Zopa Loans Reviews

Being one of the first companies providing loans online, Zopa was created in around 2005 in Britain and is targeted to let investors and borrowers contact without additional financial institutions, which helps decrease interest rates.

Thus, Zopa loans are direct, more available and rather fair, which is supported by positive reviews and awards including Personal Loan Provider of the Year, Trusted Loan Provider, etc.

Types of Loans Provided

There are different types of loans among those which Zopa provide, for example:

  • Car loan (you may take it to purchase either a new or used one);
  • Loans for home renovation and other improvements;
  • Wedding loans;
  • Debt refinance;

However, if you are looking for a business loan, guarantor loan, joint loan and some others, this online platform is not for you.

Zopa Loans

Also, Zopa currently doesn’t provide bad credit loans.

The sum you may borrow via Zopa varies from £1,000 to £25,000. As for period for repayment, it is from 1 to 5 years.

Website: https://www.zopa.com/loans

How to Get a Loan

There should be no problems applying for a loan, as it is quite simple to do via the online form provided on the official website.

However, there are a few requirements, which applicants have to fulfil:

  • Zopa loans are only for UK residents who have permanent place of living (at least 3 years);
  • The minimum age for an applicant is 20 years old;
  • Only personal loans are available;
  • Bank account in the UK must be present;
  • It is necessary to have permanent income starting from £12,000 per year;
  • Your income must be official and provable;
  • Identification of applicant is required;
  • There must be good credit history.

If you meet the demands mentioned above, you should choose the amount of money and the period you would like to take the loan for.

As soon as you provide your email address, personal data and some other information, you will be provided with your personal loan conditions.

If you accept the conditions, the decision concerning your application will come in two days, and if it is approved, you will receive money in three days.

However, it is possible to anticipate the procedure for an additional fee.

How Much Does It Cost?

Annual payment rate and fee depend on what term and what sum of money you would like to borrow.

As a rule, the smaller the amount, the higher the interest rate, while with fees it’s vice versa – they increase associated with the sum.

Fees are included into APR and comprise origination fee and loan servicing fee.

Rates range from 2.8% to 34.9%, which depends on your credit history, borrowed amount of money and terms.

As for fees, they may range from £20 to approximately £2,000.

If you decide to repay earlier than it is stated, you have a right to do it for free unless your loan provider charges an early repayment fee.

Late payment fees are also not included into APR and are charged additionally.

Customers Support

Nearly each review shows that Zopa is ready to communicate with its clients and provide explanations and help.

Although calls are answered on working days from Monday to Thursday 8 a.m. – 8 p.m. and Friday 8 a.m. – 5 p.m., email and site form are often used for quick contact.

In general, Zopa loans are safe and worth considering.

1 Review

  1. how long do zopa take to approve loans?

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