To make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyTo make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
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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Best for: Competitive rates
Maximum loan
£35,000
Product fee
N/A
Early redemption fee
Yes
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.
| Loan amounts | From £1,000 to £35,000 |
|---|---|
| Loan terms | From 1 year to 7 years |
| Age eligibility | 20 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
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 7 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.
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.
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 2024 customer satisfaction survey, 91% 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:
“The application was quick and easy. I knew the rate and the amount payable back from the start. The money was in my account straight away”
“Zopa have very good customer service and I never have any problems with my account. They are very helpful and reliable”
“Very easy application process. Quick transfer of funds. Easy to manage via the App”
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.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
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