How much do you want to borrow?
£1,000 £15,000Over how many months?
36 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
6.1% - 15.4%
8.2%
£1,000 - £15,000
Minimum Term 3 years
Loans £1,000 - £15,000 up to 5 years
You can have the loan for either 3 OR 5 years
Direct Debit
5-7 working days
24 hours - CHAPS fee of £57.50
£130.00
None Available
Transferred into your bank account
No
39th for APR of 423 loans in the UK (See Lender League Table By APR)
27th for Customer Satisfaction (See Customer Reviews)
Zopa are a peer to peer lender, this means you are borrowing off other people and not banks. It's essentially very simple, some customers need a loan and some customers want to invest by lending money. Zopa bring these people together and offer a safe place for people to borrow and lend. You can borrow between £1,000 and £15,000 and if you want to pay your loan off early, it wont cost you any extra.
To apply, simply visit their website and sign up. It is at this stage that your information is reviewed by the underwriters and they will put you into one of their lending piers (various levels depending on your credit score with them). The pier you are put on will affect the APR that you are offered. You then create a listing to explain what sort of loan you are looking for. Once the offering process is complete (7-10 days), you'll have a list of people who have given you offers, which you can accept or reject. You can only accept if your loan is 100% funded.
The way that Zopa operates does mean that it can take a little longer to obtain the loan than if you went down the mainstream channel of banks, or other lenders. If you aren't in a massive rush and you pass their online identification, it can be a really interesting option. Don't let the high arrangement fee put you off as you will make this back through the cheaper APR on offer.
Please note: the calculations displayed above are for illustrative purposes only. Zopas' rates change on a daily basis. The time and date when this was last updated is shown below the calculations.
|
Early Settlement Fees |
None – the earlier you repay your loan, the more money you save |
|
Late Payment Fees |
If you miss payments, their Debt Collection agency may become involved to work out another means of payment |
|
Arrangement Fee |
£130.00 |
Average Customer Review:
(3 customer reviews)
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Excellent service
Logie29, Blackburn
6 months ago
Top stars from me!
I applied Two days ago and the cash is in the bank. I have borrowed before from zopa. Do not be afraid to apply.I even saved money on interest paying off a loan early. Banks usually charge for this service.
Excellent service with a user friendly process and fast pay out.
Chuffed to bits.
Not all it's cracked up to be.
Aminata, London
1 year ago
Unfortunately the 'Zone of Possible Agreement ' turned out to be disappointingly small after all the
fuss. There is no human contact either which is interesting since the website seems so friendly and wants to know all about you. It really is all one way. Don't get your hopes up guys, it's not all it's cracked up to be!
Great little company
Rebecca,
1 year ago
I hadn't heard of Zopa before I got my loan from them, but they've turned out to be great. Their online application form was straight forward enough and then I got a call from them to confirm a few details. After being approached by a suitable lender, the money was in my bank account a few days later. I can repay the loan early without paying a penalty. I would highly recommend.
Zopa Ltd, 2nd Floor, 40-44 Newman Street, W1T 1QD
020 7580 6060
