It’s a disco Friday afternoon in the Zopa office - winding up for the weekend! Have a look here to see what’s playing to get us in the mood for dancing :-)
We had a new release yesterday - quite an unobtrusive one hopefully, and the site remained up throughout. So - what’s new? Well, the most obvious change is new markets. We’ve opened up 6, 48 and 60 month markets for lenders and borrowers. Now, there isn’t a lot of money in there right now, but over time we hope that lenders will place their offers in these markets as well as the 12, 24 and 36 month ones to give borrowers more flexibility, and lenders faster lending.
If you’re a lender, and not sure how to put your money into these markets, then here’s what you need to do: sign in to Zopa, click My Lending, and select ‘Current Lending Offer’ from the drop down menu - this will show you the money you have in the market right now. Then click ‘amend’ next to your offer, and you’ll see a screen that shows you all the available markets - simply tick the new markets, set your lending rate and click on ‘Amend’ again to place your money in the new markets.
While you’re there, you’ll also see a new option - you can now change the amount of money you lend to each borrower away from it’s default setting. This means that you can lend larger amounts to fewer borrowers (but you will be taking a slightly higher risk) and get your money lent faster. We suggest that you’re careful when using this, but we know some lenders will beneft from it.
We’ve also lowered the bad debt rates slightly in the 36 month markets - both as a result of opening the longer term markets and because we’ve now got some experience of our borrowers so we can improve our estimates.
Finally, we’ve also made some text changes through the site - we’re trying to make Zopa as simple and clear as possible, and we know we’ve got some pages with reams of text! This is an ongoing job - so over the next few months you should see lots of extraneous text vanish from the site!
Have a great weekend - and if you’ve made it this, you’re obviously dead keen on Zopa - so I’d point you to the post below, where we’re looking for guinea pigs! Please drop me a line if you’re interested.