How do I find out my unique reference number?

You can find your unique reference number, also known as your ‘Z reference’, by signing into the app and clicking on your loan.

Why do I need to set up SMS two-factor authentication?

At Zopa, we work hard to protect your personal data and will always look for ways to tighten our security. That’s why setting up SMS two-factor authentication (2FA) will be a requirement for all Zopa accounts. SMS 2FA adds another layer of security when signing in to your Zopa account. It helps to stop hackers who may have got access to your password -- through a data breach or scam -- from getting into your account. How it works With this in place, after you enter your password, we’ll send a verification code to your mobile phone number for you to enter before you can access your account. From 6 December 2021, all Zopa customers will need to have SMS 2FA set up. See how to set up SMS 2FA here.

How do I set up SMS two-factor authentication?

If you don’t already have SMS two-factor authentication set up you’ll be prompted to do this when your log in to your Zopa account. All you need to do is: Log in to your Zopa account Hit the link in the banner at the top of the screen which is prompting you to set up SMS two factor authentication You’ll be guided through the steps of setting up SMS two-factor authentication

I'm struggling with my repayments. What should I do?

If you’ve missed a loan repayment or are about to, the best thing you can do is to contact us. There are things we can do to try and get you back on track. For example, we can chat about setting up a payment plan until you’re in a better place. It’s always better to take action early – the sooner you speak to us, the sooner we can minimise the impact on your credit file.

What should I do if my finances are affected by the Coronavirus?

If you’re concerned about the impact of Coronavirus on your Zopa loan, credit card or hire purchase finance, the important first step is to get in touch with us if you think you won’t be able to make your repayment. Our specialist repayments team are really friendly and it’s their job to handle these types of conversations every day. They will look to help in any way they can.

The only way to borrow more with us right now is by applying for a new loan. We don’t offer the option to increase your current loan amount. Your last Zopa loan application must have been at least 6 months ago. You can apply in a few minutes Visit our loans homepage Log in, if you haven’t already And that’s it! We’ll give you an instant decision where possible – or let you know if we need some more information from you. Have your circumstances changed? If you’re looking to borrow more because your financial situation has changed due to the Coronavirus, it’s important to get in touch with us. There are things we can do to get you back on track. Just click here, to find the best way to contact our dedicated repayments team who will look to help in any way they can. Our online Budget tool might also be able to help. It’ll give you a complete picture of your incomings and outgoings and help you understand what you might be able to pay towards your credit agreements right now. Things to keep in mind You should only borrow what you’re able to repay, and all Zopa loans are subject to our normal credit checks. The total amount you can borrow is £25,000. This means if you have an outstanding balance of £5,000, you could have up to £20,000 left to borrow. If you choose to consolidate existing Zopa loans, your settlement amount will be 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.

Why am I seeing a blank screen when trying to make a repayment?

We’re aware that some customers are having a problem when trying to make repayments on their loan or credit card. If you’re getting stuck on a blank page after submitting all of your payment details, this is likely due to an issue with something known as 3DS verification. What is 3DS verification 3DS verification is a system that card issuers have in place on their side to help authorise payments and is not something that we can control. What to do if this happens to you If you’ve experienced this, we’re sorry for the inconvenience **as your payment will most likely not have gone through. ** If this is the case, here are a few tips on how to get around the issue: Check your connection. Having poor signal or weak WiFi could be causing the verification page not to load Check 3DS is enabled on the card you’re trying to make a payment on. You may be able to do this in your bank’s app or by contacting your bank If neither of these apply and you still need to make a repayment you could: Try to make the payment again using a different bank card if you have one Make your payment by bank transfer

Why is there a Zopa soft search on my credit file when I haven’t applied for a loan or credit card with you?

When you apply for a Zopa loan, we search your credit file to check that the loan is affordable. If you haven’t applied for a Zopa loan or credit card, we still might appear on your credit file. Here’s why: 1) Someone you’re financially tied to has applied for credit with us. This is called an 'associate search'. Learn more about associate searches. 2) You have checked your loan or credit card eligibility on a price comparison site. When you do this, we may soft search you to see if we can offer you one of our products. If we can’t, then we won’t appear in your results list so you might not be aware that we’ve soft searched your credit file. 3) You use Borrowing Power, our in-app feature that shows you how Zopa views you as a borrower and what you could borrow from Zopa. To gather this information, we perform regular soft searches to see what we could offer you. It’s important to note that soft searches are invisible to other lenders (so they won't hurt your credit score). You can read more about them here: What is a soft credit search? If none of these reasons sounds familiar, please get in touch with our Customer Services team immediately so we can look into this for you.

Can I change my repayment amount?

No, this is because your monthly repayment amount was calculated to repay your agreed loan amount over your agreed term. We can’t change this once your loan is up and running. Make extra payments Paying extra towards your loan is simple and we don’t charge a fee. doesn’t incur any fees. Read our guide to making extra payments. Change your repayment date You can also easily change your repayment date if it isn’t working for you. Read our guide to changing your repayment date.

Can I make extra repayments towards my loan?

Yes, you can pay more towards your loan at any time and without fees. Simply follow the steps in the guide below. Things to keep in mind Paying more will reduce your loan size, the amount of interest you pay and the cost of your monthly repayments. Your loan term will stay the same. You’ll need to pay at least £10. If one of your regular repayments is going through, you’ll need to wait a few days until that’s cleared before making an extra repayment. The Guide Sign in to the Zopa app. If you need to, you can download the app.

Can I pay off my Zopa loan early?

Yes, if you want to pay off your loan early, we don’t charge early repayment fees or any extra interest for the reminder of your loan’s original term. Bear in mind that if your regular repayment is going through, you’ll need to wait a few days until that’s cleared before you can pay off your loan. You can pay off your loan in the Zopa app by following these steps: We’ll then take the funds through the Direct Debit you’ve already set up with Zopa. So please wait until that’s left your bank account before cancelling your Direct Debit. Please note that we can't accept credit card payments.

How do I cancel my loan application?

Change of heart? No problem. You can cancel your application before we give you a decision on your loan - and up to 14 days afterwards, if your loan is approved. How to cancel before we've given you a decision: If you haven't submitted your application yet, you can cancel your loan online from your Zopa account. You won't have to pay any fees or interest. If your application is 'in review', you'll need to contact us via chat or in the app. You won't have to pay any fees or interest. How to cancel after we've given you a decision: You have a window of 14 days after your loan was approved to let us know if you'd like to cancel by sending us a message via chat or in the app. This next bit is important: If the money has already been transferred to your bank account, you'll need to repay it within 30 days from the date you told us you want to cancel. You won't have to pay the origination fee, and we won't charge you any interest. If you don't repay the loan within 30 days after notifying us that you want to cancel, you will be deemed to have accepted the loan. This means our normal terms and conditions will apply. So if you decide to repay early, you'll have to pay back the full loan amount, including any interest and the origination fee. For full details of our cancellation policy, see section 12 in our Loan Conditions.

Why can’t I create a Zopa account?

Sorry to hear you're having trouble creating an account with us. Sometimes, if you've searched for a loan or credit card using a service such as ClearScore or Money Supermarket, and Zopa was one of the places that it suggested you try, it stores the email you entered as an 'account' at Zopa. But, if you didn’t choose a password, your account won’t have been completely set up and there will be no password to retrieve. The best thing to do is go to our login page and hit the “Set new password” button. Enter the email address you used originally, when searching for a loan or credit card, and we’ll email you a link that will allow you to finish setting up your account.

Why was my loan application declined?

Sorry we couldn’t offer you a loan right now. For security reasons, we can’t tell you exactly why. There are a few things we look at when we make a decision, including your credit history and your financial situation. Please have a look at the list below, and you might see one or two which could relate to you. We may say no, if: Your existing level of unsecured debt is high There’s not enough information in your credit file Your level of disposable income is low There’s not enough proof that you’ve managed credit well in the past Your credit score is low, according to TransUnion and Equifax You've applied for a loan with us in the past 6 months It's not the end of the road. You can always reapply for a Zopa loan after 6 months. Please keep in mind, you won't be able to apply if you try again sooner than this. Borrowing Power could help you get a “yes” next time If you do decide to reapply in the future, our Borrowing Power tool could help you to improve your chances of getting a “yes”. It’s completely free and available through the Zopa app. It shows your credit health as a 1-10 rating along with tailored tips to improve. So you’ll know exactly what you need to do to boost your chances of getting approved with us next time. Discover your Borrowing Power Borrowing power

What is an associate search?

If you haven’t applied for a Zopa loan or credit card, we still might appear on your credit file if someone you’re financially tied to has applied. This is called an 'associate search'. People who are financially tied to you are called ‘financial associates’. This link is made by Credit Reference Agencies (CRAs) where they see you’ve made joint credit applications or hold a joint current account with someone. Associate searches show up on your associate’s credit file, but other lenders can’t see them and they won’t affect your associate’s ability to apply for credit. If you feel that you are incorrectly linked to a person, you can file for a disassociation through the CRAs, however the link will remain until this is granted.

What happens in the event of a borrower's death?

Here’s the step-by-step process that Zopa goes through in the event of a borrower’s death: Once Zopa is informed by either the next of kin or a 3rd party that the customer is deceased, all collections activity is paused whilst we wait to receive the original death certificate or a solicitor-certified copy of the death certificate. (Please note we cannot accept electronic copies.) Once we’ve received the original death certificate or the solicitor-certified copy, the loan is cancelled and we inform the Credit Reference Agencies (Equifax, TransUnion and Experian) of the customer’s death. We will then discuss payment of the loan from the deceased customer’s estate with the executor, next of kin or 3rd party. Our team is available to support you at any stage of this.

I missed a repayment. What should I do?

Life happens. Sometimes we forget things, or our finances don’t run as planned. If you miss a payment by mistake, you can pay online anytime by Direct Debit or a Debit Card. Just sign into your Zopa account and follow the instructions on screen. You can also call us and pay by Direct Debit or Debit Card. If you missed a repayment because you're struggling to keep up, the most important thing is to talk to us. We can help you get back on track.

I’m on disability benefits: can I apply for a Zopa loan?

Yes, we welcome loan applications from people on disability benefits. We review them on an individual basis. Our team will need to feel confident you can afford the loan. They may ask to see documents to support this. If you like, you can get in touch with us we'll guide you through the application.

Can I change my bank details?

We know that things can change, and there will be times when you need to update your bank details. The Zopa app is the easiest way to do this, here’s how: Sign in to the Zopa app Screenshot of the home screen of the Zopa app Screenshot of the loan home screen in the Zopa app with the 'manage repayments' section highlighted Press continue and we’ll verify your details Please keep in mind, it can take up to 9 working days for the change to be processed in full. So if you want us to take your next repayment from your new bank account, be sure to update your Direct Debit details at least 9 working days before it's due.

Can I change my repayment day?

Yes you can. Just follow the simple steps below in the guide. You won't be able to change your repayment day if: there's a repayment pending or in progress you've missed one or more repayments you've defaulted on your loan you recently made an extra repayment and haven't made a regular monthly repayment since. Things to keep in mind Your repayment day is automatically set to 30 days after your loan is approved. You'll always need to pick a date that's at least 3 days in the future. Some dates won't be possible because of how we process payments. If the first date you choose isn't an option, please try a couple of days before or after it. Your next monthly repayment will increase or decrease slightly. We do this to adjust for the change in interest payable caused by the increased or decreased number of days from your original repayment day to your new repayment day. (Don't worry, it's a one-off! Your repayments will return to normal the following month.) The Guide Screenshot of the loan home screen in the Zopa app with the 'manage repayments' section highlighted Choose one of the available dates, then tap continue

I can't see the extra repayment feature in my account - why?

It's probably because we're processing one of your monthly Direct Debits. The transaction can take a few days to clear. Please wait a few days then head back to the Zopa app or your online account and try again.

When will I receive the money?

You could get the money in under 15 minutes once your loan’s approved. It’ll take up to 2 hours at most. That’s because we use something called Faster Payments to transfer the money to your chosen bank account.

When will I hear if I’ve been approved?

Where possible, we’ll give you an instant decision online. If we can’t tell you straight away, we’ll have one or two more steps to do. It all depends on how much information is available in your credit file. We may need you to confirm some extra details like your income or identity. You’ll be able to do this quickly online. We might also need to review your application manually. Once that's all done, we’ll give you a decision in 2-3 working days.

Why are you re-starting credit reference reporting during the Coronavirus pandemic?

Important: This situation is fast-changing and we’re regularly reviewing our approach. The information below is based on the current guidance from the Financial Conduct Authority. If anything changes and your Coronavirus arrangement is affected, we’ll be in touch to update you and to let you know what it means for you. We really feel for anyone whose finances remain impacted by the Coronavirus and we’re still here to help. At the start of the Coronavirus outbreak, the Financial Conduct Authority issued guidance that lenders should temporarily stop reporting missed repayments for three months, for anyone on a Coronavirus payment plan or freeze. For customers that needed it, this was then extended by a further three months, so six months in total. As no further guidance has been released from the Financial Conduct Authority, we’re required to start reporting missed repayments again when a customer pays anything less than their full monthly loan repayment – all lenders must do this on a monthly basis. As a responsible lender, we’re following the Financial Conduct Authority’s guidance. Not reporting the change in customers’ circumstances to credit reference agencies would mean our customers’ credit files wouldn’t reflect their current financial situation, and this may result in people taking out more credit that they can’t afford to pay back. We’re passionate about doing the right thing for our customers and their finances, and are constantly reviewing our approach, in line with the Financial Conduct Authority’s guidance. So, if anything changes, we’ll look to review things, to make sure we’re providing the very best support.

Why has my repayment amount changed?

This could be down to two things. Please have a read below and see which one sounds like you. Recently changed your repayment day? Your next monthly repayment will be slightly higher or lower than usual. This is to adjust for the change in interest payable caused by the change in number of days from your original repayment day to the new day. It's OK, this is a one-off! Your repayments will return to normal the following month. Recently paid extra towards your loan? This will reduce your monthly repayment amount. (The term of your loan will stay the same.)

What happens when I check my rates?

It takes just 3 minutes to find out your personalised loan rates with Zopa. Even better, your personalised rate for a specific amount and term is fixed. If you choose to apply and your loan is approved, it's exactly the rate you'll get. Here's how it works You enter a few details (name, date of birth, address, employment). We do a soft credit search, which doesn't show up on your credit file to other lenders. It's only visible to you and the credit reference agencies and will not affect your credit score. We use the information to calculate your personalised rates for a range of loans. These rates will not change if you choose to apply for the loan. Not sure whether to go ahead? You have some time to think about it if you like. We save your rates for 7 days. After 7 days the rates will expire, but you're welcome to start again. (We need to do another soft credit search to make sure we calculate rates for your up-to-date credit situation. Lots of things can influence this, including credit searches by other lenders, progress or problems in your payment history, how much credit you've used from your available limits, and changes to your address.) From time to time, as a business, we may change our lending criteria. This means our advertised rates may change, but don't worry, we'll never change the rate on an active loan.

Why is there an origination fee?

We know fees aren't popular, but the origination fee helps us cover our costs. The origination fee is rolled into your APR (Annual Percentage Rate) along with your fixed annual interest. It's not an extra charge. Please keep in mind: if you cancel your loan after the 14-day cancellation period, or repay your loan early, the fee is non-refundable. Facts about fees Some loan providers charge an origination fee and some charge early repayment fees. Some charge both, or neither. Sounds complicated? It is. That's why all loan providers have to give an APR, which helps you directly compare the value offered by different loan providers. It tells you what your loan costs overall (as long as you pay back over the planned term). A loan's APR takes into account any upfront fees, plus the fixed interest (charged yearly).

I'm self-employed, what documents should I upload?

We need to see evidence of your income for the past 3 months. This might seem a bit nosey, but self-employed people often have jumpy earnings, and we need to be sure you can afford the loan. You can upload your last 3 months of bank statements through the online dashboard. Just follow the instructions when we prompt you. Please remember to upload all pages, not just the front page, so we can see your income.

When is a loan in default?

Sometimes, borrowers will miss a repayment. Most of the time, they get back on track and continue to pay back their loan. But if they miss 4 months' worth of repayments, we then classify their loan as in default. We don't write them off, though. We still actively work with the borrower to collect on these loans, and anything we recover we pass back to you (net of the usual fees).

How do I apply for a Zopa loan?

You can apply in a few minutes online. There’s no paperwork to send through the post and where possible, we’ll give you an instant decision online. How to apply in 3 simple steps: 1. Choose how much to borrow and for how long We offer personal loans from £1,000 to £25,000 over 1 to 5 years. 2. See your personalised rates in 3 minutes Just fill in our simple form to tell us a few details about you and your circumstances. Don't worry, this won't affect your credit score. 3. Apply online and, if approved, get the money within 2 hours. If we need you to provide proof of your identity, income or bank account, it may take a few days to make our final decision, but it's simple to send us any documents online. If it’s a ‘yes’ from us, we’ll send the money within 2 hours after your loan’s approved.

Why should I choose a Zopa loan?

We believe money should be simple and fair. Here’s why customers choose Zopa: Our rates are often lower than high-street banks Checking your rates won’t affect your credit score We approve over £2 million every day to people with a good credit history Simple online application – no paperwork through the post No early repayment fees, no hidden charges Multi-award-winning Customer Service team based in London

Why is my personalised rate different to the advertised rate?

Good question, we know this can come as a bit of surprise. We calculate your personalised rate based on your individual circumstances. A lot of thought goes into this, but some of the main things are: your incomings, your outgoings, your existing level of debt, and your credit history. So until you tell us a few details about yourself, we can't confirm your rate. To give people a rough idea upfront, we tell you our representative rates (at least 51 out of 100 customers get those rates or better) and our lowest rates. You'll often find that this is the case among loan providers who don't already have all your details. Now for the good news! Your personalised rate is fixed for 7 days. If you choose to apply, it's exactly the rate you'll get if we can approve your loan.

What can I use a Zopa loan for?

We offer personal loans from £1,000 to £25,000 over 1 to 5 years. Here are some of the most popular ways our customers use a Zopa loan: Buy a car Pay off credit cards Consolidate a more expensive loan Make home improvements Spread the cost of a wedding And much more We'll ask you what you plan to use the loan for when you apply. If you don't see your loan purpose listed, please choose 'other'. What can't I use a Zopa loan for? There are some types of loan we don't offer at the moment. These include: business loans for companies (other than sole-traders), mortgages, loans for bad credit, joint applications, guarantor loans, bridging finance.

What's a soft credit search?

A soft credit search gives lenders a window into your debt history. It's invisible to other lenders (so it won't hurt your credit score) but you'll be able to see it in your credit file. When we calculate your personalised rates for a Zopa loan, we use a soft credit search. There's also such thing as a "hard credit search". It's similar to a soft credit search, but it shows up to other lenders (and can affect your credit score). We only do a hard credit search when you apply for the loan. Both types of search take place with the help of a credit reference agency. In the market for a loan? Be sure to check which kind of search a lender does and when.

How much can I borrow and for how long?

We offer personal loans from £1,000 to £25,000 over 1 to 5 years. Just choose your loan amount and term and fill in our short form to find out your personalised rate. This takes about 3 minutes and won’t affect your credit score. If your loan is approved, it's exactly the rate you'll get. No early repayment fees Think you might want to repay your loan early? No problem – we don’t charge a penalty fee. You’re also welcome to make extra repayments towards your loan, which will reduce your ongoing monthly repayment amount. The term of your loan will stay the same.

How quickly could I get the money?

You could get the money in under 15 minutes once your loan’s approved. That’s because we use something called Faster Payments to transfer your money to you as quickly as possible. Here's a breakdown Check your personalised loan rates in just 3 mins and apply - this could take up to 30 mins. If we can't instantly approve your loan, our underwriting team will review your application in up to 2 working days. Once approved, we send the money to your chosen bank account. This usually takes under 15 minutes and at most it can be 2 hours.

What kind of bank account do I need to use when I apply?

You'll need to use a personal current account, and you need to be named person on that account. If your loan is approved, that's where we'll send the loan money. We'll also use this account to take your monthly payments by Direct Debit. We can't accept business accounts or savings accounts for a Zopa loan application - sorry about that.

What happens if my loan is declined?

We know this can be a concern for many people. The good news is that in most cases, if we can't offer you a loan, we will tell you at the "get your personalised rates" stage. At this point you've only had a soft credit search (which doesn't affect your credit score) and it's only taken 3 minutes of your time to find out. Of the people we can offer personalised rates, who then decide to apply (which involves a full credit search), we approve 9 in 10 loans. We're working hard to improve that number. Please keep in mind, if we can't offer you a loan at either of these stages, you would need to wait 6 months before you can reapply with Zopa.

Airbnb earnings: do you accept them as a type of income?

Yes, sometimes. When you apply for a loan, we do an affordability check which looks at several different types of income. We may accept Airbnb earnings - it depends on your circumstances. When do you consider Airbnb earnings? We consider Airbnb earnings as long as we can identify at least 3 payments. Your Airbnb earnings need to be substantial (e.g. consistently more than several hundred pounds a month). For marginal applications, we may consider lower levels of regular Airbnb earnings alongside other types of income to help us make a decision. Specifying the amount To include your Airbnb earnings in your application, simply enter the yearly figure in the 'additional income' field in the application form. Providing evidence You'll need to provide evidence of these payments. This means uploading one or more bank statements or PayPal statements showing at least 3 Airbnb payments. New-ish to Airbnb? If you've been hosting on Airbnb for less than a year, enter the amount you've earned so far. (Please don't estimate a full year's income.) What about other types of rental earnings? We can't accept direct rental earnings as a type of income at the moment. That's because these transactions are paid direct by bank transfer and are difficult to verify, whereas all Airbnb transactions have a payment reference that marks them out as Airbnb - so they're easy to spot on a bank statement.

Rental earnings: do you accept them as a type of income?

Unfortunately, we can't accept direct rental earnings as a type of income at the moment. That's because these transactions are paid direct by bank transfer and are difficult to verify. However, we do accept Airbnb earnings. Rental transactions that are processed through Airbnb have a payment reference that marks them out as Airbnb – so they're easy to identify on a bank statement.

How can I find out my credit score?

In the Zopa mobile app! It's available on iPhone and Android. You can find out your credit score (provided by Equifax) as well as manage an active loan, if you have one. All for free. You can also check your credit score with several other providers. Some are free, some offer a free trial period, some are paid-for. A web search will show you the lay of the land. Keep in mind, credit scores in the UK are not standardised. Different providers calculate your score in different ways, and your score may be different for each one. But on the upside - they all follow similar principles.

Do I have to send anything by post?

No, you'll zip through the process online from start to finish. It's one of the things customers like most about a Zopa loan. There's no paperwork to send or receive through the post. We may need you to confirm some details with a document, but you can upload it online from your Zopa account. (Your personal info is secure, we use bank-level encryption throughout our site.) Fan of human help? We have physical office in London with an award-winning team, so we're here for you over phone and email if you need a hand. Comparing loan providers? Some may let you start online, but you'll need to finish your application by post. If you'd rather steer clear of unnecessary paperwork and aren't sure about the process, do check with them.

What's a credit reference agency or credit bureau?

Credit reference agencies, also known as credit bureaus, securely collect, store and maintain information about your credit history. They give loan providers access to your credit file (though never without your permission) to help them make a decision when you apply for a loan. When you check your personalised rates with Zopa, you agree to let us to carry out a soft credit search with the credit reference agencies we work with. This doesn’t affect your credit score. How to access your credit report Credit reference agencies have to share your credit report with you if you request it. Some companies charge a fee, some are free, and some offer you a free trial period (remember to cancel your subscription if you don’t want to be charged). CheckMyFile is a multi-agency credit report service with a free trial.

Who can get a Zopa loan?

Thank you for having a look at Zopa. As a responsible lender, we take several things into account to help us decide if we can offer you a loan. Here are the main criteria. You'll need to… tell us who you are be at least 20 years old be a UK resident with at least 1 year of address history be employed, self-employed or retired with a pension have an income of at least £12,000 per year (before tax) have a credit history that we can see, and a good track record of repaying debt, e.g. utility bills, credit cards be able to afford the loan (in relation to your income and outgoings) It takes just 3 minutes to find out if you're eligible and see your personalised rates. Don't worry, this won't affect your credit score. Please keep in mind, we can't offer joint applications or guarantor loans.

How do I set up a standing order to Zopa?

To set up a standing order to Zopa, you’ll need these details: Account name: Zopa Ltd Sort code: 16-00-30 Account number: 10212463 Reference: You should use your Z reference from your loan, which you can find online by clicking your loan card. Either log into your bank’s online banking or mobile app to set up the standing order, or give them a call and use telephone banking. It’s best to set this up to leave your account at least four days before the payment is due, so there’s enough time for it to reach us and be applied to your account.

What are the Loan Conditions?

The Zopa Loan Conditions form the legal basis of all our Loan Contracts. They set out our obligations to each customer, and each customer's obligations to us. Each customer's Loan Contract is personalised with their specific loan details.

Do I pay the same amount of interest each month over the course of my loan?

No, the chunk of your loan repayments that goes towards interest changes over time. This is called "amortisation". With amortisation, part of each monthly repayment goes towards the interest on your loan. The rest is used to pay off the capital (the money you received). Your first monthly Zopa repayment consists of a higher proportion of interest and a lower proportion of capital. As you continue to pay off your loan, a progressively larger chunk of each repayment goes towards paying off the capital. You'll often find this process in the world of finance, since it allows customers to repay a loan in predictable fixed instalments each month.

Help home

Loans

Find answers to our most frequently asked questions.

Woman looking thoughtfully at computer screen

Filter

I already have a Zopa loan

How do I find out my unique reference number?
Why do I need to set up SMS two-factor authentication?
How do I set up SMS two-factor authentication?
I'm struggling with my repayments. What should I do?
What should I do if my finances are affected by the Coronavirus?
Can I borrow more?
Why am I seeing a blank screen when trying to make a repayment?
Why is there a Zopa soft search on my credit file when I haven’t applied for a loan or credit card with you?
Can I change my repayment amount?
Can I make extra repayments towards my loan?
Can I pay off my Zopa loan early?
How do I cancel my loan application?
Why can’t I create a Zopa account?
Why was my loan application declined?
What is an associate search?
What happens in the event of a borrower's death?
I missed a repayment. What should I do?
I’m on disability benefits: can I apply for a Zopa loan?
Can I change my bank details?
Can I change my repayment day?
I can't see the extra repayment feature in my account - why?
When will I receive the money?
When will I hear if I’ve been approved?
Why are you re-starting credit reference reporting during the Coronavirus pandemic?
Why has my repayment amount changed?
What happens when I check my rates?
Why is there an origination fee?
I'm self-employed, what documents should I upload?
When is a loan in default?
How do I apply for a Zopa loan?
Why should I choose a Zopa loan?
Why is my personalised rate different to the advertised rate?
What can I use a Zopa loan for?
What's a soft credit search?
How much can I borrow and for how long?
How quickly could I get the money?
What kind of bank account do I need to use when I apply?
What happens if my loan is declined?
Airbnb earnings: do you accept them as a type of income?
Rental earnings: do you accept them as a type of income?
How can I find out my credit score?
Do I have to send anything by post?
What's a credit reference agency or credit bureau?
Who can get a Zopa loan?
How do I set up a standing order to Zopa?
What are the Loan Conditions?
Do I pay the same amount of interest each month over the course of my loan?

Need to get in touch?

Our team of helpful humans are on hand.