Zopa Bank Limited is a UK digital bank established in 2005, initially as the world’s first peer-to-peer lender, later securing a UK banking licence in 2020. Regulated by the Financial Conduct Authority and Prudential Regulation Authority, Zopa delivers unsecured consumer loans, a credit card, and savings products through a mobile app platform. This lender suits UK employed residents seeking straightforward personal, car, or debt consolidation loans up to £25,000, alongside a feature-rich credit card option. Its products focus on digital convenience and transparent terms. For more about personal loans, see personal loans and explore alternative finance loans for context.
Key Features of Zopa Bank Limited
Zopa stands out for its fully digital, app-led service and solid regulatory protection. Borrowers benefit from flexible and transparent loan and credit card options, supported by responsive UK-based customer care.
- Mobile app allows easy loan management and credit card controls; see eligibility checker tools for digital application support.
- Soft-search eligibility check provides personalised APR without harming credit score; learn about credit score implications.
- No arrangement or early repayment fees on loans help reduce borrowing costs; review early repayment fees details.
- Rapid funding typically within two hours of approval, aiding timely loan access; understand same day funding processes.
- Regulated UK bank status includes FSCS protection on savings; find out more on regulation and protection.
Funding Eligibility Requirements
You may qualify for Zopa's lending products if you are a UK resident with a three-year permanent address history and have a minimum annual income of £12,000. Applicants must be aged 20 or over and hold a UK current account with a debit card. Creditworthiness is assessed strictly, and lower credit profiles may face higher APRs or declines. For detailed insight, explore loan application process, use the eligibility tools, and understand credit score requirements.
Loan Options Available
Zopa offers a range of unsecured loan products geared towards personal borrowing needs, each with fixed APR rates and terms up to five years. These loans are designed for consumer purposes, excluding business lending.
- Personal Loan (Unsecured Fixed-Rate): Amounts from £1,000 to £25,000; terms between 12 to 60 months; interest rates from 9.9% to 34.9% APR (Representative 17.1% APR). See personal loans overview.
- Car Finance / Car Re-finance Loan: Amounts £1,000 to £25,000; terms 12 to 60 months; APR range 7.4% to 20.4% (Representative 9.9%). Car must be under 10 years old and 120,000 miles. See alternative finance loans for vehicle finance context.
- Debt Consolidation Loan: £1,000 to £25,000 with 12 to 60 months term; APR 9.9% to 34.9% (Representative 17.1% APR); helps combine multiple debts into one payment. Learn more about debt financing.
- Zopa Credit Card: Credit limit from £200 to £5,000; variable APR between 23.9% and 34.9% (Representative 34.94% APR); includes no foreign transaction fees and in-app controls. For wider understanding see business credit cards.
How to Apply
The application process for Zopa’s loans and credit card is conducted fully online or via the app. Decisions are usually made within minutes, with fast funding thereafter. Applicants should be ready with personal data and documents for checks.
- Submit your application digitally with basic personal and financial details; see online application forms.
- Provide supporting documents including proof of income, ID, and bank details as required; refer to loan application process guides.
- Wait for credit and affordability assessments typically completed within minutes; understand the timeline at instant decision loans.
- Sign electronically to accept offers and enable rapid funding, generally within two hours; read about online application steps.
Funding Agent's Review of Zopa Bank Limited
Zopa Bank Limited is a tech-focused lender specialising in app-driven unsecured consumer credit suitable for employed UK residents with good credit and modest loan needs up to £25,000. It provides rapid decisions, no fees for early repayments, and competitive fixed rates for stronger credit profiles. However, Zopa does not serve businesses or applicants needing larger, secured, or longer-term finance.
