1711 replies to this topic

[Gorgeous George]

figures18, on 21 June 2012 - 20:52, said:

Yes, yes, yes, third year in a row...

Most Trusted Loan Provider
...

Whilst we all pat ourselves on the back, it's worth considering that the award is a little tainted. Back in February we had this from Zopa...

Vote for us!Have you been happy with the service that you have received through Zopa? Are you enjoying the returns you're seeing on your savings, whilst helping real people here in the UK? Moneywise are currently running a national survey which gives consumers the chance to vote for their favourite financial products. We've taken the prize on the loans side two years running, and would love to crack the savings category this year.

If you'd like to vote for us, please type in Zopa under 'Other'. Thanks for helping us spread the word about peer-to-peer lending! Click here to fill in the survey.

PS: By filling in the survey you'll be entered into a Moneywise prize draw to win £1,000 or one of five £50 shopping vouchers - not too shabby!

I didn't get asked to vote for any of my banks, First Direct, LloydsTSB, Nationwide, Nat West or Santander. None of these institutions offered me the bribe of a chance to win £1,000.

Most trusted lender is surely the lender that lent the most money. Most trusted 'savings category' provider can only be an organsiation supported by a FSCS guarantee.



GG

Edited by Gorgeous George, 22 June 2012 - 15:53.

[figures18]

Gorgeous George, on 22 June 2012 - 15:53, said:

Whilst we all pat ourselves on the back

To be fair Zopa didn't bribe you/us they highlighted the offer being made by Moneywise. I don't recall if the First Direct website, (my bank) flagged the awards way back in Feb    No one forced you or I to fill in the questionaire with a pro Zopa stance; we all have free will supposedly.  As a lender I'm more than happy to see Zopa come out tops as the most trusted loan provider.  Every little helps in getting borrowers on board to take up my money.  You're becoming a little cynical in your old age GG.

[Gorgeous George]

I am indeed

I was just pointing out that the poll is somewhat flawed and the award worthless IMHO.

GG

[Uncle Tone]

Gorgeous George, on 22 June 2012 - 18:50, said:

I am indeed

I was just pointing out that the poll is somewhat flawed and the award worthless IMHO.

GG

I don't see that " Most trusted lender" is the lender that lent the most money. Were it so, I am reasonsbly confident that those banks probably lent more than we did. Whichever way, you cannot deny that the award cannot do anything but good?

[momac]

Uncle Tone, on 22 June 2012 - 20:39, said:

Whichever way, you cannot deny that the award cannot do anything but good?

Is there a hint of a double negative here

[Gorgeous George]

Uncle Tone, on 22 June 2012 - 20:39, said:

I don't see that " Most trusted lender" is the lender that lent the most money. Were it so, I am reasonsbly confident that those banks probably lent more than we did. Whichever way, you cannot deny that the award cannot do anything but good?

I assume that people borrow from the lender of their choice. It follows that the lender who loaned to the most people was the most popular.

Essentially, it's an award for the company that cajoled the most people to vote for them - nothing to do with trust (IMHO of course).

GG

Edited by Gorgeous George, 22 June 2012 - 22:44.

[ladyliberty]

Gorgeous George, on 22 June 2012 - 22:42, said:

I assume that people borrow from the lender of their choice. It follows that the lender who loaned to the most people was the most popular.

Essentially, it's an award for the company that cajoled the most people to vote for them - nothing to do with trust (IMHO of course).

GG

People may choose to borrow from Zopa but get turned down and they have to fall back on one of the banks that manufacture money out of thin air.

[Uncle Tone]

momac, on 22 June 2012 - 22:39, said:

Is there a hint of a double negative here

Oh my word.... ah well, at least it didn't have a preposition at the end in.  

[marshall2k]

A big name

Which? - Peer-to-peer lending websites rated by Which?

[sl75]

Gorgeous George, on 22 June 2012 - 15:53, said:

Most trusted lender is surely the lender that lent the most money.

Definitely doesn't follow. I could quite happily *borrow* from an organisation I don't trust in the slightest (provided the offer was right!). I'd make sure to check and double-check the loan documentation, and would expect to keep detailed records in case the loan provider tries to stitch me up by adding further charges which the original agreement didn't allow for. (I might do that anyway out of a sense of curiosity, mind!)

Lending money *to* an organisation (i.e. "savings" or similar) is an entirely different matter.

Edited by sl75, 24 June 2012 - 18:33.

[marshall2k]

Belfast Telegraph - Three tips on how to get the best personal loan

[Edit] This is marked as an advertorial feature, did Zopa contribute?

Edited by marshall2k, 25 June 2012 - 10:02.

[marshall2k]

MoneyWeek - For better returns, ditch traditional investments

[marshall2k]

Zopa in a blog from a borrower. Link

Edited by marshall2k, 26 June 2012 - 11:16.

[figures18]

marshall2k, on 26 June 2012 - 11:15, said:

Zopa in a blog from a borrower. Link

Nice write up although I'd question the 2 months interest.  I'm pretty sure that's not the case, is it?  This blog could definitely do with being added to Facebook or a link in our Zopa Blog.  Shame we don't have a monthly newsletter any more  

.......Along with being able to repay the balance whenever you want, subject to the normal regulations for doing so (two month’s interest I believe), you are free to pay into your loan whenever you want without any additional fees....

[figures18]

figures18, on 26 June 2012 - 11:59, said:

Nice write up although I'd question the 2 months interest.  I'm pretty sure that's not the case, is it?  
.......Along with being able to repay the balance whenever you want, subject to the normal regulations for doing so (two month’s interest I believe), you are free to pay into your loan whenever you want without any additional fees....

Just went to check although I'm pretty sure there's no penalty and someone's stolen the FAQ's from the main site.  Can we have them back please    I dare say they're away having bells and baubles added to them  

Edit: they're back!

Edited by figures18, 26 June 2012 - 14:00.

[Ayohcee]

Sorry if the "2 month" thing is inaccurate. I was under the inpression that if you repaid the balance you were charged two months interest on top of the remaining balance.

Edited by Ayohcee, 26 June 2012 - 13:35.

[figures18]

Ayohcee, on 26 June 2012 - 13:34, said:

Sorry if the "2 month" thing is inaccurate. I was under the inpression that if you repaid the balance you were charged two months interest on top of the remaining balance.

Hi Ayohcee, I managed to find the FAQ's lurking, Borrower FAQ no 3 says
Can I repay my loan early if I like?
Yes. At Zopa, unlike at other loan providers, you can repay early, or in lump sums, at no extra cost. Because Zopa calculate the interest on your loan on a daily basis, this means you can save yourself lots of money if you choose to repay early.

Good news eh!

[PoohBah]

Aha! Now we know who you are.  Welcome to the forum.

I have added a comment to the blog for the benefit of anyone who may come across it.

[sl75]

Ayohcee, on 26 June 2012 - 13:34, said:

Sorry if the "2 month" thing is inaccurate. I was under the inpression that if you repaid the balance you were charged two months interest on top of the remaining balance.

No. Just the remaining balance, however, the "remaining balance" will initially include not just the loan advance but also the Zopa fee, (unless you're lucky enough to have one of the market / loan size combinations that Zopa subsidise by waiving their fees).

The 2 months interest that other lenders charge is simply their way of clawing back what would otherwise be an arrangement fee, so that they can advertise that there is "no arrangement fee" (conversely, Zopa quite correctly state that their is no early repayment charge, but there doesn't need to be because the arrangement fee is explicitly and transparently added onto the loan at the outset).

[Ayohcee]

sl75, on 26 June 2012 - 14:51, said:

No. Just the remaining balance, however, the "remaining balance" will initially include not just the loan advance but also the Zopa fee, (unless you're lucky enough to have one of the market / loan size combinations that Zopa subsidise by waiving their fees).

The 2 months interest that other lenders charge is simply their way of clawing back what would otherwise be an arrangement fee, so that they can advertise that there is "no arrangement fee" (conversely, Zopa quite correctly state that their is no early repayment charge, but there doesn't need to be because the arrangement fee is explicitly and transparently added onto the loan at the outset).

Well that's cleared up. In the interest of clarity, I've removed that bit of parenthesis. Hope you like the post anyway. I've really enjoyed the borrowing process so far. I really hope that others start to believe that this is a viable alternative to bank-based loans.