wapping35
Member of DD Central
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Post by wapping35 on Apr 22, 2016 13:08:51 GMT
I started at just over £2k (new money) and I have consistently matched at £20 even though I now have over £3k matched.
That is despite me now having £3.7k matched and £700 on offer, so +4k in Z+ in Total, my micro loans size remains £20 not £40 or £30 which would be 1%.
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Post by newlender on Apr 22, 2016 15:38:05 GMT
Very similar figures for me. It is becoming clear that the £20 limit is across the board in order to minimise losses. A 1% limit of the total invested would be much better, so if you had £5K in Z+ you could have loans of £50 each. How about this being suggested to the bosses. An opt in for bigger loans when desired. I see Z+ as a bit of a punt and wouldn't mind a £100 limit. Clearly things are moving far too slowly and I'm about to withdraw some cash and put it into RS at 6.1% (not so different from Z+ at 6.5% projected).
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Post by softwarebear on Apr 22, 2016 17:29:57 GMT
I've been getting loans of 7.09 or 8.45 ... I suspect I'm picking up loans other lenders have pulled out of.
Also I've had £1K in the queue for Zopa Classic for 20 days (1st -> 20th April) ... past two days ~33% each has gone out ... still sitting on 33% ish ... excruciatingly slow.
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Post by newlender on Apr 23, 2016 18:37:18 GMT
Just received my weekly email. Between 16 and 23 April I lent £100 in Z+. I have nearly £2k in the queue so that means that at present progress my money will all be lent out by September.
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Post by propman on Apr 25, 2016 7:27:05 GMT
Very similar figures for me. It is becoming clear that the £20 limit is across the board in order to minimise losses. A 1% limit of the total invested would be much better, so if you had £5K in Z+ you could have loans of £50 each. How about this being suggested to the bosses. An opt in for bigger loans when desired. I see Z+ as a bit of a punt and wouldn't mind a £100 limit. Clearly things are moving far too slowly and I'm about to withdraw some cash and put it into RS at 6.1% (not so different from Z+ at 6.5% projected). Even in 100 loans, the random variation in returns due to having more than the market average number of defaults is large. If lending is slow, lending to fewer lenders would seem the best way to get rid of lenders, presumably not Zopa's objective! But if they were short of lenders, I would have thought a maximum of 0.25% of whole Z+ portfolio per loan would be the highest I would be comfortable with. Remember this is for everyone and Zopa want to limit the cases of unlucky people who can be quoted by P2P's attackers in the press as having lost money.
- Propman
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Post by newlender on Apr 25, 2016 7:39:49 GMT
It boils down to either accepting a bit more risk or having money sitting in a queue for weeks (months?). I see my Z+ money a bit like my Seedrs portfolio. Some of it will disappear but the rewards from the rest will make it worthwhile over time. Also, I doubt that many lenders will have put all or even most of their money into Z+ as that would be tantamount to gambling with it.
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Post by Ton ⓉⓞⓃ on Apr 25, 2016 10:04:30 GMT
Of course the other possibility for the cause of slow lending, besides an imbalance in the Lender/Borrower numbers/cash is that Zopa may be taking it slowly to make sure their systems are working to produce the right blend of loans for us or perhaps it's stilling being tweaked. Hopefully this set up will produce the most even blends yet seen.
Separately; I've just noticed I've had another penny in repayments but it seems to have gone straight into the lending pool, I didn't notice it a couple of days ago. As a fact on it's own it doesn't say a great deal, has anyone else had the same experience?
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wapping35
Member of DD Central
Posts: 385
Likes: 210
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Post by wapping35 on Apr 25, 2016 14:10:54 GMT
They could also have changed the proportion of Z+ loans which go to institutional lenders.
It occurs to me at the start to get things moving, the built up retail Z+ lending may have been prioritised and now the institutions are being prioritised in that mix.
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Post by ogwellian on Apr 28, 2016 12:27:35 GMT
Spoke to Zopa this morning and the lump sum I deposited on the 20th should be matched in the next two days.
He said the loan size is based on 1% of that amount, which will leave the queue in one lump sum.
So if someone puts in £7,000 they will get £70 loan parts. If they add another £1,000 that will be matched in £10 chunks.
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Greenwood2
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Post by Greenwood2 on Apr 29, 2016 6:06:39 GMT
There is now some queue information on the ?. Classic looks much faster than plus! Looks like about 3 days on Classic and 10 days on plus, from the back of the queue.
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Post by propman on Apr 29, 2016 7:37:21 GMT
There is now some queue information on the ?. Classic looks much faster than plus! Looks like about 3 days on Classic and 10 days on plus, from the back of the queue. Many thanks, I missed that. However, as repayments are used ahead of new money, I think the numbers are misleading. What we really need is average new money moved to matching per day. I suspect that the majority of recycling will be the passive lenders who will largely have retained the "recycle Classic in Classic" setting, while repayments from Z+ while surprisingly high for first month, will remain much lower for some time yet.
I have found recycled funds match quickly on both markets, but I have money in the New Money queue from 21/4 on Z+ & 26/4 on classic, it will be informative to see how long these take to move to matching. I stopped lending some time ago, do people have experience of the optimum time to add new money? Are we better adding before people get paid to beat the additional "New" money but sit behind the first of the month repayments, or add it a week or so into the month to have less repayments but potentially be behind more "New Money"?
- PM
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Post by Ton ⓉⓞⓃ on Apr 29, 2016 17:30:35 GMT
Not sure what to suggest propman on when to add new money. Normally the start of the month is the worst time This is the first month for a long time to have more than ~£6million on offer for almost the whole month. I think the last time we saw this amount on offer for a long period Nov2014 and March 2015, in 2014 we had Rate Promise, I'm guessing we might've had a Cashback offer in Nov15 also, can't remember why there was so much on offer in March2015. Presumably a fair amount of the £6m now is Z+ money. Not sure if this helps but here is my repayment chart for the month  Edit, we now know that there is almost exactly £2m new money in the Z+ queue, info now displayed in "Lending Summary" under each product. Zopa access has ~1.25m in the queue but only lends ~130k a day, while Classic has 3.67m queued but lends on average over £1m a day. |
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Post by blanik on Apr 29, 2016 23:16:35 GMT
I've been getting loans of 7.09 or 8.45 ... I suspect I'm picking up loans other lenders have pulled out of. Zopa lenders have no choice, so they cannot pull out of loans. What you get is selected by Zopa, presumable to try and match the standard loan profile for each product.
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Post by newlender on Apr 29, 2016 23:41:58 GMT
Well, we now have a queue of sorts. I calculate that at the moment money will take about 11 days to be lent from Plus, so that's not too bad at all. Classic looks very healthy - just a few days' wait there.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 30, 2016 13:19:03 GMT
I've been getting loans of 7.09 or 8.45 ... I suspect I'm picking up loans other lenders have pulled out of. Zopa lenders have no choice, so they cannot pull out of loans. What you get is selected by Zopa, presumable to try and match the standard loan profile for each product. Lenders can sell loans and you do pick these up sometimes.
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