We reached an important milestone at Zopa as we are proud to announce that Zopa lenders have now funded over 100,000 individual loans for UK borrowers. This means that our 52,000 active lenders have made a total of 27.9 million peer-to-peer loans since Zopa created peer-to-peer lending back in 2005.
More than 40,000 cars on the road
Of these 100,000 loans, 43k (44% /£237m) loans were used to fund a car purchase. Those Zopa car loans have not only helped thousands of families buy new cars – they have also pumped hundreds of millions of pounds back into the British economy, playing a small part in helping get the UK’s economy back on the road to recovery. Amazingly that means roughly 1 in every 727 cars on the road has been bought with a Zopa loan. Think about that next time you are on the motorway.
Twenty thousand beautiful homes
One fifth of all the loans organised through Zopa have gone towards home improvements. That’s more than 20,400 improved homes since we launched… Zopa has really helped make Britain just a little more beautiful!
Twenty thousand debts consolidated
With Zopa’s interest rates for borrowers significantly below typical credit card purchased rate APRs, thousands of people have been able to consolidate their existing debts, making their credit arrangements simpler and more cost effective. In fact, we have helped more than 20,000 borrowers get a handle on their existing debts since we first launched.
Below you can see the data around the top ten loan reasons along with a heat map of where our borrowers are based. We have also helped fund some less obvious purchases such as 171 boats, 143 solar panel installations, 71 holiday homes, 44 land purchases and 3 paintings.
|Rank||Number of Loans||% of Loans||Purpose||Total Value|
|3||20246||20.25%||Consolidate existing debts||£122,172,420|
|8||992||0.99%||Pay off loan from relative or friend||£4,622,500|
Source: Zopa data 2014
Zopa’s CEO and co-founder Giles said, “Funding 100,000 loans from other people’s money is a fantastic achievement for Zopa, made only possible by our customers that are willing to try an alternative lender and bypass the banks. We’re proud to help everyday people fund big purchases like cars, home improvements or paying off existing debts, but it is also great to be able to help people fund once in a lifetime holidays, weddings and even the odd art purchase or hot tub. Most importantly, our borrowers receive great value loans, award winning customer service and the option to pay back early with no extra penalties. Lending the next 100,000 loans shouldn’t take another nine years as we expect to do the same number in the next 12 months.”
Onwards and upwards
We are very proud to have played a part in the lives of our 100,000 borrowers so far. And this is only the beginning…Zopa is the UK’s leading peer-to-peer lending platform, and we plan to help the next 100k borrowers in the next 12 months. If you are new to Zopa you can find out more about how to organise a peer-to-peer loan.
If you have a loan from Zopa or have already paid it off, we would love to hear from you on what you used it for and how Zopa helped fund a purchase that improved your lifestyle. Feel free to tell us your story by emailing firstname.lastname@example.org or tweet us via @zopa.