Recently Zopa UK removed the ‘Listings’ functionality that allowed borrowers to list individual loans. Listings were introduced in October 2007 as a add-on to the original Zopa markets model.
Here is the official announcement of Zopa regarding the removal of the Listings function:
You might know that Zopa is a little unusual amongst the now 30+ peer-to-peer lending companies running worldwide in that we facilitate the vast majority of loans through the Zopa Markets; almost all the other peer-to-peer lenders make all their loans using something more like our Listings. Indeed, we weren’t first-to-market with the Listings approach, adding them to our site about two and a half years after we first launched. Since then some 700 Zopa borrowers have received loans totaling Â£4.3m using Zopa Listings and there’s been some great ones in there; from guitar re-stringing, to a planetarium, a few bits of plastic surgery and of course plenty of cars.
Sadly though, while those figures sound quite good, they only represent a very small proportion of total Zopa lending and that proportion is declining too, while the rest of our business is growing rapidly. Couple that with Listings being much more long-winded to underwrite and we hope you’ll understand why we’ve taken the tough decision to draw Zopa Listings to a close.
… we’ll remove the functionality from the site that allows borrowers to create a new Listing. All the Listings that are already live before this point will of course be allowed to continue to their natural conclusion and once they’re all finalized, we’ll remove all references to Listings from the site.
If you’ve taken part in any lending via Listings, you’ll still be able to keep track of them and monitor how they’re being repaid in My Loan Book, where you can now find a link to your borrower’s original Listing page in the detail page of the loan in My Loan Book (click on the borrower’s username to open this view).
We hope you understand our decision.
The Zopa Team
2 thoughts on “Zopa Removes Listings – Concentrates on Markets”
That’s a huge pity. I’m not sure I like it now Zopa’s gone all faceless and boring. The whole point, to me, of peer-to-peer is that two peers, me and them, get together to lend money… but now Zopa is taking my money and lending it to whoever they please – just like a bank!
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