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Zopa

Zopa are peer to peer pioneers. Their services have won awards including the 2014 Moneywise Customer Service Award for most trusted personal loan provider.

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Loans displayed have term lengths between 6 months and 5 years, and 3.3% APR.

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APR Total repayable

The amount is based on monthly compounding and for comparison purposes only.

Monthly repayments

Zopa Personal Loan

  • No early repayment fees
  • Simple, quick online process to apply
  • Free instant quote with no impact on credit score
  • Peer-to-peer loan
More info
3.3% APR Representative
£7,881.84
£218.94 repayable per month
Can I get this loan?
Please make sure you at least meet the following criteria:
  • Aged 20 or older
  • 3 years of address history in the UK
  • Annual income of at least £12,000
  • Good credit history
  • No bankruptcy or CCJs

Additional criteria for acceptance from the lender may apply.

Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.0% per annum and a fee of £30.00 would result in a representative rate of 3.3% APR, monthly repayments of £218.94 and a total amount repayable of £7,881.84.

Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.

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About Zopa

Zopa are peer to peer pioneers. Peer to peer is a form of lending that's becoming increasingly popular, like a cross between a bank or building society and crowdfunding. Zopa were the world's first supplier of peer to peer lending, and are Europe's largest peer to peer lender. Their services have won awards including the 2014 Moneywise Customer Service Award for most trusted personal loan provider, and winning personal loan provider of the year at the 2014 Consumer Moneyfacts awards. They are based in London, and regulated by the Financial Conduct Authority.

The name Zopa is an acronym, and stands for 'Zone Of Possible Agreement', which is itself a nod to the way that peer to peer lending works by borrowers and lenders reaching an agreement with each other. 

Zopa were founded in 2005, and many of the people involved in the launch had previously had connections with the online financial service provider Egg. 

At the time it was a revolutionary concept and the media compared their service to eBay and Betfair, the peer to peer betting platform. They launched a similar service in the USA and Italy, but these are now run independently of the United Kingdom organisation.

Peer to peer lending brings a borrower together with a lender, and can lead to mutual benefits for both parties. The advantages to borrowers is that they can apply for loans that offer a lower rate than they could otherwise enjoy. They can apply to borrow an amount between £1,000 and £25,000 and the repayment period is similarly flexible. 

Decisions are made within 24 hours, and do involve a credit check to ensure that potential borrowers meet Zopa's eligibility criteria. Both borrowers and lenders pay a small fee, but this is made clear at the time of a loan being taken. 

They also plan to launch peer to peer ISAs in the future, another innovation.