Company profile:

Zopa Loans

Apply
APR:
3.3% Representative
Loan amount:
£1,000 - £25,000
Loan term:
24 - 60 Months
OPTIOSCORE
73.9/100  Read expert review
Time to apply:
02m 00s - OK
?
An application with Zopa Loans takes roughly 02m 00s seconds to complete. We think this is OK.

Average user rating

2 out of 5

Unclaimed profile

Work at Zopa Loans?

Unlock your company profile
Representative Example: If you borrow £10,000 over 60 months at a Representative rate of 3.3% APR and an annual interest rate of 3.00% (fixed), you would pay 60 monthly instalments of £180.80. The total charge for credit will be £848.30 and the total amount payable will be £10,848.30.

About Zopa Loans

Zopa was founded in 2005 and is a peer-to-peer lending service based in London. Zopa offer loans from £1000 to £25000 which can be repaid over a period of 1 to 5 years. When borrowing with Zopa you will be charged an origination fee that will be dependant on your Zopa credit score, the amount of money you borrow and the period in which you plan to repay your loan. This fee will be incorporated in the APR which you repay.

Once you have applied for a loan with Zopa you will be expected to receive a decision within 2 working days. After you loan application has been approved you will receive the money within 3 working days.  Your repayment date will automatically be set to 30 days after your loan is approved however this can be changed to a more convenient day of the month if desired. This could potentially increase or decrease the amount of your next repayment.

Zopa allow for early repayments and will not charge you for this. Zopa also allow for overpayments allowing you to reduce the total amount you repay. Once you have set your monthly repayments this cannot be changed on an on ongoing basis. Zopa does allow for top ups however these must be applied for at least 6 months after your current Zopa loan was approved - total loans cannot exceed £25,000.

In order to apply for a loan with Zopa you must be at least 18 years old and living in the UK. You must have a current account in your own name with a UK bank. You will need a good credit history.

Company information

Registration No:
Website:
Phone:
02075806060
Address:
Julia House 40-44 Newman Street, London, W1T 1QD

FCA registration

Reference No:
Trading names:
Zopa Limited
Place of business:
Julia House 40-44 Newman Street, London, W1T 1QD

Data protection registration

Registration No:
Z8797078
Data controller:
Zopa Limited
Address:
Julia House 40-44 Newman Street, London, W1T 1QD

Unclaimed profile

Work at Zopa Loans?

Unlock your company profile

Reviews of Zopa Loans

2.1 out of 5 from 62 customer reviews

2.1 5 1 62
Massively high interest rate
in Bolton
23-08-2016
Value
Simplicity
Customer service
I had a Zopa loan about 5 years ago and all was well. The loan was for £6500 and I was earning £18500 at the time, I paid it back over 3 years without problem, and paid it back a little early. Fast forward to now, and I just applied for a loan of £11,000 over 5 years, now that I earn £39k. The repayments would be slightly less than on my previous loan (so I thought). The headline interest rate was 3.2% which sounded good and a £40 fee. However when I applied they have offered to lend at 15.5% APR (made up of 10.6% APR and a £1,060 fee!)!?! Admittedly in the meantime I now have a mortgage to which I pay £500/month, but aside from that I no longer have any credit cards or credit of any kind, which I did back at the time of my first loan, and relatively low monthly outgoings. I have a perfect credit history and no CCJs. I've just been approved for a mortgage with the lowest interest rate available for goodness sake. I'm completely confused by this, especially the extortionate £1,060 fee! Certainly won't be using them!
Time waters
in Birmingham
11-07-2016
Value
Simplicity
Customer service
Charge extra fees to whats stated utter time wasters and con artists.
Terrible
in Belfast
21-04-2016
Value
Simplicity
Customer service
Either there is a serious glitch in the system for uploading documents or their underwriters are literally incapable of opening a pdf document and scrolling to the second page. Was asked 4 times for a bank statement showing income, uploaded it 4 times (and emailed it for good measure). Customer service could see my salary being paid in, but apparently the underwriter couldn't read the bank statement and kept saying that the document didn't show my salary. Wouldn't recommend to anyone.
Avoid if you're a foreigner
in Manchester
11-04-2016
Value
Simplicity
Customer service
Website is easy to use, information requested appears to be quite basic for a loan application. Got rejection because I was on a UK work visa, and loan term extends beyond the current visa term - even though I have a permanent job with a UK employer, and I am a home owner. By the way I have a good credit score. Zopa should have put up this policy on their site, that way I would not have applied for a loan with them in the 1st place. This is quite unfair. If you're from the UK/EEA with a good credit score, there is a high likelihood you'd be approved.
Now a Complete Con!
in Stoke On Trent
07-04-2016
Value
Simplicity
Customer service
Existing lenders have to deposit an extra £1000 or they can't get the best rates.
Time-wasters
in Caerphilly
11-03-2016
Value
Simplicity
Customer service
Thought that they were great when I first used them but since then everything is drawn out, inconvenient and despite an established excellent credit score disappointment at the end. Wait 6 months and try again - why? But okay I will ...... and ...... drawn out process ........ inconvenience ........ and ......... disappointment! Once my existing loan finishes I won't be wasting my time with this company again.
EXPENSIVE....Don't Bother
in Cambridge
15-02-2016
Value
Simplicity
Customer service
I borrowed £10K from Zopa based on their positive reviews. I needed the money urgently, so I filled my application on their website, which was a very simple and convenient process. They showed me an interest rate of 5% for 5 years, but increased to 10% upon accepting my application. I accepted that rate anyway. After receiving the money in my account within 72 hours, I looked again on my contract which said "Borrowed amount £11.45K, including Borrowing Fees". Seriously, £1450 borrowing fee for £10K. It was so expensive for anyone to keep that loan. Because the 14 days to refund the money was passed, so I had to keep that fund. Returning the loan after the cooling off period means that I had to pay the borrowing fees regardless. I kept the funds for 5 months and returned the whole loan yesterday. Please don't even bother, it's seriously EXPENSIVE to keep it.
No problems
in Birmingham
11-02-2016
Value
Simplicity
Customer service
Everything good here, I applied, had a real person call me to clarify a couple of points, and then the loan was approved quickly.
Follow up
in Bristol
03-02-2016
Value
Simplicity
Customer service
Follow up. With an exceptional score on Experian without a blemish I thought that I would have no problem taking out a loan. After further investigation, I found that Zopa use Equifax and Callcredit to reference potential customers. I logged onto both Equifax and Callcredit and to my astonishment both had very incorrect data on myself. Callcredit could not even recognize me. I had to go through several phone calls and emails to provide them with evidence of who I was... It is very worrying that we are measured on our credit history by companies who are responsible for gathering that very evidence... but only update their files once you contact them. They offer a free month to check your account but can only update it with your evidence after a month... so to make sure it's all correct you actually have to pay. It's all a total scam!!! It's also worrying that a company like Zopa use an American company with such a poor track record (Customer reviews) that has a call center in the Philippines to measure British individuals. Basically, if you plan on applying for credit with Zopa, make sure that you check your details with these two incompetent companies first. Expect to pay them to do their job.
Waste of time
in Uk
26-01-2016
Value
Simplicity
Customer service
Don't waste your time. Clean credit history. Application process is painful. Took several days. Declined. No real reason. Now I have a mark on my file and a mailbox full of bad credit offers. I managed to get a better rate somewhere else. Zopa seem to be a very amateur operation.
Convoluted site
in Middlesex
28-10-2015
Value
Simplicity
Customer service
After filling in the on line application form, and direct debit mandate, and then submitting it, I was then taken to page that said, " You're nearly there"... WHAT? Now they want bank statements and wage slips!Why wait until AFTER we submit the application and DD Details do they ask us to supply bank statements and wage/salary slips!! Why not ask for them on the application form? Because of the hassle involved in obtaining these 2 pieces of paperwork is a determining factor in whether people go ahead with their application, that's why!I have withdrawn my application and I have been told (by Zopa) that it will affect my credit rating in doing so, so be it, I have gone to my bank and explained to them what had happened and to be honest, it doesn't really matter.
very happy
in BANBURY
25-04-2014
Value
Simplicity
Customer service
Was initially told it may take 6 working days due to a backlog because of easter, this nearly caused me to cancel my application. ...in fact it took two. I have borrowed at 4% lower than my bank could offer. IGNORE those that were declined. Very happy with this service. Once I've paid off then I will invest.
Don't even bother.
in Birmingham
14-01-2014
Value
Simplicity
Customer service
I know there is certain criteria that needs to be met. I don't know these. I did what any normal person does before taking out a loan and checked my credit score whic was excellent 997. Went ahead and asked for a £3000 loan for some home re-furbishments. This was declined. Went home that evening, used my bank Halifax and was offered a loan for £14,500. Go figure. Now I have a mark on my credit file for a declined loan. Which has never happened to me. Had I know the search criteria, I could of researched this further to see if it was worth applying with ZOPA. I met the inital questions it asked at the beginning. My advise would be use a more reputable lender.
Refusal can offend !!!!
in Taylor
13-12-2013
Value
Simplicity
Customer service
Hi to all reading this post. Had an e mail today telling me i don't match their criteria for a loan of £14,000 to be paid over 60 months. I am self employed (many years) with a good income
Extortionate
in Swansea
18-11-2013
Value
Simplicity
Customer service
Applied, offered £1740 borrowing fee!! Completely misleading to the lower £140 fee quoted. The interest rate was higher too. Gone elsewhere for far cheaper! Appalled.
I had no problems with ZOPA
in Ringwood
28-09-2013
Value
Simplicity
Customer service
I applied to ZOPA for a loan and was declined, when checking my credit files (all three) I noticed a late payment on one of the agencies which was incorrect, called up the creditor who quickly removed it, went back to ZOPA and was approved straight away, I now have a loan and savings with them. Found them to be good to deal with and they update me weekly on how my savings are doing.
Ignore bad reviews from rejected applicants
in London
20-09-2013
Value
Simplicity
Customer service
Its noticeable that all the bad reviews on here are from people turned down for a loan. Zopa is no different to any other company - they will apply preset criteria based on their tolerance for risk and experience with other borrowers and then make a decision. No lender will go into detail about why they rejected you - its usually a complicated computer algorithm in any event that factors a load of variables into the decision.My experience was great - market leading rate, excellent service and an easy to use website.
Over-hyped and under-delivered
in Nottingham
12-09-2013
Value
Simplicity
Customer service
Having done extensive research on loans, I saw these on a price comparison website. Before providing a list of quotes, the site asked the usual questions, how much, how long etc as well as earnings. After completing all of the fields, a list of providers was shown. Zopa came joint first with an APR of 4.9%. On application, providing the same details re earnings, new APR with Zopa 8.96%. Needless to say, I didn't take the application any further.
Confused
in Diss
29-08-2013
Value
Simplicity
Customer service
Applied for a £4500 loan and although only earning £17,500 a year I am able to save at least £500 every 4 weeks. I am not so much annoyed but more confused how no explanation was given to why I was declined. Seems there is no reason why some people get given the loan while others are declined. It has made me wary as I don't like a stain against my name. I applied for a tesco loan straight after I found out of zopa s decline and it was approved (for a higher amount). I dont think my credit rating is too bad because a couple of weeks before I got a John Lewis credit card that was instantly approved with a limit of £3000.
in Bob town
13-08-2013
Value
Simplicity
Customer service
"EXORBITANT FEES"This is straight from the Zopla FAQ:14. Are there any hidden charges?Absolutely not. Applying for a loan costs nothing and only successful borrowers are charged the borrowing fee. This fee is included in the APR quotations we provide and is added to the total amount you borrow, so you won't need to make any up front payments via a debit or credit card. And that's it, there's no other sneaky fees. If you want to repay early, or repay in lump sums, you can do so at no extra cost (unlike at most other loan providers).
Waste of time
in Peterborough
03-08-2013
Value
Simplicity
Customer service
I emailed Zopa before applying for a loan to check that I would meet their criteria as I'm a retired pensioner. I got a lovely email back telling me that I did indeed meet their criteria and I should proceed with my application. What an absolute waste of time, as soon as I clicked the 'Apply' button my application was declined. Why are these people winning awards and getting such great endorsements?!? Useless company!
Doesn't accept all bank account
in Buckinghamshire
09-07-2013
Value
Simplicity
Customer service
My application was rejected as I have a Citibank current account. It doesn't make any sense. Useless and a waste of time.
Exorbitant hidden fees
in Bushey
28-05-2013
Value
Simplicity
Customer service
Daughter got a £5000 loan. It was not explained to her that she had to pay an additional fee of £440 on top of the interest of over £1000. Online it simply says £70 borrowing fee. She cancelled within 7 day cooling off period and they still charged her almost £ 10 interest!!! Why is this company being shown hailed as a great new lender............inside work I am guessing.
Timewasters.
in Blackpool
05-03-2013
Value
Simplicity
Customer service
Homeowner, good salary, full time employment, credit card always paid on time, no debts or CCJs and declined within one second of pressing the "Apply" button. Obviously this isn't based on your credit score because there is no way they can check it that quickly! My credit score is fantastic, I'm very confused and disappointed. Only picked one star because there was no option to select none! Utter timewasters.
Great rates, no complaints here
in Brough, East Yorks
19-02-2013
Value
Simplicity
Customer service
Applied for £6,000 loan to be paid back over 3 years (6.6% APR). Made application on Saturday night, follow-up phone call came midday on Monday shortly followed by an email to confirm my application was approved, and my bank just called me now to say that the money will be hitting my account tomorrow (Wednesday).Lloyds, who I've banked with for half my life, recently offered me a "fantastic" APR of 18% on a loan, so I'm very pleased I found out about Zopa.
RUBBISH
in COVENTRY
15-01-2013
Value
Simplicity
Customer service
applied for 3500k loan - waited on email then had phone call after 2 days. more questions more wasting my time credit score of 998 out of 999- credit card with 0 balance and catalogue with £100 earning over 25k and boom DECLINED !!!! BETTER COMPANIES OUT THERE...AVOID THESE WASTERS
in Tod
12-01-2013
Value
Simplicity
Customer service
If you have no credit history they don't know ur gonna pay back. Get a credit card pay it off every month and build you're credit rating
Turned down for no reason
in Lancashire
27-11-2012
Value
Simplicity
Customer service
applied for a loan turned down i don't earn a big amount just 18k a year but i pay my mortgage and contract phone and credit card on time and have enough money spare to repay a loan that i got with my bank the same day i was declined by Zopa. but they have all me details now and since i applied i now get unwanted emails and texts offering me loans and ppi so i am sure they might of sold my details on to other companies
Refused? Confused.
in Frimley
16-11-2012
Value
Simplicity
Customer service
No credit history, never borrowed before and i was refused a small loan of 1000??? Makes me wonder if these people have no intention of helping customers intead they just want your personal details??
Rubbish
in Cardiff
13-11-2012
Value
Simplicity
Customer service
Rubbish
so quick and easy
01-11-2012
Value
Simplicity
Customer service
Your review Fabulous idea to look at zopa loans quick and easy to apply .took less than a hour for someone to call to check a few details and loan approved in less than 24 hours . great idea you can repay early without cost .will be telling all friends were to go for loans from now on .
Declined with a good credit rating
29-10-2012
Value
Simplicity
Customer service
I applied for a £5000 loan to put towards a new car. I earn £25k a year, have no outstanding debt and a credit card which I only use in emergencies. The card is currently at zero and always paid off in full. My partner earns around £40k a year. However despite this it was declined for the following reasons1) Your existing level of unsecured debt - if you've already got high levels of unsecured debt then it's probably not wise to take on more. - ( I have no debt)2) Whether there is enough information on your credit file and the Electoral Roll for us to confirm your identity and make a safe decision. - (I'm on the electoral role which contains all my information)3) The affordability of the loan - it's important that you can still afford to enjoy life while you repay this loan! - ( Thanks for your concern however I can quite easily repay this and still be comfortable)Poor show Zopa.
RUBBISH!
12-10-2012
Value
Simplicity
Customer service
After reading these reviews, I am very relieved I have cancelled my application. The website states they will review your case within 24 hours.. I have been waiting over 48 hours... quite a long time these days! I received one email to say 'the approval process is taking longer than usual...we hope this hasn't caused you any inconvenience" Umm, yes, it has! The next paragraph in the email was offering a service to transfer the money, once approved, within 24 hours at a cost of £57.50!! I have checked other companies who offer the same service for £8! So, delay on approving the loan (by the sounds of reviews here, its pot luck if you get one anyway) and then make a load of extra money from nice people who just need the loan quickly. I called them... no-one available to take my call... still waiting for a call back! Rubbish customer service! I cancelled the application and have gone elsewhere, will have the money in my bank on Monday!
Confused about Early Repayment!!
12-10-2012
Value
Simplicity
Customer service
I submitted a loan application online on a Wednesday evening to buy a car that was going cheap, by Monday the cash was in my bank but the car had sold by the time I called Monday evening. I decided to keep the loan in my bank as I might sell my current car and put the loan towards a better one. I took out this loan not because it was the cheapest interest rate in the world but because there were no repayment charges. I assumed as my interest rate was about £35-£40 a month if I only had the loan for 4 months I would only have to pay them £140-£160 in interest and then settle up the remaining balance. WRONG, apparently I have only paid off £247.03 even though my monthly payments are not much less than this per month and as above I have been paying for 4 months so I believe I should have paid off more like £800-1k including any interest - CONFUSED!? They said the repayment is still alot less than the full loan including interest amount which it is but should I be charged an extra £350-£550 on top of the monthy interest I have paid for the past 4 months? This seems crazy to me, how do these people make money - any help appriciated.
Its complete waste!
02-10-2012
Value
Simplicity
Customer service
These people are total time wasters! Don't go to them anytime!!
Good job
20-09-2012
Value
Simplicity
Customer service
Your review All good, simply process and accepted within 4 working hours. Job done.
Confused
19-09-2012
Value
Simplicity
Customer service
Like many on here I am totally baffled as to why I was turned down for a Zopa Loan. I've never defaulted on any payment in my life and have always paid my way. The trouble is that Zopa won't discuss why you have been declined, a real get out clause in their T&C's. I just hope that this does not affect my ability to get any type of credit in the future! A total waste of time and effort that ultimately could have a long lasting effect.
Declined ??
29-08-2012
Value
Simplicity
Customer service
Not sure why I was declined for a £4k loan. to buy a very modest car. 23k p/a income and property assets of over 500knot missed a credit card payment in over 4 years - -I have NO mortgage ;-) -- no other loans EXCEPT £800 on my c/c . My last loan for about £1kwas over 10 years ago.No ccj's or prosecutions pending, never been declared bankrupt. Lived at my address for 15 years and at the same postcode area for 50 years.Now. I did get a speeding ticket three years ago and got caught by my Mum for walking on the cracks in the pavement. NO WONDER the country is in the state it's in!
Great loan company - never had a problem
26-07-2012
Value
Simplicity
Customer service
I have seen all the bad reviews on here, but I cannot rate them highly enough. Took out one loan with them as they were the cheapest I could fine, went through quickly and easily no fuss. 18 months later took out another loan for double glazing. It was more sizeable, and as I already had one loan with them they did call and ask for quite a lot of detail about what the previous and current loan was for, about my income and changes etc over the last few years, but I have no issue with that - I suppose its by being thorough and not being exposed to bad debt that keeps them cheap. FYI my credit score and history is very very good, not sure if this makes a difference....
Impressed with Zopa
26-07-2012
Value
Simplicity
Customer service
I was really impressed with the speed at which I received the loan. Took 3 days. Thank you Zopa
not loaned, canceled due to not sure about details.
in Truro
27-05-2012
Value
Simplicity
Customer service
was taking out loan to buy a car mine written off. Was approved online then recieved phone call re sending details to unknown mail address? How does that work. Person kept saying was normal, Preferred to cancel no explanation?
do not apply to zoopa loan
in Yorkshire
11-05-2012
Value
Simplicity
Customer service
Declined a loan for 5k .Home owner outright, no debt earn 40k a year never defaulted on a loan or mortgage or failed to pay a bill on time.everything in house we own outright. I am currently checking my credit score.Suspect Roman Abromavich would struggle to get alone of this lot. I also got turned down by another bank after this.I cannot believe it. Not bad they charge you 1.2% more than the poor sods who loan you the money. you pay for the credit checks and admin fees. Scam of the century.
Maybe a bit of a scam
in Manchester
04-05-2012
Value
Simplicity
Customer service
I have an above average credit score, no loans, no defaults, one credit card which is always payed off on time...wanted to take a loan for a car purchase, declined...i subsequently then got copies of my credit file, from the major credit reference agencies, and also credit agency checks from checkmy file etc...all show my credit to be very good. I think this is a bit of a scam, and have now heard of all the declines people with good credit scores are getting. my bad for not researching this company first. My advice, not worth the hassle.
Declined!
in Tavistock
30-03-2012
Value
Simplicity
Customer service
I have been in the same job since February 2004 (NHS) as a registered Nurse. I earn £34k a year and my bank account is always in credit. I pay my credit cards off in full each month and I have never defaulted on any credit arrangement in the past. My job is secure and my partner earns over £40k per year. Despite this, I have been turned down for a £5000 loan to replace my car that was written off by a drink driver last week and I am incensed that no concrete explanation has been provided.
Excellent service
in Wrexham
22-03-2012
Value
Simplicity
Customer service
I am both borrower and lender on Zopa. Taking £8.5k loan took a few days, got a phone call from Zopa as I was in the middle of buying house and they wanted to know details. After sending some documents loan was quickly approved and money was on my account. I will definitely never use banks again to get any loan. As I borrowed more than I actually needed, I put the excess on Zopa as a lender and that also works great. About bad reviews - I realise it has to be frustrating, being refused, but as a lender I'm glad, that they are so careful with my money.
Disappointed & confused
in Barry
21-03-2012
Value
Simplicity
Customer service
My application failed but I genuinely have no idea why- it's like a lottery! The sample reasons they've given are: I have other unsecured debt- I don't owe anything I can't afford it- I can as I live rent free Not on the electoral register long enough- I have been for yeeeears Not kept up with payments- I've never missed a payment ever And I asked for an exact reason and they wont outline it so disappointed and confused.
INSULTED
in Sheffield
15-03-2012
Value
Simplicity
Customer service
I applied for a loan recently as others have posted to consolidate a smallish credit card and get a new motorbike, i have never been refused any sort of credit in my life and my current loan is about up with no missed or late payments, i purchased a credit report to check why i got refused and cannot see any thing wrong at all, my score is 800 and through household bills etc 941, if i had been granted this i would be at this time paying out less monthly by about £60 , they did not bother to phone to ask any questions it just came by email not approved and no reason why, i feel insulted by their actions and think this is not very professional or curious at all, i thought i would give these a try rather than my current lender , and how wrong was i, they leave you feeling insulted and stressed as to reasons i cannot explain, i would not recommend anyone going to this company, i am homeowner in last 4 years of mortgage no defaults ccjs nothing, avoid these people,
Avoid at all costs
in Glasgow
12-03-2012
Value
Simplicity
Customer service
Echo all recent reviews, rejected when credit score is excellent (according to Santander who approved loan in 10 mins). Not worth the hassle and rejection coulld affect your credit score. Will advise anyone I talk to to avoid Zopa,,,
Rubbish
in Stockport
04-03-2012
Value
Simplicity
Customer service
No stars is a better option - you have to be a billionaire to get a bleedin small loan from these idiots and as for waiting a few months and re-applying - don't bother. Steady job, no defaults, outright homeowner with no mortgage - forget it!
Confused!
in Essex
15-02-2012
Value
Simplicity
Customer service
I applied for a small loan purely to consolidate my existing debts (which I have been paying by direct debit for years never once missing a payment). I applied to Zopa due to the excellent interest rates and much smaller monthly payments but was turned down and told to reapply when my circumstances change. I have been in my current job for 4 years and have always been on time paying my bills. Suffice to say I will not be reapplying in the near future because I have no idea what my circumstances are supposed to be in order for them to accept.
NOT GOOD
in Leeds
13-02-2012
Value
Simplicity
Customer service
Totally Gob smacked and I feel Insulted I have a good credit rating I own my house and have just six months left on Mortgage. We thought we would have a change from are usual lender has we had just had a loan end a while back. I have never missed a payment on anything and I am a self employed builder who has been establish for 18 years I will be warning people not to try to go anywhere near zopa them my Star rating is 0
Not good!
in Airdrie
02-02-2012
Value
Simplicity
Customer service
Applied for a small loan, decent paid employment, good credit history/score, and was refused, with no specific reason given, then paid money to check my credit rating, which was good and offered no reason as to why I was turned down. Yes good rates were offered but god knows how they decide who they will lend to.
Waste of time
in London
30-01-2012
Value
Simplicity
Customer service
Turned down with a good credit score - no defaults, no max limits on existing cards. Not a high earner - but a steady job paying over 30K a year. So who do they exactly lend to?
Bad communication on rejections
in Birmingham
28-09-2011
Value
Simplicity
Customer service
Applied due to their good (apparent) rates and ability to pay more back without fees, only to be turned down with no reasoning. I checked my credit rating on Experian which showed 999 - literally the highest it goes to. I own a house (mortgage) with over 25% ownership. I am in a stable job (over 4 years employment here) and pull in around 2k a month. Credit cards have no more than a couple of hundred on them that I could pay off instantly if they told me it was a problem.... Now been told to "reapply if your circumstances change" - WHAT circumstances? I only wanted £4000 for a short term. Lack of communication means I'll go elsewhere now.
Not good
in Stockport
21-09-2011
Value
Simplicity
Customer service
Having had an application for a personal loan accepted by another organisation albeit at a higher rate of interest I decided to give Zopa a try to compare. I thought that I had met the criteria easily having an excellent credit history, plenty of equity etc.Unfortunately I received an email to the contrary,without an explanation.I was also told to re-apply when my circumstances had changed................................completely baffled!!
good rates
06-06-2011
Value
Simplicity
Customer service
i am glad that i had a loan
Better way of doing things
16-09-2010
Value
Simplicity
Customer service
As long as you are not in a major rush to get your loan, Zopa is definitely a better way of doing things. It can take around two weeks before you find someone willing to lend to you but the rates are always so low that it makes it worth it.
Really low rates
16-09-2010
Value
Simplicity
Customer service
When I was searching around with Zopa for a loan, I couldn't believe the rates that some of the lenders were offering! I was playing with their calculator for a while trying to find a loan with a suitable rate and I came across a rate of 3.5% over 36 months... I have never seen that anywhere. They really are a different type of lender.
My not-so-great experience
in Boston
16-09-2010
Value
Simplicity
Customer service
I applied for a loan with Zopa and the process was clear and efficient. My credit rating was positive and I made it clear I had considerable positive equity. I was told that it was likely I would be given a loan and told to wait a few days. Eventually, I heard back and I had been turned down! With no other explanation, I was told to re-apply when my circumstances had changed.
Getting my loan was fun!
in Kettering
16-09-2010
Value
Simplicity
Customer service
Actually getting the loan was, believe it or not, quite fun. Once I had been credit-checked and given my credit score (can you believe they actually gave me the score - do any other banks do this?) they allocated me to the B market. I ended up with a loan of £5,000 which I was very happy with
Zopa Repayment Protection
16-09-2010
Value
Simplicity
Customer service
I'm so glad then when I took out my loan with Zopa, I opted for their Zopa Repayment Protection because 14 months after I took out my loan, I lost my job. Definitely worth considering as you never know what's around the corner.
Easy to make early repayments
16-09-2010
Value
Simplicity
Customer service
When I took out a loan with a lender from Zopa, I was self-employed. I was expecting to have to take the loan out over a year but after I had received some substantial amounts of money, I had no problems at all repaying all of my loan early.
See all 62 reviews

Expert review of Zopa Loans

Our review by Mark Mark
Simplicity 46.5
Features 75.8
Consumer sentiment 94.2
Total OPTIOSCORE 73.9/100

Top choice for

  • Allow for early repayments
  • Allow for top-ups
  • Allow for overpayments
  • Competitive APR rates

Watch out for

  • You will require a good credit history
  • A borrowing fee is charged (this is included in your monthly repayments and total amount repayable)

Fees & charges

  • Maximum APR 3.3%
  • Arrangement fee: £180
  • Early repayment fee: £0
  • Late payment penalties: £0

Review Zopa Loans

Value
Simplicity
Customer service

Choose Wisely has been rated 4.66 out of 5 by 32 people on Reviews.co.uk

4.66 / 5 Rating
32 Reviews
Excellent choice if you need a loan . Great customer service and even a follow up email. Will definitely be using again if i need to.
I have not had a loan paid out from any company
Very quick and efficient. I would definitely use them again if the need arose.
This site uses cookies No problem
9
More info
Cancel