Zopa loans

holymonk · 26 Oct 2015 at 15:06

Anyone used these and have any feedback. I applied and was accepted today on a rate far lower than a bank. I understand it's peer lending, is it all legit or anything I should be wary of. It appears on the face of it to be fine?

The_Abyss · 26 Oct 2015 at 15:22

Absolutely fine.

BurningHorizons · 26 Oct 2015 at 15:23

Nothing to worry about as either a lender or borrower. :-)

Luggs · 26 Oct 2015 at 15:27

IIRC, from April they were covered by FCA (if that gives you any confidence) but not under the saving guarantee thingy - I'm a financial expert as you can tell...

garak112 · 26 Oct 2015 at 15:38

I used them to take out a car loan and they were fine.

The only annoyance for me is that if you want to make an over payment you have to use the direct debit system and it takes at least a week to go through (plus you can't do it within a week of a scheduled payment).

holymonk · 26 Oct 2015 at 16:11

Great cheers