Time for some weekend reading
After celebrating our third birthday and then with two short weeks on the trot with Easter last week, we’re ready for the weekend and a bit of a sit down. We’ve also not blogged for a bit, so here’s a quick bit of reading for you on a Friday evening as you clutch your final cup of tea, grab a nice piece of cake and/or biscuit (check out nicecupofteaandasitdown for inspiration..)
Johnnie Moore pointed us towards Monevator and a recent post about Zopa and we thought it contained some food (pun intended, following biscuit reference earlier) for thought:
“Clearly, the credit crunch is having an effect on Zopa’s peer-to-peer lending market, either by:
*Increasing the number of Zopa borrowers, and so decreasing the pressure for lenders to compete via reducing rates.
*Reducing the number of lenders, and so reducing the range of offers for borrowers to choose from.
*Making lenders nervous, so we’re all raising our rates.
Plus I see a fourth, really unpleasant possibility:
More lower-quality (or even dishonest) borrowers are coming to Zopa.”
We really don’t think you need to worry about that fourth one. Our default rate remains at less than 0.1% and we’ve seen no evidence of increasing bad debt. With our state-of-the-art credit and affordability checks, we’re confident that our credit process will continue to perform well.
So, sit back, relax and have a really nice relaxing biscuit and tea filled weekend!
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