.

    Well, I failed 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. Unfortunately the 'Zone of Possible Agreement ' turned out to be disappointingly small after all the fuss. There is no human contact ... more
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