Customer rating
★★★★★
Satisfaction survey
74% of Zopa customers in our 2023 customer satisfaction survey would recommend the brand to a friend
Loan funding usually takes five working days.
Zopa personal loans calculator and review December 2023
Zopa is an online personal finance company, offering loans between £1,000 and £35,000 starting from 22.9%.
Calculate the cost of a Zopa loan
How do Zopa loans compare against the competition?
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
What is Zopa?
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.
Quick overview of Zopa personal loans
| Representative APR | 22.9% |
|---|---|
| Loan terms | From 1 year to 5 years |
| Loan amounts | From £1,000 to £35,000 |
| Age eligibility | 20 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Key features of Zopa personal loans
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.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £35,000.00 |
| Loan terms | 1 Year to 5 Years |
| Loan rate type | Fixed |
| Product 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 |
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.
What is APR?
The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a Zopa personal loan?
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:
- Aged 20 or above.
- Able to confirm your identity (Passport/ Drivers licence).
- UK resident with 3 years of address history.
- Employed, self-employed or retired with a pension.
- Annual income of £12,000 or above (before tax).
- Visible credit history with a good track record of repaying debt.
It’s so easy to apply and the app lets you track all aspects of your account and loan.”
How do I apply?
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.
Zopa customer reviews
In our independent 2020 customer satisfaction awards, Zopa won the Highly Commended award, with 4.5 out of 5 stars and 80% of users saying they would recommend the service.
Here is some of the feedback we got from Zopa customers:
“Amazing rate. Can pay off early. Easy to arrange.”
“You get a quick response when applying for a loan. The website is easy to use and more importantly I got a good rate on my loan.”
Online reviews for Zopa:
Zopa’s got good reviews across the board for both its service and its app (updated June 2023):
| Trustpilot | Google Play | Apple App Store |
|---|---|---|
|
★★★★★ 4.3 out of 5 |
★★★★★ 4.7 out of 5 |
★★★★★ 4.8 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.
Pros and cons of Zopa personal loans
Pros
- Loans available from £1,000 up to £25,000
- Fixed rate of interest means your monthly payments won’t change
- Zero fees for making early repayments
- 4.5 out of 5 stars and highly commended in our 2020 Finder Customer Satisfaction Awards
Cons
- Funds are not instant and can take five days to be processed after submitting an application
- Joint applications are unavailable
- Loans are unsecured
Zopa customer reviews
In our 2023 customer satisfaction survey, Zopa scored 3.5 out of 5 stars with 74% of its customers saying they’d recommend the brand to a friend.
Customers in our survey commented positively on Zopa’s overall service. One commented that Zopa “have been straightforward and easy to deal with”. Another enjoyed the fact they can manage their accounts online “easily” and they could make changes to their “payment plan without too much trouble or fuss”. However, when it came to Zopa’s rates, there were some mixed reviews. One commented they experienced a slow application process, as well as high interest rates.
Customer support
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.
Our verdict
If you’re interested in taking out a loan and need fast approval, then you might want to check out what Zopa can offer.
Loans are capped at £25,000 with fixed rates for up to five years. But you’ll need to check the interest rate offered to you as it might differ from what originally caught your eye.
If you decide to pay early, you won’t be penalised with early payment fees either.
Zopa received 5 out of 5 stars and was also highly commended in our 2022 Finder Customer Satisfaction Awards.
Just be sure to compare deals to find the best loan to suit you.
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Frequently asked questions
Personal loans ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 1,347 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
More guides on Finder
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Zopa loan calculator
Considering a Zopa personal loan? Use our calculator to see out how much you’ll pay back each month and find out how Zopa’s loans hold up against the competition.