From: "SandalsMan" 
Newsgroups: uk.finance
Subject: Zopa
Date: 25 Feb 2006 07:23:30 -0800
   posting-account=tSKp4AwAAAB7I59SFVY3kkZB3zSWk-Jy

Has anyone had any experience of borrowing on the Zopa markets?
www.zopa.com

The reason I ask is because, to my displeasure, and after numerous
emails from Zopa exhorting me to borrow at favourable rates of
interest, my application to borrow a modest sum was considered for
almost a week and then declined.

Zopa rated me as an 'A' borrower with a 502 rating. I have a credit
rating of 504 on Equifax (used by Zopa), no arrears ever, oodles of
equity, property worth > =A3400k, smallish mortgage, no credit card
debts, regular full time employment, professionally qualified, not much
borrowing at all. The rate on offer was 4.6% which seemed good over 3
years. I was going to use the money to pay off a small amount on my
mortgage spent on property improvements some time ago. I sailed through
the online application process and I was even allocated the money and
given the names and locations of people who would be lending to me.
After nearly a week and one quite puzzling phone call at my office when
the caller from Zopa didn't seem to understand much about anything, I
was emailed to say they were declining my application.

Zopa? It's a joke! If they won't lend to me who will they lend to? I am
left wondering what the game is with Zopa. I suspect, after doing some
research, that my application was declined because I did not want their
credit insurance!  No insurance =3D no commission for Zopa =3D loan
declined?  Any other experiences?