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Post by glocal on Jun 30, 2017 17:33:39 GMT
I am quite new to Zopa and I find it odd that they don't seem very keen to display prominently waiting/matching times, loan servicing charges, and possibly other vital information? I thought that information should be displayed before you invest, ideally updated dynamically, rather than communicated in a weekly update or buried somewhere on the website.
Another thing I find peculiar is the rather long waiting/matching times. Instead of funds sitting there doing nothing for us for 10+ days, wouldn't it be more defensible to give investors 24 hours to tranfer funds once it's their turn and a borrower is waiting?
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Post by misotu on Jul 1, 2017 9:12:56 GMT
You're right aboout the queue information - you used to be able to see exactly where you were in the queue years ago. I find the lack of information on the queue very frustrating at times
I'm not sure what information you are looking for on loan service charges? Lenders don't pay fees to Zopa, but they do take a fee based on the difference between borrower and lender rate IIRC. Currently looks to be 0.7% in Core, but confess it's not something I've paid attention to for a while.
With regard to the 24 hours to transfer funds in once a borrower has been found, really don't think that's practical given the Zopa model! Most people are not terribly well organised - and each loan can involve hundreds of investors. I suppose it might be possible with a direct debit but that would simply mean having the funds sitting around somewhere else not doing much, for me at least. I don't mind having funds in the queue for a few days and they do close the platform to new investors and/or new funds from time to time when lending is very slow or demand very high.
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aju
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Post by aju on Jul 1, 2017 14:34:35 GMT
I'm not sure its relevant but I have a C1 loan that is a bit more than 1.0% in the spread. Its in old Classic(SG) and its an 8.50% spread. In fact after checking I have loads of C1/60 with this same spread, the highest in my book.
They range from lenders @ 4.78-6.5% and borrowers 13.28-15%.
I went a bit further and checked the spread across all but its quite a bit of work to get a pattern it seems to me that for some of the loans the borrower is paying far more than the lender is seeing but that may be due to the borrowers circumstances perhaps.
When I checked ISA then you are right, I guess the larger spreads are to do with SG rather than a fee as such. Looking at preSG then there is 1.0% spread mostly. In my case I would be getting the 0.5% early adopters fee but I don't think that was factored into the spread csv data.
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Post by glocal on Jul 2, 2017 11:18:09 GMT
I suppose it might be possible with a direct debit but that would simply mean having the funds sitting around somewhere else not doing much, for me at least. Or Zopa could pay lenders at least some basic interest while they use our money. Money markets operate on a minute-by-minute basis. A couple of weeks ago Zopa reported 8+8 days wait!
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Greenwood2
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Post by Greenwood2 on Jul 2, 2017 12:32:33 GMT
Zopa did pay the bank interest on holding account money but rates got so low they stopped doing so. Zopa have said in the past that if interest rates rise they will pass on any bank interest to lenders.
If Zopa did it themselves it would just come off lender rates anyway, I'm sure Zopa wouldn't fund it!
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