Zopa Brings in a Get Out Method
Zopa is in the process of introducing a get out or sell your loans on method, if you want to cash in and use your money for another purpose.
They call it Rapid Return and effectively loans are passed on to another lender.
I’m not sure if I shall use it, but it makes sense for a lot of lenders.
One restriction is that your can’t pass on a loan with a failed payment.
This does not affect me much, as nearly all of myof loans with a failed payment are now up to date, but I don’t think I will cash in any of the others, as most seem to have been going for over eighteen months at slightly higher rates than I can get now. So those are probably best left to generate interest until they are repaid in a few months.
I seem to have eleven loans, where my contribution is £300 and they were lent out at 8% over two years ago. Most are about 60% repaid, so they have done well. None has a failed payment. So I could recover about £1320, by selling the loans on. If I chose to keep these eleven loans, ‘ll get additional interest of about £100.
So it strikes me that Rapid Return may have uses for some people, it is not worth cashing in good loans, unless you have a desperate need for the money.
On the other hand, buying parts of these loans may well be worthwhile, as old loans tend to be at higher interest rates than those today.
I shall eep you up-to-date on progress here.
The Anonymous Widower 
[…] My First Second-Hand Loan on Zopa I said a few weeks ago, that Zopa had introduced a get out method called Rapid Return. […]
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