I’m considering a Zopa loan

21 articles in this collection

Updated 2 weeks ago

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...

Updated a month ago

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)...

Updated a month ago

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'...

Updated a month ago

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...

Updated a month ago

Why is there a Zopa search on my credit file when I haven’t applied for a loan 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, we still...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

Updated a month ago

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...

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