The Anonymous Widower

The Speed of Lending on Zopa

I have been asked a few times about how long it takes money to be lent out in Zopa. A typical question might be something like “If I invest £1,000, then how long will it take to be lent out to borrowers?”

On Friday, I transferred £1,000 into Zopa and it had all been allocated to borrowers within eighteen hours.  Remember that the system is continuous and on-line, so borrowers can probably turn up at all hoursimaginable. All of these contracts and there are about thirty of them are now being processed and they will appear in my account as Lent Out over the next day or so. If you have ever borrowed money or been credit checked, you will know this is a process that can be variable in time. Also some borrowers will be turned down and the money will be available for allocation to another borrower.

So don’t think your money has disappeared, when it is just very slow getting to Lent Out.

I’ll let you know when my thousand is fully lent.

Update on the 3rd April.

I’ve still got £750 being processed before loans are approved. It looks like only a handfull have actually been so. But then we’ve only had one working day so far.

April 1, 2012 - Posted by AnonW | Finance | Banks, Zopa