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Advice on P2P lending

(4 Posts)
Teddy555 Sat 19-Oct-13 10:21:41

Sorry if there is an existing thread somewhere already, but I couldn't find one. My question is has anyone got any experience with peer-to-peer loans. Also, can you suggest a great forum or website for discussing borrowing money specifically and how the different p2p platforms differ. So far I have researched Zopa, Funding Circle ThinkCats, Ratesetter and FundingSecure, but I can't say which one is the safest. Any suggestions what I should be looking for?

debtcamel Sat 19-Oct-13 10:53:27

"So far I have researched Zopa, Funding Circle ThinkCats, Ratesetter and FundingSecure, but I can't say which one is the safest"

If you are borrowing money it doesnt much matter where you get it from! Just make sure you are happy with the T&Cs of your loan - ie are there any circumstances in whuch the lender can either increase the interest rate or demand immediate repayment.

"Safety" is only a concern for the lender not the borrower.

I'm not sure what a "great forum or website for discussing borrowing" would look like. People's circumstances are so different and lenders hardly ever are explicit about their lending policies, so knowing that PileEmUp got a good rate loan from Sainsburys whereas LoveToSpend was refused a loan by RateSetter doesn't really help anyone very much.

How much do you want to borrow, what for and what is your credit rating like?

Teddy555 Thu 24-Oct-13 09:19:36

Ideally around 3000 and wonder how much I'll end up paying back, by looking at the current rates. Do they ask you what you need the money for when you borrow? That's interesting...

Bluecarrot Thu 24-Oct-13 09:29:35

Try Moneysavingexpert.com for forum advice on loans. Just bear in mind that on the whole it's not professional advice, just joe bloggs with his story.

You might also find the site helpful with tips on cutting back your everyday expenses. If you have some time, even a month, before you need the loan, you could still make significant savings. I helped a friend reduce outgoings by £700 a month and advised how, with a little discomfort, she could save £1k ( no socialising, no new stuff, v basic food for just one month) if you could do even £500 a month savings on your current outgoings then its a lot less to borrow. Though I appreciate not everyone ( including me) even spends £1k a month in the first place

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