Social lending
The lending and borrowing exchange where real people get together to sidestep the banks for a better deal.
Why Zopa?
When Zopa launched in 2005, it was the world’s first ‘social lending’ platform, where both borrowers and lenders get better rates because the business model is much more efficient than that of traditional banking.
Since then, Zopa lenders have helped thousands of Zopa borrowers by lending them many millions of pounds for all sorts of reasons. From publishing their own books, to reconditioning a guitar, Zopa borrowers have been able to get funding for projects important to them.
Zopa keeps everyone safe by:
Keeping all personal details secure
Credit checking every borrower
Splitting lenders funds across as many borrowers as possible, usually in chunks of £10 so that any risk is spread
Making lenders compete with one another because they assemble all those £10s into the cheapest loan available
That’s why Zopa loans offer highly competitive interest rates. A Zopa loan is also flexible because there are no sneaky fees for making over-payments or full early repayment.
All Zopa’s fees are easy to understand and transparent: they charge lenders a 1% annual fee and borrowers pay £118.50 for each approved loan (which is added to the loan and is of course included in the APR interest rates).
So why not check out the rates available today at Zopa?
The information above should not be considered as financial advice. If you require assistance, please see a recognised financial advisor.