Frequently asked questions
Auto lend
Make money by recycling
Recycling is a good thing to do. It helps preserve resources, it protects the environment, and at Zopa at least, it can make you money and save you time.
Because the Zopa auto lend facility recycles your repayments for you, putting any money that comes back to you from borrowers and any new funds you add to your account straight back onto the Zopa marketplace. So your money's never sitting still - if it's not lent out, it's on offer to even more borrowers.
And the best part is, you don't need to lift a finger - once auto lend is turned on, it's all done for you.
How it works
- Your borrowers make monthly repayments, paying back a bit of the loan capital along
with some interest. The money that you receive from these repayments will be automatically
added to one of your lending offers (in chunks of £10) - so it'll be made
available to new borrowers at the rates and terms you set.
Any new funds you credit to your account will also be added to one of your lending offers straight away, so there's no delay in making it available to borrowers.
- The money will be added to your last lending offer, unless you change your settings. To do this, go to the Lending offers page in your account and click 'Manage Auto lend'.
How to turn it on (and off)
- All new lending offers will have auto lend turned on as standard. If you don't want your repayments to be put back onto the market, go to your Lending Offers, click 'Manage Auto lend' and choose for your repayments to go to your holding account instead.
- If you're an existing lender, you can turn auto lend on by signing in to your account, going to your Lending offers page and clicking 'Manage Auto lend'. (Please note - you need to have at least £10 left in your lending offer to start using auto lend.)
Lending with a CCA licence?
If you lend with a CCA licence, you can use the auto lend facility to recycle your repayments, but you first need to pre-sign some contracts with your future borrowers. This won't take too long, and you can pre-sign up to 10,000 in one fell swoop.
Simply sign in to your account, go to Lending Offers and select Auto Lend from the dropdown. Then just follow the instructions onscreen.