Discussion in 'CycleChat Cafe' started by User, 30 Aug 2007.
Are you a borrower or a lender?
I liked clicking on the little people...
Click on the same one once and then again....and a differnet name comes up.
Some of the deals seem ok.
Alliance and Leicester and Halifax are pretty good.
they are good. Sites like that are the way of the future. What are you buying?
It's probably safer to be a borrower than a lender.
I wouldn't want any of my hard earned dosh being lent out to "sub primes."
I almost borrowed from Zopa. After an hour filling in the "about you" or whatever they are called pages I gave up. They e-mailed me a few days later and I replied that I could not be arsed providing such personal information to get a slightly lower rate than a "mainstream" lender. They wanted to know some fairly personal stuff in order that "lenders" could make a decision. they have continued to e-mail me since despite me telling them I was not interetsed. All a bit "right on" and upper middle class for me, people basing their personal decisions on their opinion of me and my values. I'd much rather not bother, and went to a "traditional" lender who was only interested if I could pay - and was only £15 more expensive over 2 years.
just out of interest did it work to borrow off another member of the public through that website?
I have seen this site and thought about being a lender but then thought that the risks were high and that the same element of risk could be spent on shares.
did you see the drop in the FTSE ? damn....
I like the principle though.
surely they have their own way of evaluating credit worthiness or use credit reference agencies, rather than just leaving it up to the lender themselves to decide? or is that the whole principle, they leave it to the lender to decide ?
And presumably it's a legally binding contract?
From what I can work out they have different levels of risk that offer a differing level of return.
The site rate the people and you invest x amount with zopa and they will spread your money around to offset as much risk as possible.
It seemed that people who can't get credit elsewhere and are more likely to default and become in the higher risk category.
I also think there is a fededback system like ebay for people that have taken loans in the past.
Your money is not loaned out to one individual but to several at a time.
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