Who Are Zopa?
Zopa was launched in 2005 as the world’s first peer-to-peer lending company and over the years they applied for a banking license to expand their range of products.
Currently, Zopa offers customers products including loans, credit cards, car finance, investments, and savings accounts.
Zopa is recognised as an innovator in the financial services sector and offers some really interesting products, if you are in the market to compare loans they are well worth considering.
Who Can Apply For A Loan With Zopa?
As with all lenders, you will need to meet Zopa’s lending criteria if you wish to be accepted. This is as follows;
You need to be at least 20 years of age
Be a current UK resident
Have 1 year of address history in the UK
Be employed, self-employed or retired with a pensions
Have an income of at least £12,00 per year before tax
Have credit history Zopa can see
Have a good track record of repaying debts
Be able to afford the loan
How Much Can I Borrow?
With a personal loan from Zopa you can borrow from £1,000 up to £25,000.
How Long Can I Take A Loan For?
Zopa offers loan terms of 1 to 5 years.
How Can I Get A Loan From Zopa?
To get a loan from Zopa you can apply online, but before you do that head over to our loan comparison tool and see what the market has to offer you, you may find something else that better suits your needs.
Plus with Mo, you can make use of our free eligibility checker which lets you know how likely you are to be accepted without any impact on your credit rating.
What Can I Use A Zopa Loan For?
As Zopa provides personal loans there are many things you can use your loan for, be that paying for a wedding, making home improvements, or consolidating existing debts.
There are a few things that Zopa list as excluded uses, these are for business purposes, mortgages, loans for bad credit, joint applications, guarantor loans, and bridging finance.
Why Should I Borrow From Zopa?
Zopa has won many awards, both for their products and their customer service team, so they are definitely a lender to consider, here are a few reasons why you may want to borrow from them.
Borrow £1,000 to £25,000
Loan terms from 1 to 5 years
Zopa approves over £2m in lending every day to people with good credit history
No early repayment fees
Multi-award-winning customer service team
Overpay with no fees
How Long Does It Take For A Zopa Loan To Come Through?
With Zopa, if you are accepted, you could receive your funds in under 15 minutes, and at most, it can take 2 hours.
Can I Pay Off My Loan Early?
With Zopa you can pay off your loan early and they do not charge early repayment fees. You can do so by contacting Zopa or using their app.
You can also make overpayments during your loan term with no additional costs.
So if you think you may be able to pay off your loan early, Zopa could be a good lender for you.
Can I Change My Mind?
Yes, if you change your mind you have 14 days to cancel your loan. In order to do so, you will need to contact Zopa directly.