
P2P Best Lender Choice
ZOPA has stood the test of time in the world of ecommerce. They’ve been in constant operation since 2005, making them the world’s oldest P2P lender. They are also Europe’s largest, having lent nearly £800 Million in its decade of existence.
“ZOPA” is an acronym standing for “the Zone of Possible Agreement”. This is a negotiating term, describing the specific boundaries of compromise within which two parties can make a deal. The metaphor relates to the personal agreement that is reached every time someone lends or receives financing through ZOPA. The process by which ZOPA makes financing available from individual lenders to individual consumers is the heart of P2P, a form that saves qualified borrowers time and money when compared to traditional lending systems.
Zopa’s rates and loan terms
APR – ZOPA advertised APR rates as low as 4.8%, with representative examples at 7.9%. The interest rates and fees that make up an individual APR will depend on the unique qualifications each borrower. Because of ZOPA’s size, they are able to offer rates well lower than many other P2P lenders, and many traditional lenders. Lloyds bank is much higher at 14.9%. Co-operative Bank has representative rates at 8.9% and above.
With a bank like this, approval and financing could take between 2 to 4 weeks, while ZOPA can complete the process in just 2 working days. Anyone who has ever sought a loan knows that it’s not all about the representative numbers. Because of personal credit history, an individual borrower’s APR may be much higher, or a loan may not even be available through a bank. For many consumers, convenience with which a loan is acquired is an equal or greater consideration. While banks require lots of tax documentation, records, phone calls, meetings, and signatures, ZOPA’s approval process is determined by one to two simple credit checks.
There are no early repayment fines with Zopa!
View full terms here:
Zopa’s rates and loan terms
Are there any charges or penalties if I pay my loan off early? No. If you are able to pay off your loan very quickly, a ZOPA loan may be very cheap as well as convenient.
How much can I borrow? Qualified individual borrowers may receive loans between £1,000 and £25,000.
How Long do I Have to Pay Back My Loan? Loans are issued with terms between 1 and 5 years, at year intervals. Again, there is no penalty for early repayment.
What Can I Use My ZOPA Loan For? ZOPA gives out loans for many purposes, including but not limited to: buying a car, paying off a debt, performing household renovations, managing debt, and many other purposes. When applying, you’ll check off your reason for seeking a loan.
Who May Apply for a ZOPA Loan? Qualifying borrowers must: be 20 years or older, have a viewable credit history, have good debt repayment history, be a current UK resident, have lived in the UK for 3 or more years, have a source of income, be able to afford the loan.
How Fast is the Loan Process? You can apply in about 20 minutes. ZOPA will review your personal information and issue approval in about 2 business days. You’ll find money in your account within one more business day.
Why ZOPA? ZOPA is perhaps the highest-quality P2P lender that is still available to the general public. You can be sure that you will be offered a fair rate, that your account will be dealt with in a professional manner, and that you will be issued fair and easy-to-understand terms. With thousands of happy customers, over more than a decade, you can be confident that ZOPA will work for you too.
User Opinions
A genuine applicant finding approval elsewhere. Zopa took time to review online, personally phone me up and asked me important questions then hooray.. finally someone who listens and provides help when required. Huge thanks to the great people and great service. Credit given when credit is due. Awsome!
Beasley47 , ReviewCentere
I made a request on the weekend and had the complete response before the end of Monday. Excellent.
Janet Harper, Nice Reply