Zopa loans: at a glance
Zopa Personal Loan
1 to 7 years
£1,000 to £35,000
22.9%
No
Representative APR 22.9%. Based on a loan of £10,000 over 60 months at an interest of 22.9% p.a. (fixed). Monthly repayments of £269.40. Total amount payable £16,164.
- Must be aged 20 or over
- Must be a current UK resident with 1 year of address history in the UK
- Must be employed, self-employed or retired with a pension
- Must have an income of at least £12,000 per year (before tax)
NerdWallet has partnered with Monevo who will check your eligibility.
Zopa made its name in 2005 as the first peer-to-peer lender to launch in the UK. However, it has since closed down its peer-to-peer operations, becoming a regulated online-only bank in 2020. Zopa now offers a range of different products to consumers, including personal loans.
You can repay its loans in fixed, monthly instalments over one to seven years. Zopa also says it allows you to make extra repayments without facing any penalty fees. Hoever, before making an overpayment you should always check the terms of your contract in case of any limits which can result in additional charges.
You can borrow between £1,000 and £35,000 with Zopa and manage your repayments through its mobile app.
» MORE: Compare best personal loans and rates
Zopa loans pros & cons
Pros
- You can access your loan quickly once your application is approved.
- Zopa offers multiple channels of customer support, including a mobile app.
Cons
- Early repayment charges may apply.
- Zopa doesn’t offer joint loans.
- Zopa is an online-only bank, meaning face-to-face customer support is not available.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for a Zopa loan?
Unlike some personal loan lenders, you do not need to be an existing customer to apply for a Zopa loan. To qualify for a loan from Zopa, you will need to meet the following requirements as a minimum:
- be at least 20 years old
- live in the UK and have at least one year of address history
- earn at least £12,000 per year (before tax) and be able to afford the repayments
- have a good credit history that shows you have paid bills and any forms of debt on time
Zopa can offer loans to people who are employed, self-employed, or retired with a pension, as long as they can afford to repay the loan.
Other loans may be available in the UK loans market that are not included in this service.
Frequently asked questions
Zopa is not a payday lender. Payday loans come with high interest rates and short repayment terms.
Zopa is regulated by the Financial Conduct Authority (FCA), the organisation that is responsible for regulating firms in the UK finance market. Zopa is also authorised and regulated by the Prudential Regulation Authority (PRA).
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While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
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