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£3 billion invested in UK consumer loans

Earlier this week, Zopa’s investor community lent its 3 billionth pound to UK consumers.

This news follows our biggest ever year in 2017, including a record month in November when we became the first consumer peer-to-peer platform in the UK to lend over £100 million in one month.

Every penny of that £3 billion has gone in to providing simple and fair loans to UK consumers with good credit histories.

So, what does £3 billion look like?

It’s helped get 147,000 cars on the road. If you lined them up bumper to bumper, the Zopa traffic queue would stretch all the way from our offices in London to somewhere near New Delhi. Back in 2015, it only went as far as Istanbul!

We’ve also helped consolidate 129,500 debts  into a more manageable form.  In practice this means that, once they’ve been approved, our customers can trade in their expensive credit cards for a better value Zopa loan, swapping the monthly management of multiple card and loan payments for just one transaction. So, it makes it easier for people to get debt-free and lightens the admin load on the way.

95,000 homes have been spruced up – mostly with new kitchens. But we’ve heard some great stories about new bathrooms, conservatories and extensions too.

 

And for our investors?

The average investor has invested £13,000 in the time they’ve been with us.

And now there are more options than ever for how customers invest in Zopa. Core and Plus offer people choice based on their risk appetite, and both products are available as an Innovative Finance ISA.

There are also multiple ways for customers to fund the ISA. We’ve recently started accepting transfers-in, which is a great way to earn more by making those old cash ISAs work a bit harder in exchange for a bit of extra risk. Find out more about transferring an old ISA in to Zopa.

What next?

We’re continuing to look at new ways we can help all of our customers have the best possible experience when managing their money. Just recently we improved the experience for many of our loan customers with the launch of our new income verification feature, and there are lots of other exciting Open Banking-enabled features in the pipeline.

We’ve also started inviting new investors from our waiting list to start lending on the platform. And existing investors can jump family and friends to the front of the queue using their Fast Pass.

A big thank you to all our customers for getting us to our £3 billion milestone. Here’s to the next billion of simple and fair finance!