Zopa vows to improve loan sale times
ZOPA has promised a “large change” to address investor concerns about the time it is taking to sell loans.
Investors have been complaining about loan sale times in recent weeks, with some on the P2P Independent Forum claiming it can take weeks to sell out.
The peer-to-peer consumer lending platform has now recognised there is an issue.
“Recently, some of our processes have been running slower than normal, resulting in it taking longer for you to sell loans and access your money early,” a blog post on Zopa’s website said.
Zopa senior developer Joe Hutchinson put delays down to how fast the platform has grown.
“As Zopa has grown, and grown quickly, some of our processes haven’t scaled with us at the same rate, causing them to run slowly,” he said.
“For our investors, this means it’s taking longer than it has in the past to complete loan sales.
“In recent months, my team and I have been working non-stop to improve this. On a daily basis, we’re making and releasing changes to bring loan sale times down.
“Week on week, we’re seeing big improvements in waiting times: for example, this week we’re running 10 times faster than the previous week.”
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More changes will take place this week to improve the selling process, he said.
“Over the next week, we’ll roll out a large change that will give the loan sale process more capacity on our server,” Hutchinson added.
“We’re expecting this to improve performance significantly. We’re making a lot of progress – but there’s still work to do.”