Zopa removes 'risk-free' claim from website

[AAD News Feed]

Zopa removes 'risk-free' claim from website

This is a duplicate of the Blog Entry made on 30th May 2013 08:23.

*after Money Mail warns savers' cash is not guaranteed* Britain's biggest lend-to-save website has removed a misleading statement from its pages...

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[ken100464]

Re: Zopa removes 'risk-free' claim from website

If you read and research these guys then am pretty sure you would realise its not risk free.

Would of thought if you are growing your nest egg by 5/6% in todays climate then a building society or bank account it is not.

Why do people who claim to be financially savy put money into get rich quick schemes which when they get bitten cry foul.

The risk is why the rate is higher. No risk no return. High risk high potential return but also high potential loss.

I like what these peer lending peeps are trying to do. Shake up the industry. I like the fact you can take a loan out and pay it back quicker if you can. No penalty and you save the interest if you do. And this is when you realise how crippling interest really can be.

As the lenders choose what amounts they wish to lend in if you had £1000 spread in £10 lots if a loan goes wrong its a tenner lost. But you could be making 5%pa on £990.

The lender and the borrower have an interest to make this work. The banks and establishment have an interest to make it fail.

As it gets bigger am sure the press will get more hostile. Without the lenders then the thing will fail.