Having built the first ever peer-to-peer lending company in 2005, Zopa is one of a range of digital challenger banks. Zopa offers loans and investment opportunities, and in 2017 it became the first major P2P lender to offer an innovative finance ISA.
What loans can I get from Zopa?
With Zopa you’ll be able to take out a personal loan of between £1,000 and £25,000. You’ll be able to use the loan for things like buying a car, making improvements to your home, paying for a wedding, or consolidating your existing debt, as well as plenty more.
What interest rate will I get from Zopa?
Zopa’s personal loans come with a fixed interest rate, which means your monthly payments will stay the same for the duration of the loan. This can be useful for budgeting as you’ll know exactly how much you’ll have to put aside each month to repay the loan back.
Its interest rates range from 3.3% to 34.9%, however you should remember that the advertised APR on any deal only has to be given to 51% of all successful applicants. The actual interest rate you’ll be given will depend on a number of factors, including:
- How much you want to borrow
- How long you want to borrow for
- Your credit report and financial circumstances
Representative example: If you borrow £10,000 over 5 years, you would pay £210.05 per month at a representative 9.9% APR. The total amount repayable is £12,602.87, which includes £2,362.87 interest at 8.8% fixed and a £240 fee. The total amount of credit is £10,240.
The rate and fee you are offered will depend on your individual circumstances.
How long do Zopa loans last?
You’ll be able to take out a Zopa loan lasting anywhere from one to five years. You’ll also be able to repay your loan early if you want to – Zopa doesn’t charge any early repayment fees.
Zopa also offers peer-to-peer lending products, which lets you lend to other people who’ve been through a credit check with the bank. Learn more with our page on peer-to-peer lending.
How to contact Zopa
If you’d like to contact Zopa, you can do so by:
Phone: 020 7580 6060
Post: Zopa Ltd. 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG.
Online: Through a contact form on their website
How to apply for a Zopa loan
You’ll be able to apply for a Zopa loan through its website, however it doesn't take applications over the phone. You’ll need to have the following:
- Your address history for the last three years
- Your employer's address
- Your bank details
- Your income and expenditure
Do I qualify for a Zopa loan?
To be eligible for a Zopa loan, you should:
- Be at least 20 years old
- Be a UK resident
- Be employed, self-employed, or retired with a regular pension
- Have a minimum annual income of £12,000
Compare loans with MoneySuperMarket
Comparing loans on MoneySuperMarket is the easiest way to find a good deal. All you need to do is tell us about the loan you want, including how much you want to borrow, over how long, and what for – then we’ll give you a tailored list of deals that you can browse through.
You’ll be able to compare loan deals by their interest rates, any fees and charges included, and the likelihood of your application being successful. Once you’ve found the loan you want, just click through to the provider to finalise your application.