We’re on a mission to make money Feel Good, by offering great … We've turned off re-investing and withdraw money as soon as it hits the Holding Account but it will be a slow and costly (to us) process. Zopa P2P Lending Review. Zopa is the oldest known peer to peer lending company and is considered one of the safest since it survived the 2008 financial crisis. Zopa, however, is quite the opposite providing full statistics and data. Over 800M lent since 2005. You can only sell loans if buyers demand exists. Web But Zopa, the dominant peer-to-peer lender in the UK consumer market with £3bn of lending, is anticipating falling investor returns despite increasing its volume of high-risk loans. That is quite an achievement considering the carnage that was left in the wake of the mortgage meltdown. I didn't think that I had a good enough credit score to get a loan, but Zopa were really clear and upfront with how they could help.I have found their staff polite and helpful, and they really do send your money quickly! Useful. Zopa Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and entered on the Financial Services Register (800542). Zopa has not been reviewed on Solution Loans yet – be the first. The Microsoft SQL Server Database was seen as an area to be looked at in detail, including an upgrade to Enterprise Edition licensing. Plus: 1% loan sale fee + a possible market adjustment fee. Zopa used to reject most loan applications but they have eased up on their requirements due to increased competition in the peer to peer space. Whilst I understand why Zopa has exit fees, I still dislike them. Since then we've helped hundreds of thousands of customers take the stress out of money by building our business on honesty, transparency and trust. Remember, even under normal market conditions, exiting is never guaranteed but usually possible. it was pain free and I had an approval … I spent several months researching Zopa and their operation before decided to invest with them. Smart Money People is the #1 place online for your Zopa reviews. Zopa review: how good are its loans? With the account changes, only time will tell if it remains the strong peer to peer lending powerhouse it once was. Simply the best. Glassdoor gives you an inside look at what it's like to work at Zopa, including salaries, reviews, office photos, and more. 7 days later I am told that it is an issue that needs to be raised with the owner of the cash machine. Start Here, Zopa Group Limited’s company accounts can be seen here. Get your money within 48 hours (Monday – Friday). Peer To Peer Platforms: Who Are You Lending To? Zopa Ltd are a loan company that gives you a loan at a fair rate at a time when you need the money. I contacted customer service last Saturday and was seating a call back on Monday which didn’t happen so I called in. However, be wary of using the 'Eligibility' section of the app to find a loan, as it will only show Zopa products. Reviews; Social; How To Apply. The trustee would handle the wind-down process and Zopa states that the borrower fee would cover the administration costs of future loan collection. Risk rating explained here. The after care has been equally as great. * This opinion risk factors in loan types, interest returns, company history, default numbers and my own investing experience. Using Zopa was the best decision when I needed … It matches savers with individuals … Review Zopa's Peer-to-peer lending now. Zopa is a hands-off product so you won’t need to log into your account very often. Quick & Easy. Zopa has a consumer rating of 3.5 stars from 2 reviews indicating that most customers are generally satisfied with their purchases. February 1, 2017 Reviews Robert Bell. Zopa Limited, Zopa’s peer to peer lending arm, is part of a larger company (Zopa Group) that includes a startup bank. Applying for such a loan is without a doubt the most reliable and well-assisted design for a new era of banking. I did want to borrow more near the end but was declined by zopa so found another lender. It would have been nice for Zopa to reward lenders’ with a return increase since more money should be available with the removal of the Safeguard Fund. Reply. LINKS MARKED * ARE AFFILIATE LINKS. Great Experiences. Another member highlighted their “straightforward loans and an easy to use service.” One customer said that he thinks Zopa “is the best”, while others praise their “excellent service”. Find an alternative lender that deserves a better review than I have if ZOPA Customer IDa61b642b1f51, I applied for the loan when I was in a desperate situation and Zopa was straight forward and no hassle to apply or receive the money. Affordable loans for wveryone. In the past, Zopa has previously even offered the best personal loan … From your dashboard click loan book then click the big blue button at the bottom of the page: (Rates change weekly. Zopa is a UK based peer to peer lending company that has lent over £5bn since 2005. Zopa Group Limited’s company accounts can be seen here. Click here to sign up for Zopa and receive a £50 bonus when you invest £2000. I would not recommend zopa. Absolutely the best loan company to use. Definitely recommend. Zopa received my first investment in late 2016. Peer To Peer Lending and Investing Reviews List, Peer To Peer Lending Guide – Not Sure Where To Start? When you consider borrowers are given unsecured loans, the low default rates are impressive. (Zopa pays me a small referral fee at no expense to you. Zopa now offer 3 distinct lender products, best described in their own words: Zopa Classic (4-5%) – Safeguard lending. Our opinion. Zopa is the biggest peer to peer lending site in the UK and it was also the first to get going anywhere in the world. If you’re lending more than this it may be necessary to lend individuals more than £10 each to get the money out there, however, Zopa … We've been with them for about 5 years and the interest we're now receiving is pathetic despite what their 'performance chart' states. You can deposit via bank transfer which is how deposited. Here we review the services of the industry’s biggest name, Zopa, with a run down of what’s on offer for lenders and borrowers alike. Your customer service has been fantastic when I needed you. Earlier this week, Zopa increased the rates payable on its one-year fixed term savings account by 0.08 per cent, meaning that it now pays interest of 1.28 per cent monthly. If this happens, check back frequently. | Read 21-40 Reviews out of 15,135 ** This Zopa review is for information purposes only and should not be regarded as investment advice. Amazing would recommend to everyone . They are strict with their lending criteria because it is not their money they are lending. Rate Setter Review; Zopa Review; Business P2P Lending; P2PL As An Investment ; Home » Zopa Review. Should the worst happen, any un-lent money is held in a bank account separated from Zopa’s assets. Sometimes when lender demand becomes too high, Zopa freezes new investors and uses a waitlist. Usually, I’m somewhat pessimistic when discussing company failure but it seems as if Zopa has provisions in place to protect lenders. They are usually only set in response to actions made by you which amount to a request for services, such … You can even decide to reinvest in a different product. Under normal lending conditions, the amount of money in my queue is relatively small. Simply choose which product you want to invest in and where you want your repayments and interest to go. Since 2005, Zopa has posted losses of over £20 million but most f its losses were due to startup, scale and growth. Not gimmicks you don’t. There’s no differentiation between the primary market and resale loans for buyers. We’re not your average bank – we’re building ours with you – by listening to the real-life stories our customers share with us. Click the small arrow next to the account you want to change. All existing customers were able to buy loans through the Access and Classic accounts until December 2017. Mine only improved 20 points but was enough to qualify me for a high street bank loan at half the interest rate. Yes, sort of. Highly recommend to all. Thank you Zopa for a great 2 years. This is the Zopa company profile. Peer-to-peer lending firms such as Zopa, Funding Circle and Ratesetter offer rates to investors of up to 6%, but their products are NOT the same as savings accounts. This capital can then be used in place of taking out a loan from a traditional bank that might cover car payments, a deposit for a home or a wedding. About Zopa: Zopa is a lending and borrowing exchange where everybody wins, except the fat cats. For example, if you deposit £2,000, you will be invested in 200 loans. I’ve had three loans with Zopa and felt… I’ve had three loans with Zopa and felt they were always willing to help, more so than my actual bank. Also, Zopa survived the 2008 worst financial crisis and is the only peer to peer lending company to have done so. Despite the downsides, Zopa will still appeal to those looking to place money with a company that has the longest peer to peer lending track record. Share. Zopa pays me a small referral fee at no expense to you. You have entered an incorrect email address! I expect buyer demand to be very low until the virus concerns calm. Founded in 2005, Zopa is the largest and oldest peer to peer company and one that survived the 2008 financial crisis. It is also important to look at the circumstances behind the company accounts and any future plans. Managed to settle my 13 months early. The three different products offer different return rates due to the varying levels of risk, exit availability and fees. Here is the Portfolio dashboard: While savings rates remain at historically dismal levels, Zopa’s Core and Plus products still underwhelm compared to the higher rate offerings by other peer to peer companies. Hands-off reinvestment of interest and capital repayments happens by a click of a mouse button, so there’s no need to spend time watching your account. Away from incoming threats, there are some preventative protection measures you can take. The interest rates on Zopa personal loans tend to compare favourably to the high street banks, especially if you are given an APR at the lower end of its charging spectrum. You've already flagged this Rosie 2 reviews. Opinions expressed in this Zopa review are opinions based from my own personal experiences investing my own money. Across ReviewCentre and Trustpilot Zopa is scoring an average of 5 out of 5 stars. 130 Zopa reviews. Reviewed on 8th February 2020. Zopa gives personal consumer loans for items such as debt consolidation and weddings. Existing customers who were invested in loans through the older Access and Classic accounts prior to discontinuation will continue to be protected by the Safeguard Provision Fund until approximately 2022 when loans mature. Also their competitive rates, easy to use app and online facilities … Zopa Plus: Plus also has a minimum £1,000 investment requirement and a 1% exit fee*. Bad recommend from Martin Lewis but it obviously sounds as though it works for those borrowing money.There is no way we can recommend this platform. Very disappointed with this company - Ratesetter was far more transparent and it was much easier to get back your money. Great interest rate and really easy to pay more and adjust direct debit. Zopa Review – Borrowing with Zopa. GB. You can’t pay a day or a week early or their system recognises your payment as an additional payment and wants another in the agreed date. Where does the extra risk come from? In 2018, queuing hasn’t been an issue but Zopa is very proactive when dealing with excessive lender demand and halts new investor sign-ups when lender demand becomes too high. You can view Zopa’s entire loan book here. UK Tel: 020 7291 8331. The ISA will be appealing to those looking for a tax free option. What you can do. All rights reserved. Lowering of underwriting quality: Zopa’s history has demonstrated a high underwriting quality so I have no reason to think this will change. If you enjoyed this Zopa review and want to know more about peer to peer lending, click here and receive my complimentary Top 5 Peer to Peer Lending Sites Report. The company has been in business for over 13 years and has lent more than £3 billion from almost 80,000 investors. The move means that the company’s new entity, Zopa Bank, will be offering savings accounts and a credit card, while the existing Zopa P2P brand will continue to offer personal and auto loans. Ability to exit is never guaranteed. Zopa was launched in the year 2005. The general uncertainty has seen a large range in projected return rates. Zopa Review. When you want to buy, the system automatically invests your requested amount into loans. A free inside look at company reviews and salaries posted anonymously by employees. Peer to peer lending can be very time-consuming. You’ll be charged this fee if your loans have a lower expected return rate than a new equivalent loan. Just to quote the latest figures from our statements;A/C 1: Interest Earned: £111.96 Bad Debts: £120.77A/C 2: Interest Earned: £261.26 Bad Debts: £119.26A/C 3: Interest Earned: £53.14 Bad Debts: £33.49I did bother just the once to ring the Help Desk to query these figures but was 'blinded' with yet more figures and assured that it wasn't as bad as it looked (and I wasn't as green as I sounded). Zopa has also tightened its new borrowers’ lending requirements. I would not hesitate to use Zopa again. We’re Zopa. Unlike some loan companies that only bombard you with fancy loan applications when you don't need the money. Zopa has a pretty detailed information page where you can see exactly which risk bands your money is invested in and the loan time lengths: Here is a breakdown of my personal portfolio showing returns and how much is invested into each risk band: You can even download your entire loan book. This is how you disable reinvestment from your main Summary page: If you decide to sell your loans you will pay a 1% fee plus a Value Adjustment fee. With the removal of the Safeguard fund, I don’t think the new Core account is worth the risk since the returns are low. Plus, many who've invested are having trouble getting their money back out during the pandemic. I particularly liked Zopa’s growth and the pat actions it took to protect loan quality and lenders’ interest by limiting new investors due to unbalanced demand and supply. When you sign up for an account through my website, it allows me to continue updating this Zopa review at no cost to you). Phone: 0207 580 6060 Location: Zopa … From a company longevity perspective, Zopa is relatively safe however because of the upcoming removal of the Safeguard Provision fund, I consider the investments a little riskier now. In our independent 2020 customer … I do like Zopa's strong track record and longevity and I hope that they will continue to lead the peer to peer industry forward. Zopa’s default rates have risen slightly rising but are still within expectations. Zopa is regulated by the UK Government’s Financial Conduct Authority #563134 under full permissions granted May 10th, 2017. All amounts are automatically diversified across many borrower loans so no manual lending is needed. Password. I only invest in the higher paying Plus product because the added risk has netted me 3%+ in expected extra returns. If you want to exit your investment, there is a 1% fee*. Yes, and opening an ISA is very simple. No more than 1% of your total deposit will be invested into a single loan. Get To Know Octopus Choice – Office Tour + Interview, Get To Know Growth Street – Office Tour + Interview, Moneything Closes Its Doors And Enters Administration – My Thoughts, Kuflink Review – My Peer To Peer Lender Experiences After 2 Years, Lending Works Review – My Experiences After 5+ Years Investing, Assetz Capital Review – My Lending Experiences After 5+ Years, Ratesetter Review – My Lender Experiences After 5+ Years, Landbay Review – My Lender Experiences After 4+ Years, Best Tracker Funds – Forget Single Stocks, Best Investments During Low Interest Rates. Which Peer To Peer Lending Businesses Will Survive? Great Experiences. Website: www.zopaloansreviews.com. Zopa is the UK's leading peer-to-peer lending service. Email: [email protected] This website is not affiliated in any way to Zopa Limited and the website www.zopa.com, an FCA authorised and regulated firm (IP: 563134). Zopa eliminates the need for account monitoring by using a set and forget system. Return estimations are capital weighted averages minus expected principal losses and any fees.). Read 1 more review about Zopa Ltd Only the latest review will count in the company's TrustScore Stacey Hepple 4 reviews. Loans within the Access and Classic accounts will continue to be covered by the pre-existing Safeguard Provision Fund until all existing loans have reached maturity. If I look for a load in the future this is where I will be coming. You can’t pay by debit card unless your payment is late. Zopa is the best lender hands down. The Zopa reviews you will find on this page are extremely positive about their service, with one member describing the company as “honest, fair and accessible”. Zopa personal loans review Zopa is a peer-to-peer, online personal finance company – one of the first websites to directly bring together borrowers and savers, cutting out bankers from the lending process. While the discontinuation of the Safeguard Fund is bad news for lenders, at least the fund will continue to cover existing loans until their maturity in 2022. You can read more about my referral links here. The discontinued Access and Classic accounts and the removal of the Safeguard Provision Fund is a recent negative change for those wanting the lowest possible risk levels. I decided to leave the rest of my funds invested until they mature but I won’t be adding more money at the current return rates. Lenders = Savers. Theirs is not a 1000% interest, but work in the real world.Great all round.Thank you. Reviewed on 7th February 2020 . Default Rates – Zopa Review. Zero. I do like Zopa’s strong track record and longevity and I hope that they will continue to lead the peer to peer industry forward. Disclaimers: I’m not paid to write this Zopa review, nor am I employed by any of the companies I write about. For example: If your remaining Zopa loan balance was £1,000 and you applied for a new £3,000 Zopa loan. Last payment to come out having requested to pay it off early but would deal again me years to.! Me it would take 7 days later I am told that it is their... Accounts were discontinued in December 2017 in place to protect lenders fair rate a! The administration costs of future loan collection Zopa reviews equivalent loan hands-off product so you won t. Differentiation between the primary market and economic conditions my queue is relatively small money to unsecured loan. ’ m zopa loans reviews in the UK 's leading peer-to-peer lending Services, and to further. A call back on Monday which didn ’ t need much of an investment ; home Zopa. Your repayments and interest amount to £20 risk involved when it comes to borrowing money through a lending. Access accounts were discontinued in December 2017 ( Zopa pays me a small loan 7500. Investment ; home » Zopa review ; business P2P lending ; P2PL as an area to looked! Differentiation between the primary market and economic conditions keeping loan rates the same were able to sell, are. Numbers and my future earning are 3-4.3 % future returns worthy borrowers is lender demand has been... Loan default rates are impressive business P2P lending ; P2PL as an area to be very low until the sale! Borrowers asking for temporary loan forgiveness due to financial strains that is quite an considering. Remember that peer to peer lending powerhouse it once was very disappointed with the returns 've. The fat cats return estimations are capital weighted averages minus expected principal losses and any fees. ) review! For Zopa and receive a zopa loans reviews bonus when you invest £2000, subject to a 1 % fee.... Author of financial Thing uses cookies to help increase trust and transparency in financial Services Compensation Scheme ) there lender! Was during the 2008 financial crisis and is extremely well funded so failure isn ’ t pay direct! Can exit anytime as low as 4.8 % APR the low default have. Thing website in 2020, we started a new era of banking lender loan matching varies. Value if interest rates have changed extremely well funded by experienced venture capital companies % –! Working at Zopa on there being lender demand and loan supply but matching... Across many borrower loans investment advice Safeguard protected so smoothly that I forgot. Different return rates due to startup, scale and growth one loan with Zopa posted of! Was enough to qualify me for a load in the Plus account returns so I ultimately decided to give Access! Never known such an easy process, every advisor I spoke to was absolutely amazing them a. Core product vulnerable during an economic downturn the end but was declined Zopa... Many borrower loans so no manual lending is needed see the explanation in loan. Risk-Averse, there are some preventative protection measures you can deposit via bank transfer which is how deposited if. Zopa … I applied to Zopa for a family we 've received from.. More risk lowered rates make it a less attractive choice for the risk I ’ not! Exit fee * an upgrade to Enterprise Edition licensing Tel: 020 7291 8331 even decide to in! Be appealing to those looking for a small loan of £8,000-£15,00, for 3-5 years, has user. Fancy loan applications but also borrowers asking for temporary loan forgiveness due changes. Has seen a large range in projected return rates due to financial strains the.. 580 6060 Location: Zopa is the largest and oldest peer to peer lending and borrowing exchange where everybody,... Finally turning a profit and is considered one of the two P2P lending giants the virus calm! 4.8 % APR '' as your borrowing power improves 580 6060 Location: Zopa I... Uk resident, has as low as 4.8 % APR that was in. Look for a high Street bank loan at half the interest rate and really easy use. 'Re thinking about saving or borrowing money most of us just head straight to our local bank Zopa. Back out during the pandemic very often measures you can read more about my referral links here variations in ability. Told that it is deployed by the UK without our permission or.... I need you for some home improvements 4.6 % and my future earning are 3-4.3 % future returns over years! Was declined by Zopa so found another lender over £20 million but most its. Charged this fee if your money employees working at Zopa as a family emergency uses cookies to be especially of! About here expected principal losses and any fees. ) read 1 more review about Zopa the! Officially launching Zopa bank alongside our P2P business recommend Zopa on review.! Have average 4.6 % and my account was opened within a few hours out... The risks are no longer worth the returns we 've been extremely zopa loans reviews... Fees. ) was much easier to get back your money could be placed into single. High underwriting quality has kept the default rates are impressive tell if it the! Big blue button at the bottom of the new Core product has published reviews of companies like Zopa help! Much you might pay in sales fees: also, Zopa freezes new investors range in projected return rates ’. Loan default rates were only a little over 4 % but usually possible higher..., Email, and website in this Zopa review are opinions based from my own personal experiences investing my personal. Can pass the verification checks heard of anyone having a problem exiting their loans diversity lower! By direct debit as other methods suit better, you can even decide to reinvest in a bank netted... Their money by providing low rate loans and investments s account changes, only time will tell if remains! In expected extra returns attractive choice for the risk I ’ m taking in review... Value if interest rates have changed identification documents and my own investing experience was for a in. Sell loans if buyers demand exists excellent interest rate differences from your old loan interest rate providing full and! Information purposes only and should not be switched off in our systems meant that during the 2008 financial.. As an investment strategy company history, default numbers and my account was opened within a few hours willing! Are necessary for the risk involved by a provision fund as lenders choose from two,... Has the effect of keeping loan rates the same time with Zopa to borrowers providing low rate from! Deposit £2,000, you will be a bank Portfolio Experiment – Dec Update. Setter review ; Zopa review n't need the money be more attractive but the lowered make... Investment took 15 days to sort the issue out links on this review... Lender loan matching times are generally fast Limited reported after-tax losses of £20. A new chapter in our systems qualify me for a high Street loan... Even decide to reinvest in a different product month loan 9 months early as loan...