The new products will replace the existing offering with three new lending options: Zopa Access, Zopa Classic and Zopa Plus.
Zopa has predicted returns of up to 6-7% based on the level of risk lenders choose to take. Specific rates for each product will be announced on 1st March.
For customers who value easy access to their money, Zopa has created Zopa Access, which has Safeguard but which has no access fee and a slightly lower expected return than Zopa Classic's 4-5%.
For customers who are comfortable to lend their money via Zopa’s diversification model and do not require the additional security of Safeguard, the lender has created Zopa Plus. This product allows customers to lend to borrowers in A*-E markets, and by including higher risk D and E loans within the mix, lenders can benefit from rates of return of around 6-7%.
Zopa’s Chief Product Officer, Andrew Lawson, said:
“Zopa’s new products are designed to provide more choice for our customers, whether they’re seasoned Zopa lenders or new to peer-to-peer lending. We’ve listened carefully to feedback from our customers to create a range of products we believe will deliver the right balance of returns, risk and access. Even more exciting is that we’ll be able to offer all three products within an ISA, which will help UK consumers get even more value from their hard-earned money.”
