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Peer2Peer Finance News | October 17, 2017

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Zopa improves loan sale processing times

Zopa improves loan sale processing times
Marc Shoffman

ZOPA investors are now able to sell their loans within a few days on the secondary market, after the peer-to-peer lender made improvements to speed up processing times.

Earlier this month, Zopa promised a “large change” to address investor concerns about the time it is taking to sell loans.

Investors had been complaining about loan sale times in recent weeks, with some on the P2P Independent Forum claiming it can take weeks to sell out.

Joe Hutchinson, a senior developer for the investors team at Zopa, said the consumer finance platform is now exceeding its previous performance levels.

“By being more efficient in finding buyers and reducing the number of actions needed to complete a sale, we improved performance and put the pieces in place for bigger changes to be rolled out,” he said in a blog post on the website late on Friday.

“Over the last couple of weeks, we have given the loan sale process more room on the server and also made a change which allows us to be more efficient about which loans we attempt to sell.

“All in all, we are now happy to report that the majority of investors are able to start selling their loans within a few days of making a request.”

Read more: Zopa scales back higher-risk lending

Read more: Lendy defends secondary market liquidity concerns

Zopa said its next improvement will optimise how the platform sells larger microloans on the secondary market.