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Zopa reduce rates again
Following several reductions in rates in 2016, Zopa have announced that they are dropping lending rates again by another 0.2%.
Here is the full email sent to lenders:
Since I last wrote to you about our lending rates, the personal loans market has become even more competitive. Nine of our competitors have dropped their rates by an average of 0.35% since the beginning of December, and we anticipate that these market conditions will remain in the coming months.
As our rates reflect the wider loans market, we’ve decided to adjust the target returns for each of our products. From 31 January the headline rates will be:
- Access: 2.9%
- Classic: 3.7%
- Plus: 6.1%
As the market conditions continue to evolve, these rates may change again. We carefully monitor and adjust our rates to deliver the reliable, risk-managed returns you’ve come to expect from Zopa. For us, this is the most important thing.
Remember, when you invest your money, your capital is at risk.
This is why we won’t compromise our prudent lending policies, but we are always looking at new ways of getting your money to more UK borrowers. Just recently we introduced more flexibility in loan terms for borrowers which will increase demand for Zopa loans and have a positive effect on your time to lend.
There’s more detailed information on how we calculate rates on our blog, or if you have any other questions please get in touch.