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% - 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
25th for APR of 423 loans in the UK (See Lender League Table By APR)
125th 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 won't cost you any more.
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 offer 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:
(20 customer reviews)
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Excellent service
Mike, Wrexham
2 months ago
I am both borrower and lender on Zopa. Taking £8.5k loan took a few days, got a phone call from Zopa as I was in the middle of buying house and they wanted to know details. After sending some documents loan was quickly approved and money was on my account. I will definitely never use banks again to get any loan.
As I borrowed more than I actually...
Read full review >
Avoid at all costs
Ally, Glasgow
2 months ago
Echo all recent reviews, rejected when credit score is excellent (according to Santander who approved loan in 10 mins). Not worth the hassle and rejection coulld affect your credit score. Will advise anyone I talk to to avoid Zopa,,,
Maybe a bit of a scam
Muz iqbal, Manchester
1 week ago
I have an above average credit score, no loans, no defaults, one credit card which is always payed off on time...wanted to take a loan for a car purchase, declined...i subsequently then got copies of my credit file, from the major credit reference agencies, and also credit agency checks from checkmy file etc...all show my credit to be very good. I think this is a bit of a scam, and have now heard of all the declines people with good credit scores are getting. my bad for not researching this company first. My advice, not worth the hassle.
Declined!
Rob, Tavistock
1 month ago
I have been in the same job since February 2004 (NHS) as a registered Nurse. I earn £34k a year and my bank account is always in credit. I pay my credit cards off in full each month and I have never defaulted on any credit arrangement in the past. My job is secure and my partner earns over £40k per year. Despite this, I have been turned down for a £5000 loan to replace my car that was written off by a drink driver last week and I am incensed that no concrete explanation has been provided.
Disappointed & confused
Cherry, Barry
2 months ago
My application failed but I genuinely have no idea why- it's like a lottery! The sample reasons they've given are:
I have other unsecured debt- I don't owe anything
I can't afford it- I can as I live rent free
Not on the electoral register long enough- I have been for yeeeears
Not kept up with payments- I've never missed a payment ever
And I asked for an exact reason and they wont outline it so disappointed and confused.
Zopa Ltd, 2nd Floor, 40-44 Newman Street, W1T 1QD
020 7580 6060
