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What is BidPal?
BidPal is our automated lending tool that allows you to more easily lend your funds to opportunities on the Primary marketplace and / or the Secondary Marketplace. It helps to ensure that your funds are being continually lent out to opportunities that match your pre-set preferences, meaning your money will always be earning subject to new loans and demand on the marketplace.
In addition to choosing the risk band (based on the credit risk of the loan), you can select maximum investment amounts for both a loan as a whole and individual loan parts.
Loans on the Primary marketplace are split into microloans (loan parts) and the individual may be traded on the Secondary marketplace. You can set limits on the total amount in any one loan on the primary marketplace and a lower amount to go into each loan part that makes up your total investment in the loan
When this setting is applied to the secondary market, BidPal will only buy a microloan for you that is smaller than your maximum loan parts setting on the primary market, so although the loans you hold change, the diversification of your portfolio of loans is maintained.
Each day, BidPal will automatically check your available balance and scan the primary marketplace and secondary marketplace (if you set up the ‘Buy Rules) for lending opportunities that match your preferences and automatically bid or buy for you.