Can I borrow more or consolidate an existing loan?

Whether you’re looking to take out another loan or consolidate an existing loan, this FAQ will have all the information you’ll need!

To borrow more with us, there are two options:

1. Take out a second loan alongside your existing one, so you have two separate Zopa loans.

2. Use a new loan to pay off your existing loan in full, so you only have one loan. This is known as consolidating.

To be clear, in both cases you’ll be taking out a new loan, as opposed to adding to your existing one.

You should only borrow what you’re able to repay, and all Zopa loans are subject to our normal credit checks. You can check your rates without impacting your credit score by using our Borrowing Power tool.

How do I take out another loan?

Under 'My account' you can select the option to 'Borrow more'.

You should only borrow what you are able repay, and all Zopa loans are subject to our normal credit checks

Please remember that the total amount you can borrow is £35,000. This means if you have an outstanding balance of £5,000, you have up to £30,000 left to borrow.

How do I consolidate an existing loan?

If you want to consolidate an existing loan, follow the same process as above and tick the ‘debt consolidation’ box. In the 'about you' section of the loan application you'll be given the option to consolidate your existing Zopa loan, and shown the amount. Don't forget to tick the 'final consolidation permission' box.

Please be aware that a settlement amount is automatically taken from your account when you take out a new loan with us. This means that the remaining balance of your loan, any fees as well as interest due are deducted from your new loan amount.

For example: If your remaining Zopa loan balance was £1,000 and you applied for a new £3,000 Zopa loan. Let's say your fees and interest amount to £20. The remaining balance of your original loan (£1,000), as well as any fees and interest payable (£20) will be deduced before you are credited with the remaining disbursal amount.

Using the above example, this would mean your loan disbursal amount is £1,980.