# Zopa - very interesting site



## bren2002 (16 Aug 2006)

(Long time reader, first time poster)

I have just been checking out www.zopa.com it's a bit like Betfair in that it's a exchange, and like Betfair it offers much better rates for both borrowers and lenders than the traditional high street (and Internet) banks

I'd love to hear other peoples thoughts on it.  I must admit I'm tempted put 500 into it to see how it works.  Thinking of buying a car too in October, will definitely be checking it out for that.


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## bren2002 (16 Aug 2006)

Should have mentioned that you can borrow at 5.4% and lend at 7% (that's a lot better than any deposit account!)


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## redbhoy (16 Aug 2006)

Sounds great but I dont think Id have the bottle to risk lending money like that.


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## bren2002 (16 Aug 2006)

Bet you'd borrow it though!!


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## car (16 Aug 2006)

just asked for repayments on 15k over 3 years.  rate was higher then several quotes I got from banks here.  Story with that?


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## max (16 Aug 2006)

Don't think its available in Ireland yet unfortunately


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## redbhoy (16 Aug 2006)

If you can borrow for 5.4% and lend at 7%, who makes money on that? The Borrower isnt it?
Im assuming its vice versa so I wouldnt borrow as BOI do less on a fixed loan.


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## EvilDoctorK (16 Aug 2006)

Remeber it's UK based and UK Interest rates  -Bank of England base rate is currently 4.75% which is 1.75% higher than ECB rates

It's a fascinating concept for sure


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## bren2002 (16 Aug 2006)

I'm sure they have plans to open it to the wider public.  Did you read the concept is based on an informal lending system that exists in Latin America.


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## ClubMan (16 Aug 2006)

max said:


> Don't think its available in Ireland yet unfortunately


Correct - from their help:


> *Who can join Zopa?
> 
> *  If you're interested in borrowing at Zopa, or if you want to lend a figure less than £25,000, you need to be an individual over the age of 18, who's resident in the UK and who has a UK current account and a personal Equifax credit rating.



By the way this earlier thread deals with the same subject:

Zopa - online lending & borrowing exchange (UK)


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