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Post by andyt on Jan 25, 2017 11:06:08 GMT
Hi there,
New member here (I was on the old Zopa forum back in the day, though).
I'm returning to Zopa after a long time away, as I'm looking for a very flexible P2P site where I get a modest return on my investment but it's easy to move cash in and out.
My plan is to use it as a savings account where I put aside a bit of money for annual things like insurances, Christmas, holidays etc. i.e. I'll be adding to it monthly then withdrawing "chunks" throughout the year. I thought one of the "easy access" products like Zopa Access or Ratesetter Rolling would be ideal. I would normally just use a savings/current account but I'm using all the good ones already for my cash and they are all capped in terms of the amount they pay interest on (not a problem with P2P).
I transferred a small amount (£100) into Zopa Access on Sunday though and it's still not been matched to any borrowers. I see there is no visibility of the queue length any more though.
Any ideas how long I'd typically wait to get matched with small monthly investment of new cash? Or is there anywhere I can see the lending queue length?
The delay is probably only going to be a few days but it's obviously eating into what will be a limited return anyway (3.1% currently).
Thanks,
Andy
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aju
Member of DD Central
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Post by aju on Jan 25, 2017 11:31:17 GMT
This was in my weekly email update if it helps This is Zopa's lending market update as of Thursday 19th of January 2017:Expected returnsOver the last 4 weeks we have matched loans to give expected returns of- 3.33% in Zopa Access
- 4.01% in Zopa Classic
- 7.12% in Zopa Plus.
Total amount lent by ZopaWe've lent out £59.4m over the last 4 weeks.Time to lendAverage waiting times for new money currently being lent out:2 days to queue and then 5 days to match in Zopa Access4 days to queue and then 3 days to match in Zopa Classic2 days to queue and then 3 days to match in Zopa Plus Hope this helps, although I agree it would be better on the zopa site |
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Post by andyt on Jan 25, 2017 13:13:59 GMT
Thanks for that, that's really helpful. They only send the weekly emails to current lenders which means new (or returning) ones like me are a bit in the dark. I'd emailed Zopa on Monday too, and they literally just replied saying it could be up to 8 days. I'll have a think, it'll be irritating to be earning no interest for a week or so on new deposits each month.  |
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Post by Ton ⓉⓞⓃ on Jan 25, 2017 22:35:53 GMT
Hi & Welcome to the forum! Thanks for that, that's really helpful. They only send the weekly emails to current lenders which means new (or returning) ones like me are a bit in the dark. I'd emailed Zopa on Monday too, and they literally just replied saying it could be up to 8 days. I'll have a think, it'll be irritating to be earning no interest for a week or so on new deposits each month. 's post in the thread above mentions new money, perhaps you already know but is it's slightly harder to get "new" money lent as compared to your repayments. In other words the repayments go to the head of the queue new deposits to the back. I've no recollection of withdrawing money from Access so I've no info there, can I ask how early will you draw out the money before you actually need it?
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aju
Member of DD Central
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Post by aju on Jan 26, 2017 0:45:22 GMT
oops just got "Update to Zopa’s lending rates" email that says rates are changing ... From 31 January the headline rates will be:
- Access: 2.9%
- Classic: 3.7%
- Plus: 6.1%
It would seem quite a drop on the plus - i think
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Post by andyt on Jan 26, 2017 8:28:53 GMT
I've no recollection of withdrawing money from Access so I've no info there, can I ask how early will you draw out the money before you actually need it? Hi there, It's ok if it takes a while to get the money out, I'll never be in a rush for it. I've got lots of savings accounts that I could use, and then wait for money to be released from Zopa to replace that. It's just about maximising the interest on this money and keeping it as a separate pot that I can track. From the email that's been sent out (thanks for that aju) it seems Zopa are lowering rates, perhaps in an attempt to entice more borrowers and less lenders to try and tilt the balance a little and perhaps speed things up. I might look at RS as things seem to move a little quicker there, and it seems if you more actively manage the lending you could get slightly better rates. I liked the comfort of the £10 microloans at Zopa though, which I don't believe RS do. I'll have a think, thanks all. Andy.T
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Post by vanthel on Jan 29, 2017 15:07:40 GMT
oops just got "Update to Zopa’s lending rates" email that says rates are changing ... From 31 January the headline rates will be:
- Access: 2.9%
- Classic: 3.7%
- Plus: 6.1%
It would seem quite a drop on the plus - i think
From their update email rates yeah, but they've been matching at higher expected rates than their advertised which is 6.3% currently - so a .2% drop in their headline rates. We'll see in a month how that translates in reality.
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Post by nesako on Feb 6, 2017 11:25:25 GMT
Actual speed update:
£2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall.
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Post by andyt on Feb 6, 2017 11:39:46 GMT
Urgh, that's frustrating, I gave up after a week in the end.
If you need to wait nearly a fortnight to get lent out on frequent deposits (and the rate can drop in the meantime) it's not going to work for my purposes sadly.
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elliotn
Member of DD Central
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Post by elliotn on Feb 6, 2017 13:10:03 GMT
Actual speed update: £2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall. I'm withdrawing as still got a bit of current account headroom @ 3%, will consider qaa/landbay/octopus etc for any surplus which also have free withdrawal without notice although obviously a different product mix to Z's consumer loans.
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Post by Ton ⓉⓞⓃ on Feb 7, 2017 9:43:00 GMT
Actual speed update: £2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall. Can I ask if they were "chunked" into lots of £10 loan, I guessing they were? I think I'm right in saying that above £2k you start to chunk at £20. Also can you say what date you put the money out to lend as the beginning of the month is normally much harder to lend than the middle or end, though I think it's getting easier. And Welcome to the Forum!
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Post by marcusponds on Feb 7, 2017 11:27:53 GMT
I've no recollection of withdrawing money from Access so I've no info there, can I ask how early will you draw out the money before you actually need it? Hi there, It's ok if it takes a while to get the money out, I'll never be in a rush for it. I've got lots of savings accounts that I could use, and then wait for money to be released from Zopa to replace that. It's just about maximising the interest on this money and keeping it as a separate pot that I can track. From the email that's been sent out (thanks for that aju) it seems Zopa are lowering rates, perhaps in an attempt to entice more borrowers and less lenders to try and tilt the balance a little and perhaps speed things up. I might look at RS as things seem to move a little quicker there, and it seems if you more actively manage the lending you could get slightly better rates. I liked the comfort of the £10 microloans at Zopa though, which I don't believe RS do. I'll have a think, thanks all. Andy.T
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Post by marcusponds on Feb 7, 2017 11:36:13 GMT
I'm in Zopa (Classic) and RS - all loan periods. If you want to fire and forget I'd go Zopa. RS rates are varying wildly at the moment and you don't control your re-lend interest rates unless you manage actively. As someone else said, existing lenders' money gets preference over new ones in the queue, but one you are in, that wont be a problem. If you want to build up substantial amounts, where the interest payments become material, I would move into asset-backed loan platforms. Just IMHO  |
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Post by nesako on Feb 7, 2017 13:22:20 GMT
Actual speed update: £2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall. Can I ask if they were "chunked" into lots of £10 loan, I guessing they were? I think I'm right in saying that above £2k you start to chunk at £20. Also can you say what date you put the money out to lend as the beginning of the month is normally much harder to lend than the middle or end, though I think it's getting easier. And Welcome to the Forum! Hi Tom, loans "chunked" in max £20 pieces (and most are of this size, there are some at random number, but not less than £9). Lent our at on the morning of the 25th, Fully invested (kind of) yesterday (6th). Noticed that it has issue where remaining to match balance is low, my remaining £7 was never matched, and my wife had £2 stuck for the whole day as well. Had some early repayments, so now things got slightly skewed, but still 12 days is long... I also use RS, with max 1 day bidding wait my average is at 4%, so it is (from my limited experience) much faster and also at a higher rate. Time will only tell how it will continue though...
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Post by Ton ⓉⓞⓃ on Feb 7, 2017 16:08:52 GMT
Thanks for the update nesako , Zopa do treat newly invested money and interest/capital repayment differently. New money waits while repayments are lent out. It used to be that you could see your money in the queue and day by day you could see it moving forward, I think Z has said they may bring something like that back but we're still waiting. I can't compare to RS as I'm yet to lend there. |
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