Zopa Bank Limited, established in 2005 as the UK’s first peer-to-peer lender and fully licensed as a bank in 2020, provides unsecured personal loans, car finance, a credit card, and retail savings products. Zopa operates under regulation by the Prudential Regulation Authority and Financial Conduct Authority. The lender is suitable for creditworthy UK consumers seeking digital-first borrowing options without physical branches. Find more about Zopa reviews and explore challenger banks.
Key Features of Zopa
Zopa offers a digital-first experience with transparent pricing, protection for savings, and user-friendly mobile tools supporting ease of use and rapid decisions.
- 100% digital onboarding with soft-search and instant decisioning
- Pre-approved rate valid for up to 28 days using Zopa’s rate-checking tool
- Fee-free overpayments or early settlement options within the highly-rated mobile app
- Deposits protected up to £85,000 under the Financial Services Compensation Scheme
- Customer support available via in-app live chat and UK-based phone service
Funding Eligibility
You may qualify for a loan or credit product with Zopa if you are a UK resident aged 18 to 70 who meets income requirements and passes credit and affordability checks. Zopa’s products are intended for consumers only; business finance is not offered here. Check your suitability with eligibility tools and guides below.
- UK residency and age criteria: 18–70 years for most products
- Minimum annual income typically £12,000 with a good credit history
- Pass thorough eligibility requirements including no recent County Court Judgments or bankruptcies
Loan Options
Zopa offers unsecured personal loans, car finance (including refinance options), and a revolving credit card tailored for consumer borrowing. Each has set amounts, terms, rates and conditions.
- Unsecured Personal Loan: £1,000 to £25,000; terms 12 months to 7 years; representative APR 8.9% to 34.9% fixed; origination fee applies.
- Car Finance (HP & PCP): £2,000 to £50,000; terms 24 to 60 months; representative APR 8.9% to 24.9% fixed; vehicle secures loan, only through approved dealers.
- Car Refinance Loan: Up to £50,000; term matches existing or max 60 months; representative APR 7.9% to 22.9%; no arrangement fee but old settlement may charge.
- Zopa Credit Card: Credit limit £200 to £5,000; variable APR 29.8% to 56.9%, representative 34.9%; no annual or foreign transaction fees; features cashback and “Safety Net”.
How to Apply
The application process is entirely online via Zopa's website or mobile app, offering rapid pre-approval and often same-day funding after e-signing.
- Submit personal details and a soft-search quote application for an instant estimate
- Provide required documents: photo ID, proof of UK address, bank details, plus income evidence if requested
- Receive confirmation with fixed, pre-approved rate valid for 14 to 28 days to shop or decide
- Complete application e-signature and get funding usually on the same day or within minutes
Funding Agent’s view on Zopa Bank Limited
Zopa’s proposition suits UK consumers with sound credit histories looking for straightforward, digitally managed personal loans, car finance, or credit cards. Their transparent fixed rates and rapid funding appeal to borrowers valuing speed and clarity. However, Zopa does not serve business borrowers and excludes applicants with lower credit scores or outside the UK. For eligible individuals seeking digital-focused unsecured lending, Zopa is a practical option. Compare with other lenders and use our tools and eligibility checkers for informed decisions.
