What people are saying
about borrowing
Journalists
Computer Active – Dec 2006
"A new web-based phenomenon could end up giving the big banks a bloody nose as people look for better ways to borrow. The trend is known as social lending and nearly three-quarters of borrowers who responded to a survey by the Social Futures Observatory said they would consider borrowing or lending this way rather than with their high street bank."
Sunday Telegraph – Aug 2006
"The benefits for borrowers are that interest rates can be lower than those charged by traditional lenders and that there are no early repayment penalties. This has made Zopa particularly attractive to the self-employed and others who, because they have fluctuating earnings, may find it difficult to borrow from the banks and may also wish to repay loans early."
The Guardian – Feb 2006
"A look at moneysupermarket.com shows that Zopa is the current cheapest personal loan provider. This eBay-style loan exchange body...has the added benefit of not imposing early redemption charges - useful if you want to overpay before the end of the loan period."
moneysavingexpert.com – Feb 2006
"For those earning £25,000 plus, there's an alternative. Zopa is a unique internet brokerage which couples people who want to lend with those who want to borrow.....Loan rates vary daily with the amount and length of borrowing. It's mainly competitive for (top) grade borrowing over shorter period. Then it can be super-cheap."
Read more press clippings about Zopa
Borrowers
Miles (May 2006)
"I was attracted to Zopa because of its enlightened attitude towards lending - especially the fact that I can pay back lump sums without incurring penalties, and the very fact that it involves real people lending to other real people."
Rachel (Feb 2006)
"It's a brilliant way to use the internet and undermine the interest rates banks are charging. I found the whole service simple, polite, and somehow smiley."
Wendy (Aug 2006)
"I think it is a wonderful idea to develop a scheme in which the benefits accrue directly to the people involved as lenders and borrowers."
Catherine (Aug 2006)
"This is a great way to borrow money. I have been telling all my friends about the concept of Zopa, and how great the idea is. Thank you!"
James (March 2006)
"Zopa seems a fantastic idea, & I would much rather use this more reasonably-priced facility than continue to make the banks richer!"
Wayne (July 2006)
"There is a feeling that it is more of a club where you are all providing mutual assistance to each other. Some members need a return on their savings and some need to borrow money without involving the high street multinationals."
Felicity (Dec 2005)
"I needed a flexible loan which I could repay early with no penalties. Before I went to Zopa I asked my bank, as their headline rate was 5.6%. They offered me a loan at nearly 14%. This troubled me: I asked why, but they wouldn't tell me even after I bought a credit report from Experian and sent it to them. The decision 'was just generated by the computer', and I felt like a high-risk sofa person from an Ocean Finance ad. My Zopa rate was way under the bank's headline rate. I was happy."
Michael (March 2006)
"Wow, what a great service (and a fantastic idea to boot)."
Peter (Jan 2006)
"It is good to know that the interest is going to individuals rather than a large, faceless rip-off institution."