Personal loan

Yes… well, sort of.

Your monthly repayments will go down if you pay extra towards your loan.

But it's not possible to pick a new amount from scratch, because your Loan Contract is a fixed agreement. This helps us responsibly plan the money that goes into and out of Zopa.

Yes you can.

There are a few conditions, and it has to have been at least 6 months since your last Zopa loan application.

How?

When you sign in, 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 £25,000. This means if you have an outstanding balance of £5,000, you have up to £20,000 left to borrow.

Consolidating an existing loan?

Great. Simply tick the 'debt consolidation' box if you want to consolidate an existing loan. 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.

Yes, you can. To consolidate one or more existing Zopa loans.

First you'll need to log into your zopa.com account

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

As with your original loan, the application will be subject to our normal credit checks and you can only borrow up to the maximum loan allowance out of £25,000.

For example: If you borrowed £5,000, you have up to £20,000 left to borrow.

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.

Yes you can. The day is automatically set to 30 days after your loan is approved, but you're welcome to pick a more convenient one.

To change your repayment day, please sign into your Zopa account, open up the relevant loan, and follow the steps on screen.

Things to keep in mind

• You'll always need to pick a date that's at least 3 days in the future.
• We aim to offer as much flexibility as we can, but 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.)
• You won't be able to change your repayment day if: there's a repayment pending or in progress, or you've missed one or more repayments or have defaulted on your loan, or you recently made an extra repayment and haven't made a regular monthly repayment since.

Need a hand?

We're here to help. Call us on 020 7580 6060 (Monday to Friday 8am - 8pm and Saturday and Sunday 9am - 5:30pm).

Yes you can. As many as you like, with no penalty fees.

To pay extra online or via the app: please sign into your Zopa account, open up the relevant loan, and follow the steps on screen. We'll take the money through your Direct Debit.

To pay extra over the phone: call us on 020 7580 6060 (Monday to Friday 8am - 8pm and Saturday and Sunday 9am - 5:30pm) and we'd be happy to walk you through it. You can choose to pay by Debit Card or via your Direct Debit.

Things to keep in mind

• An extra repayment will reduce your loan balance reduce the interest you pay overall and reduce the size of your monthly repayments.
• The term of your loan will stay the same.
• You'll need to pay at least £10.
• If we're processing one of your regular monthly repayments you won't be able to make an extra repayment. This is because it takes a while for the transaction to clear. Please wait a few days if that happens then try again.