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We led the charge in seeking regulation for the peer-to-peer loans industry to make sure your needs are always payday advance Ashtabula OH put first. Today, it’s regulated by the Financial Conduct Authority (FCA).
People often ask us
There are a few conditions, and it has to have been at least 6 months since your last Zopa loan application.
You should only borrow what you are able repay, and all Zopa loans are subject to our normal credit checks
Please remember that the total amount you can borrow is ВЈ25,000. This means if you have an outstanding balance of ВЈ5,000, you have up to ВЈ20,000 left to borrow.
Great. Simply tick the ‘debt consolidation’ box if you want to consolidate an existing loan. In the ‘about you’ section of the loan application you’ll be given the option to consolidate your existing Zopa loan, and shown the amount. Don’t forget to tick the ‘final consolidation permission’ box.
Please be aware that a settlement amount is automatically taken from your account when you take out a new loan with us. This means that the remaining balance of your loan, any fees as well as interest due are deducted from your new loan amount.
But it’s not possible to pick a new amount from scratch, because your Loan Contract is a fixed agreement. This helps us responsibly plan the money that goes into and out of Zopa.
As with your original loan, the application will be subject to our normal credit checks and you can only borrow up to the maximum loan allowance out of ВЈ25,000.
Please be aware that a settlement amount is automatically taken from your account when you take out a new loan with us. This means that the remaining balance of your loan, any fees, as well as interest due are deducted from your new loan amount.
For example: If your remaining Zopa loan balance was ВЈ1,000 and you applied for a new ВЈ3,000 Zopa loan. Let’s say your fees and interest amount to ВЈ20 . The remaining balance of your original loan (ВЈ1,000), as well as any fees and interest payable (ВЈ20) will be deduced before you are credited with the remaining disbursal amount.
Yes you can. The day is automatically set to 30 days after your loan is approved, but you’re welcome to pick a more convenient one.
To change your repayment day, please sign into your Zopa account, open up the relevant loan, and follow the steps on screen.
Things to keep in mind
- You’ll always need to pick a date that’s at least 3 days in the future.
- We aim to offer as much flexibility as we can, but some dates won’t be possible because of how we process payments. If the first date you choose isn’t an option, please try a couple of days before or after it.
- Your next monthly repayment will increase or decrease slightly. We do this to adjust for the change in interest payable caused by the increased or decreased number of days from your original repayment day to your new repayment day. (Don’t worry, it’s a one-off! Your repayments will return to normal the following month.)
- You won’t be able to change your repayment day if: there’s a repayment pending or in progress, or you’ve missed one or more repayments or have defaulted on your loan, or you recently made an extra repayment and haven’t made a regular monthly repayment since.
Need a hand?
We’re here to help. Call us on 020 7580 6060 (Monday to Friday 8am – 8pm and Saturday and Sunday 9am – 5:30pm).
To pay extra online or via the app: please sign into your Zopa account, open up the relevant loan, and follow the steps on screen. We’ll take the money through your Direct Debit.
To pay extra over the phone: call us on 020 7580 6060 (Monday to Friday 8am – 8pm and Saturday and Sunday 9am – 5:30pm) and we’d be happy to walk you through it. You can choose to pay by Debit Card or via your Direct Debit.
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