ZOPA has reopened to new investors, 10 months after launching a waiting list to cope with demand.
The world’s oldest peer-to-peer lender introduced a waiting list last March so it could prioritise existing investors and prevent lending queues from increasing.
People who had signed up to the waiting list since then will now be able to invest in any of Zopa’s four investment products – Core, ISA Core, Plus, and ISA Plus – alongside the existing 60,000 investors on the platform.
A spokesman said there were 26,000 people on the list who can now invest.
Anyone not on the waiting list already can still join and it should take around a month to get on the platform, Zopa said.
Existing customers are also being offered £50 to refer a friend to Zopa and will also receive a ‘fast pass’ which they can use to move them further up the queue.
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“New Zopa investors will join a community of more than 60,000 active investors from across the UK, earning attractive rates of return, and in the case of the ISA, tax free returns,” said Andrew Lawson (pictured), chief product officer at Zopa.
“Together with our customers we have successfully championed for peer-to-peer lending to be given ISA status and we’re delighted to offer our customers returns of up to 4.6 per cent.
“With cash ISA returns at their lowest point on record, customers have an opportunity to transfer their old cash ISAs and invest in peer-to-peer lending, without affecting their current year’s ISA allowance.”