Is This A Zopa Advantage?
Zopa doesn’t process contracts at the weekend. Or it doesn’t appear to! This might be because they have to interface with the credit agencies and the banks and those don’t work 24/7.
So with the bank holiday tomorrow, it will be interesting to see how the money I have on offer disappears. Last week I loaded my account with £10,000, so there is plenty of money there.
On Saturday morning, I had £650 being processed in 13 contracts. These will probably start being sorted on Tuesday.
This morning it was £3350 in 67 contracts.
As I write now at 22:43 on Sunday, it’s £4,700 in 94 contracts. The last of those contracts was setup about 22:15. I’m watching to see if this is the last contract of the night.
Do Zopa have a cut-off time for loans or if say you applied at 04:00, would you be taken seriously? I wonder what Warclays would say if you applied for a loan at that hour?
If Zopa does accept loan applications at any hour, that must surely be a business advantage, as well as one for the customer, as we all have those times, when we prefer to fill in forms.
I’ll finish now for a bit. but I’ll update this in the morning.
I didn’t get any more contracts last night and when I went to bed at around midnight, there were still 94 contracts.
I got up just before seven on Monday and another had dropped off, so the number was now down to 93.
As I type this at 08:00, the number of contracts being processed is now 96. So people are still applying for loans. How many other places could you apply for a loan at this time on a bank holiday morning?
The clue is in the words bank holiday!
It’s now 12:00 and the number of contracts being processed has risen to 113.
And now it’s 18:22 with the contracts standing at 140.
21:22 and it’s 151.
It’s now Tuesday morning at 11:00. None of the flood of offers from the weekend have been fully processed yet, but that queue is now at 157.
I’ve also heard from Zopa and they say that they’re a 24/7 operation as regards to applying, but that obviously processing is usually done on a nine to five basis, Monday to Friday. But they are starting to do this on some weekends.
It’s now 13:00 and the processing has climbed to 166. Of the ten grand I put in, I have just about two grand left to lend out.
It’s now 15:42 and we’re at 170. Nothing seems to have accepted and signed off yet!
It’s now 18:10 and 20 contracts have been fully accepted and signed off. I’m not sure how many were not accepted, but it can’t have been more than a few!
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The Anonymous Widower 
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