The Anonymous Widower

How Long Does It Take To Lend Out £10,000 On Zopa?

£10,000 was transferred into my Zopa account on the 23rd of August. It did take a couple of days or so to actually arrive after leaving my bank account, but then that is the bank transfer system.

Surely in this day and age, it can be an instant event!

My old mate, David, once said that banks make up to a third of their money on overnight lending.  So my £10,000 for two days lent out at only three per cent, whilst in the care of the banks would make them about £1.64.  Not much, you may think, but it’s pure profit and how much money is there in the system? I bet they lend it at a higher rate than three per cent too.

After the £10,000 arrived in my Zopa account on the 22nd, on the 23rd, I had £11,960.43 either offered for lending or being processed.

A week later and that figure is down to £9060.43. So effectively £2,900 has now been lent out. £9,300 in total is being processed, but some of that comes from money that has been reinvested.

So it would appear that Zopa has a processing limit.

August 30, 2012 - Posted by AnonW | Finance | Banks, Zopa