Last month, peer to peer lender Zopa announced it launched a trio of new products to replace its existing lending offerings. Zopa Access, Zopa Classic and Zopa Plus are designed to offer more choice and flexibility to lenders. For current lenders, Zopa will retire the existing short and long products, repayments will cycle into the new Zopa Classic product.
On Tuesday, Zopa revealed more details about the products and what users can expect. The website shared:
“We are excited to unveil more detail on our new lending products which will be launching in mid-March. We are now able to give lenders more detail on the headline rates and minimum investment amounts for each product.
“We are particularly pleased to announce a 6.5% headline rate (after expected defaults) for our new Zopa Plus product. We are introducing a minimum lending limit of £1,000 within Zopa Plus to ensure that only a small proportion of your money is lent to a single borrower (no more than 1%), to diversify your risk.”
See the info below.