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Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How do Zopa loans compare against the competition?
See today's rates from across the personal loan market.
The Zopa Bank Personal Loan charges 22.9% APR representative on loans between £1,000 and £35,000. Zopa offers the unsecured personal loan with repayment terms between 1 year and 7 years, and applicants can apply to borrow from £1,000 to £35,000.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000 to £35,000 |
| Loan terms | 1 year to 7 years |
| Loan rate type | fixed |
| Fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct debit,Standing order,Electronic transfer |
All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised Representative APR.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because Zopa doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Zopa gives to at least 51% of those who take out the loan. The other 49% could pay more. Zopa must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Zopa advertises a representative APR of 22.9% on loans between £1,000 and £35,000 on the Zopa Bank Personal Loan.
Zopa was founded in Buckinghamshire in 2004 by a team from the digital banking company Egg Banking, and at the time was one of the only peer-to-peer lending platforms. It gave a chance for UK investors to access a market of borrowers without the unnecessary need for a financial institution like a bank. In Decemeber 2021, Zopa exited the p2p lending market to focus on banking. Zopa announced in November 2016, that it would apply for a banking licence and by May 2017 it had become fully regulated by the Financial Conduct Authority.
Zopa provides “unsecured” personal loans – meaning they’re based on creditworthiness, rather than the use of property or other assets as collateral. Its rates differ according to the applicant – so to get those competitive advertised APRs you’ll need excellent credit.
When applying for a personal loan with Zopa, factors such as your credit history, income and the amount you apply for will be considered. You shouldn’t apply unless you’re certain you can meet the repayment terms, and you meet the following criteria:
If you’ve decided that a Zopa personal loan is right for you, then you can apply online in just a few minutes. You can use an eligibility checker beforehand with no impact on your credit score.
In our independent 2025 customer satisfaction survey, 80% of Zopa’s users said they’d recommend the brand to a friend. Customers highlighted the brand’s good customer service and easy to use online banking. Here’s what some of those Zopa customers had to say:
“They are quick and easy to apply for and their customer service is excellent.”
“Helpful information about the loan and the application process was straightforward.”
Zopa’s got good reviews across the board for both its service and its app (updated May 2024):
| Trustpilot | Google Play | Apple App Store |
|---|---|---|
|
★★★★★ 4.5 out of 5 |
★★★★★ 4.7 out of 5 |
★★★★★ 4.9 out of 5 |
Customers love the company’s great levels of service and good interest rates, but some complain about having to wait longer than expected to find out whether they’ve been approved and to receive the money into their accounts.
To contact Zopa’s customer support, you can start an online chat on the website, or you can call Zopa on 020 7580 6060. Lines are open Monday to Friday 9am – 6pm and Saturday 9am – 5:30pm.
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