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Accessing your money

Our lenders invest their money in loan contracts for the lifetime of the loan (the length of time it takes the borrower to pay back the entire loan), however, borrowers make repayments on a monthly basis. Lenders usually use these repayments to re-lend to new borrowers, in order to compound their interest. Alternatively, if a lender wants to access their money, they could chose to receive these repayments directly rather than investing in new loans, or they could sell their existing loans to other lenders.

There are two ways to access money

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There are two ways to access your money in Zopa:

You can simply stop re-lending your monthly repayments and withdraw them from Zopa as they come in.

Or, if you want to access more, you can do so by selling your loans to other lenders. Simply choose the amount you want to sell, and we'll handle it for you.

To sell your loans there must be other lenders in the market, which has always been the case, and your loan must be up to date. It usually takes just a few days.

If the market rate for loans has changed since you lent your money, the loan you're selling could be at a lower rate than the buyer would get on a new loan, so you may have to pay a small fee to cover the difference.

1. Take home repayments

Each month you'll receive repayments from borrowers which you can withdraw, at no charge. Although borrowers choose to pay back their loan over a fixed term (up to 5 years), Zopa does not charge early repayment fees and many of our borrowers pay back their loan early. This means that the monthly repayments you receive will vary.

2. Withdraw a lump sum

You can access more of your money by selling active loans to other lenders in the market. For Zopa Classic and Zopa Plus there is a 1% fee associated with this service but there is no fee in Zopa Access.

This service is always available as long as the loans are up to date with repayments and there are other lenders looking to buy loans. It's a speedy but not immediate service, as it isn't like an instant access bank account.

We have a fast-growing community of over 53,000 active lenders but of course, there’s a chance that if there isn’t enough demand from lenders to buy loans, you may not be able to access your money as fast as you’d like to.

Moving lender rates

Across all products, when withdrawing a lump sum, if one of your micro loans is at a lower rate than the lowest rate on a similar loan today, you'll need to pay a small amount to the lender taking over your loan. This covers the extra interest they could have earnt by buying a new loan instead.

Read our frequently asked questions for more detail on accessing money:

To date, we've helped 63,000 individuals lend out over £1.78bn

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