What loans are available?
Zopa loans are available from £1,000 up to £25,000, repayable over 1 to 5 years. The annual percentage rate or APR, (which is the amount of interest you pay back on your loan) on Zopa loans are some of the most competitive in the market over a range of terms. Like many other loans, the best interest rates are only available to those with spotless credit ratings. But unlike other loan applications, Zopa run ‘soft’ credit searches which won’t show up on your credit report, which in turn won’t impact on your score.
Zopa promises quick decisions (a super speedy three minutes) which are valid for seven days so you can mull it over and if you change your mind, you’ve got 14 days to do so. If you’re approved for a loan, you can expect the money to land in your account within three working days.
If you decide to borrow from Zopa loans, you’ll pay what they call an ‘origination fee’ which will be included in your APR. But the good news is, you won’t be charged if you make early repayments or over payments – hooray!