The Anonymous Widower

If You Have a Good Credit Rating, Why You Should Borrow From Zopa

I trawl the web for Zopa-related articles and found this one; entitled Nearly half of Zopa loans repaid early – all free of any penalties. Here’s an extract.

Online peer-to-peer lender Zopa today confirms that since it launched in 2005, more than 45% of the loans due to be repaid so far have been repaid early and all without the borrower paying any kind of additional fees or charges.

This is in stark contrast to the banks, as not one offers a personal loan without additional early repayment charges – often of one or two month’s additional interest.

It also goes on to quote extensively from the CEO of Zopa.

In almost all circumstances, it makes good financial sense to pay off your debts as quickly as you can, including any personal loans. But banks stand in the way of this by including early repayment penalties in their loans which put people off from doing the right thing. We think that is fundamentally wrong.

So it would seem if you have a good credit rating, Zopa will give you a loan and you feel you might be able to pay the loan off early, then Zopa is one of the best plsces to borrow the money.

But just as they will check you out, then you should do that too! The easiest way is to sign up and join their discussion pages.  Can you do that with your bank?

February 28, 2012 - Posted by AnonW | Finance, News | Banks, Zopa