Zopa (Zopa.com) is one of the UK’s most trusted and popular peer to peer lenders, offering its customers low rates and high quality customer service. Peer to peer lending allows lenders and borrowers to be matched together to create the best fit for each party, and this more efficient method of lending leads to lower rates for the borrower. Zopa’s lending and borrowing service has earned the company a range of awards, including the Moneywise award for “most trusted loan provider” from 2010 to 2014.
Zopa offers a range of unsecured personal loans for a variety of purposes. Customers can use the loan to pay off and consolidate their debt, make improvements on their home, buy a car or make any purchase they like, but business loans are only available for sole traders on Zopa. The interest rates on loans from Zopa will depend on your personal financial situation, credit history and the amount you need to borrow, but you can use Zopa’s loan calculator online to find out what sort of rate you can expect on your loan.
Customers can borrow anywhere from £1,000 to £25,000, and the flexible repayment plans allow you to repay over two, three, four or five years, depending on your budget and circumstances. Once you’re offered a rate it will be fixed for the full term of your loan, so you’ll be able to budget clearly. Customers can also make early repayments at any stage of their loan term with no extra fees.
To qualify for a personal loan from Zopa, you must be at least 20 years old, a current UK resident and have an income of at least £12,000 per year. You will also have to prove your identity and have proof of three years address history in the UK. Customers must have a positive credit history and be able to afford the loan repayments.
