The Anonymous Widower

Zopa Breaks The Million Pound Barrier

In the last seven days, if you ignore Saturday and Sunday, when they don’t normally distribute loans, they have lent out 5.7 million pounds, which works out at over a million pounds every working day.

Can this steady level of high lending be in part due to the troubles at the Co-operative Bank?

If we believe the stance of the Co-op, their typical customer will be an ethical person, who probably thinks seriously about their money. They will probably think, that bankers are responsible for a lot of problems. I won’t say anything about their politics as being sensible with and thinking about money, is not the preserve of any political leaning.  I’m even sure that some people who might support some extreme parties, may well have some of the best structured finances in the country.

But with the Co-op banks troubles, are these thinking people deserting the bank before it is too late and for their saving and borrowing, they are going to the peer-to-peer lenders like Zopa.

Certainly, if I look at my lending on Zopa, the rate of late payments and new bad debts seems to have fallen compared to a year ago. This could be put down to better checking on the company’s part, but is it also due to the fact that those that think about their money are moving away from the banks.

So are the peer-to-peer lenders contributing to the demise of the Co-operative Bank?

October 22, 2013 - Posted by AnonW | Business, Finance, World | Bank, Banks, Peer-to-Peer Lending, Zopa