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Author Zopa Money Loaning/Saving
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
4th Jun 09 at 12:22   View User's Profile U2U Member Reply With Quote
Has anyone else seen this service before? Basically they link up borrowers with lenders, people can bid for loans or just borrow at a standard rate depending on their rating.

I'm thinking about investing some money into the service (as a lender) due to the interest rates offered being much higher than a savings account.

Has anyone else on here ever used this service to borrow or lend? would love to hear some feed back!

http://uk.zopa.com/ZopaWeb/
BluKoo
Member
Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline
4th Jun 09 at 12:24   View User's Profile U2U Member Reply With Quote
I looked into this a while ago (to lend) , but decided against it in the end.

Seems like a good idea if you have faith in the system.

[Edited on 04-06-2009 by BluKoo]
John
Member
Registered: 30th Jun 03
User status: Offline
4th Jun 09 at 12:26   View User's Profile U2U Member Reply With Quote
I know it says its very safe bla bla bla, but the rates aren't very good, why would you not just go to a bank instead unless you had problems getting one elsewhere?
Sam
Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline
4th Jun 09 at 12:38   View User's Profile U2U Member Reply With Quote
Think you've answered your own question there John.
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
4th Jun 09 at 12:44   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by John
I know it says its very safe bla bla bla, but the rates aren't very good, why would you not just go to a bank instead unless you had problems getting one elsewhere?


I'm talking about lending and in that aspect banks cant touch their rates!
BluKoo
Member
Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline
4th Jun 09 at 12:49   View User's Profile U2U Member Reply With Quote
Yeah, but think of it the other way round, those who are borrowing money obviously are struggling to get it from a bank. Why else would they turn to something like zoopa?
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
4th Jun 09 at 12:55   View User's Profile U2U Member Reply With Quote
Thats the killer
pow
Premium Member

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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
4th Jun 09 at 13:00   View Garage View User's Profile U2U Member Reply With Quote
You'd be surprise how people get themselves into debt that easy
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
4th Jun 09 at 13:12   View User's Profile U2U Member Reply With Quote
Does anyone know what the deal with taxation is? If its taxable then it becomes a non-starter straight away.. I'll be buggered if I'm paying 40% back to HM Revenue and Cuntstorms.
BluKoo
Member
Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline
4th Jun 09 at 13:30   View User's Profile U2U Member Reply With Quote
All returns are paid without any tax deducted, so you will have to declare your gains.
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
4th Jun 09 at 13:31   View User's Profile U2U Member Reply With Quote
Its Taxable though which is a shitter lol

 
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