Zopa Loans
- Loans up to £25,000
- Tenants & Homeowners
- Use for any purpose
- Less than perfect credit
- Free enquiry service
Zopa
Lender Snapshot
Provide loans from £1000 to £25,000 for people with excellent to slightly impaired credit histories. The rate offered depends on your credit history, but applying won’t harm your credit score. It is possible that their rates may beat those of high street lenders.
Find Your Best Loan Deals:
- Fast, FREE enquiry service
- Multiple Lenders
- Get 2-3 loan offers (in principle) typically
- Same Deals as going Direct
- Save precious time
Zopa Loans: Loan Summary
| Representative APR | Loan Term (months) | Loan Amount (£) | Instant decision | E-signature available |
| 9.9% | 12 – 60 | 1,000 – 25,000 |  | |
| Representative Example: Borrow £7500 for 60 months. Repay £157.43 each month. Total interest of £1766 and a £180 fee (which is added to your loan). Total repayable £9446. Representative APR 9.9% fixed. | ||||
Lender Summary
Zopa is one of the new bread of peer-to-peer lenders (where they act as a matching service for people wanting to lend direct to others). They launched their lending service in 2005 on the back of the dramatic rise in internet usage. Their total lending exceeded £1bn in August 2015 and continues to rise rapidly. Their lending model has two of key elements:
- an initial “soft search” of your credit file (doesn’t damage your credit score) allows Zopa to provide a tailored loan APR%
- rates vary from 3.6% (prime) to 29.9% (near prime)
- they are not a bank – the internet service matches your borrowing needs to those individuals wishing to lend.
Basic Lending Criteria and Other Features
- Age: 20+
- Minimum gross income £12,000 p.a.
- Minimum £400 or net income minus expenses per month (ref. demonstrate loan affordability)
- Residential Status:
- homeowner or tenants OK
- must be able to prove 3 years address history
- No early repayment fees
- Quotation system does not harm your credit score – apply at no risk and at no cost
- Rates offered can be lower than high street banks
- Have been awarded accolade on multiple occasions of being the “most trusted loan provider”.
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User Ratings & Reviews
Zopa has not been reviewed on Solution Loans yet – be the first.
Across ReviewCentre and Trustpilot Zopa is scoring an average of 5 out of 5 stars.
Our opinion
The peer-to-peer lending market is growing rapidly on the back of major financial technology developments and the overly caustious nature of traditional banks. Zopa are the oldest and largest of this new type of loan service and their customer ratings speak for themselves. We have no hesitation in working with Zopa and it is certainly worth applying through our no-fee system to see what loan offer they can make you. Keep in mind that they are not able to help if your credit rating is on the poorer side.
Regulatory Information
- Zopa Ltd is registered in England and Wales, number 05197592. Registered Address: 6th Floor, 90 Fetter Lane, London, EC4A 1EN.
- Data Protection – registered with the Information Commissioner’s Office, number Z879078.
- Authorised and regulated by the Financial Conduct Authority. Reference number 563134.
Personal Loans
Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.
OUR REPUTATION
Our reputation is great. In fact we have scored 4.7 out of 5 based on 423 ratings & 61 user reviews for our personal loans service.
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