Zopa Market Lending

When you apply for a Zopa market loan, you tell them your details and they get your credit score. They look at your creditworthiness to work out whether Zopa's for you, and if so, which market suits you best. There are five different markets: A*, A, B, C and Young (for borrowers aged 20-25).

Meanwhile, all the Zopa lenders will have offered their money to these markets in chunks of £10, so Zopa then reserve the best available loan by finding the very cheapest £10s for your market. They then do a few last checks before giving you a final decision. If it's a thumbs up, the money could be in your bank account within a few days.

So your loan might actually be made up of lots of £10s from lots of different lenders who are real people like you and me, and of course Zopa keep your personal details completely private and secure. Zopa also ensure things are nice and simple for you by taking a single monthly repayment from your bank account and distributing it amongst your lenders, so you don't have to worry about organizing lots of little repayments to them directly.

Finally, Zopa have absolutely no sneaky fees whatsoever. If your loan is approved, you'll pay a fixed fee of £118.50, which is included in the APR quote they give you and is added to the loan amount. That's it. There are no fees after that - even if you want to make over-payments or full early repayment on your loan, Zopa don't charge a bean for that either, so it's a really flexible loan too!

So why not check out their latest rates now?

The information above should not be considered as financial advice.  If you require assistance, please see a recognised financial advisor.