Zopa

Zopa is a peer-to-peer lender offering loans from £1,000 to £25,000 which can be repaid over a term of one to five years. Their representative APR is 9.9%, but this may change during the application process, as they take into account the amount being borrowed, the loan term and your personal circumstances.

When borrowing with Zopa you will be charged an origination fee that will depend on your Zopa credit score, the amount of money you borrow and the period in which you plan to repay your loan. This fee will be included in your APR, rather than being charged upfront. Zopa’s APRs range from 2.9% to 34.9%

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Once you have applied for a loan with Zopa you can receive a decision within two working days and if you are approved, the funds will be with you within three working days. Your repayment date will automatically be set to 30 days after your loan is approved, however this can be changed to whichever date within the month is most convenient for you - beware this could potentially increase or decrease the amount of your next repayment.

Zopa allow for overpayments as well as early settlements and don’t charge for either, meaning that you can reduce the amount you repay overall. You’re able to apply for a top-up, however this must be applied for at least six months after your initial loan approval and the total of the loans cannot exceed £25,000.

In order to apply for a loan with Zopa you must be at least 18 years old and be living in the UK. You must have a current account in your own name with a UK bank and you will also need a good credit history.

Why apply for a Zopa Loan?

• APRs range from 2.9% to 34.9%
• 4 times Personal Loan Provider of the Year
• Simple online application – no paperwork through the post
• 2.97 Billion in loans since 1995
• 8 times Trusted Loan Provider
• No early repayment fees, no hidden charges
• Have lent more than £3.37 billion to UK consumers

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