The Anonymous Widower

Tips For New Zopa Users

When you start using Zopa, you’re obviously going to go down a few blind alleys or do things wrong.

Here’s a few tips.

I always keep a record of the interest rates I have set and how much money, I lend out on particular days. Thus, if I find that money is sticking and not being lent, I can drop my rates slightly to see the effect. Zopa’s information helps in this way, but your own records are invaluable. I keep my records in Excel, but there is nothing wrong with an old-fashioned notebook or as my mate, Brian, would say, the back of an old envelope or fag packet. But then he was a real accountant!

I’d also check the minimum amount you are prepared to lend to each borrower.  My limit is £100 and I’ve generally found that to be good and fairly safe.

I also don’t have AutoLend switched on.  I just transfer the money to the offer, when it comes in. I have in the past found that sometimes having a few hundred pounds in Zopa is faster to get into my bill paying account, than waiting for my pension to come in. With money, timing is everything!

Make sure you have Rapid Return switched on, so that you can accept loans, that other lenders want to cash in.  I’ve got seventy loans that way and not one has gone belly up on me. You may not pick up many loans that way, but they’ll generally be good ones.

January 22, 2013 - Posted by AnonW | Finance, World | Money, Zopa