(16 votes)
Commission And Fees
Customer Service
Ease of Use


Zopa is a P2P lender, which means it provides borrowers with personal loans via investor capital. It is also a bank that the FCA totally controls.

Zopa is a digital financial entity, which means that it does not have branches or records. This means that you may primarily control your account with an application, which can be enticing to those who have already utilized their mobile to handle their funds.

The company has a contact center, though, so you can talk to an employee and make adjustments to the account and on the mobile phone.

But is this loan for you? We have got all the things you should remember, from the interest you might be paying, to the probability of being approved.

What Zopa offers?

Zopa provides fixed rates, non-secured personal loans that you may utilize, along with lots of other reasons, to finance big-ticket products like a new vehicle, home renovations, a wedding, thus consolidating more costly debt.

Loans from Zopa arrive with the following main characteristics:

  • Lending amid 1K and 25K pounds
  • Conditions of loan repayment of 1-5 years
  • A fixed interest rate ensures that for the period you have chosen, your repayments each month will stay the same.
  • A 'soft' credit check that is not going to affect your score
  • The incentive for repaying the loan early and overpaying when it can be afforded and with zero penalty.

What rate of interest am I going to get?

Zopa provides multiple APRs from 8.7 to 17 percent, but depending on a variety of criteria, the exact interest level you will be given depends.

They count in:

  • The loan volume (the lower the loan, the bigger the rate)
  • The period for which you decide to repay the loan
  • Your own financial conditions
  • Personal credit score

It is also worth remembering that advertised annual percentage rates just have to apply to 51 percent of prosperous applicants, thus the rate you're provided may be lessΒ  than 8.7 percent or over 17 percent, which the company named 'personalized rate.'

And when you begin paying back the loan, for the length of the period you chose, the cost, and thus repayments each month, is set.

How is Zopa rated against other lenders?

The firm's personal loan interest levels appear compare well with high-street financial entities, especially if you obtain an annual percentage rate at the lower end of the charging spectrum. Also the top personal loan rates on the market[;ace have been provided by Zopa before.

Zopa main features and highlights

Bottom line
Zopa is an excellent, trusted P2P lender. Newer companies may offer slightly better rates and returns, but it is hard to find a P2P lender that is this credible, while still being accessible to ordinary people.
Fees: 1% loan exit fee + possible market adjustment fee
Min Deposit: Β£1,000
Target returns: 4.6%
  • Personal loans

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