Personal Loans

Zopa Bank offers personal loans from £1,000 to £35,000 repayable over 1 to 7 years. Their affordability checks take several things into account when deciding whether to offer an applicant a loan. These are the main criteria:

• Telling Zopa Bank who you are

• Aged 20 or older

• A UK resident with at least 1 year of address history

• Employed, self-employed or retired with a pension

• Have an annual income of at least £12,000 (before tax)

• Have a credit history that Zopa Bank can see, and a good track record of repaying debt, eg utility bills and credit cards

• Be able to afford the loan in relation to your income and outgoings

Once you've read and considered the key information on this page, you can check your eligibility within a few minutes online. There’s no paperwork to send through the post and where possible, you’ll get an instant decision online from Zopa Bank.

Apply in 3 simple steps:

1. Choose how much to borrow and for how long.

2. Fill in a simple form with a few details about you and your circumstances to get your personalised rate. This soft eligibility check won’t affect your credit score at this stage.

3. Apply online in full and, if approved, you should get the money within a few hours. A full application includes a hard eligibility check and your credit score will be impacted by the outcome. If you need to provide proof of your identity, income or bank account, it's simple to submit your documents online. It may take a few days to make a final decision but if it’s a ‘yes’, the money will be sent within a few hours of your loan approval.

Please keep in mind that Zopa Bank can’t offer joint applications or guarantor loans (when an additional person is on the loan agreement and is also responsible for the repayments).

John Lewis Finance Limited is a credit broker introducing personal loans of Zopa Bank. The loans are underwritten, serviced, and provided by Zopa Bank.

The Loan Conditions form the legal basis of Zopa Bank’s Loan Contracts. The conditions set out Zopa Bank’s obligations to each customer, and each customer's obligations to them. Each customer's Loan Contract is personalised with their specific loan details and they will receive this as part of the application process.

When Zopa Bank calculates your personalised rates for a loan, they use a "soft credit search". This type of search allows lenders to assess whether they think they’ll be able to approve you for a loan before you apply in full. Soft searches are invisible to other lenders, so they won't hurt your credit score, but you'll be able to see them on your credit file.

A "hard credit search" is used when you submit your final application for a loan. It's similar to a soft search, but it shows up to other lenders and can affect your credit score. Both types of search are carried out with the help of a credit reference agency.

You can cancel your application before Zopa Bank makes a decision on your loan - and up to 14 days afterwards, if your loan is approved.

Cancelling before a Zopa Bank decision
If you haven't yet submitted your loan application, you can cancel it online from your account on Zopa Bank’s website. There are no fees or interest to pay at this stage.

If your application status is being reviewed
You will need to contact Zopa Bank via their web chat facility or using their app. There are no fees or interest to pay at this stage.

Cancelling after a Zopa Bank decision
You have 14 days after your loan is approved to tell Zopa Bank that you’d like to cancel. You can do this by sending them a message via their chat facility or in their app.

Important
If the money has already been transferred to your bank account, you'll need to repay it within 30 days from the date you told Zopa Bank you want to cancel. You won't have to pay the origination fee, and Zopa Bank won't charge you any interest.

If you don't repay the loan within 30 days after notifying Zopa Bank that you want to cancel, you will be deemed by Zopa Bank to have accepted the loan and their normal terms and conditions will apply. 

If you decide to repay your loan early, you'll have to pay back Zopa Bank the full loan amount, including any interest and their origination fee. Early settlement charges will apply.

For full details of Zopa Bank’s cancellation policy, see Section 12 of their Loan Conditions.

Yes, you can pay off your loan early via Zopa Bank’s website or their app.

There are a couple of important things to keep in mind before you do:

• You’ll be subject to an early repayment charge for settling early.

• If your monthly repayment is pending, your loan will only be officially closed once both your settlement amount and monthly payment have cleared.

You can learn more about early repayment charges on Zopa Bank’s website.

To pay off your loan early, follow these steps:

1. Sign in to your account on the Zopa Bank website

2. Open your loan

3. Select 'Make a Payment' then 'Pay off your loan early' and follow the steps.

If you miss a payment, you can call Zopa Bank or sign in to your account and pay by debit card. You won’t be charged more for paying late.

I’m struggling with repayments
If you’re struggling with repayments, it’s always better to act early. The sooner you get in touch, the sooner Zopa Bank can see how to help you. Missed or late repayments may affect your credit rating and access to credit in the future.

Zopa Bank has a budgeting tool on their website that helps them to work out what level of repayments could be affordable for you. You just need to fill in your details and they will look for solutions personalised to your individual circumstances. They will contact you to discuss your options.

Get in touch with Zopa Bank on their website by starting an online chat.
Or call 020 7580 6060
Mon-Fri 9am-6pm
Saturday 9am-5.30pm
Charges will vary and calls may be recorded and monitored.

Others who can help
A number of organisations give free, impartial and confidential debt advice. Contacting them won’t impact your credit score. Calls to 0800 and 0808 numbers are free of charge from all consumer landlines and mobile phones. 

MoneyHelper
England: 0800 138 7777
Wales: 0800 138 0555
Mon-Fri 8am-6pm
Closed weekends and bank holidays

StepChange Debt Charity: 0800 138 1111
Mon-Fri 8am-8pm
Saturday 8am-4pm

National Debtline: 0808 808 4000
Mon-Fri 9am-8pm
Saturday 9.30am-1pm

Citizens Advice
Adviceline (England): 0800 144 8848
Advicelink (Wales): 0800 702 2020
Scotland: 0800 028 1456
Northern Ireland: 0800 915 4604
Mon-Fri 9am-5pm

Citizens Advice webchat:
Mon-Fri 9am-8pm
Saturday 9.30am-1pm

To make a complaint, please visit Zopa Bank’s Complaints page and if possible, use your Zopa Bank-registered email address so they can easily link it to your account.

Zopa Bank will let you know that they’ve received your complaint within 1 working day. Any investigation and an initial response will take up to 3 working days.