With attractive starting rates and a loan up to £25,000, Zopa loans can be a good option to finance the purchase of an asset or to improve your home. You can borrow at least £25,000 and return it within 60 months if you want. What are the requirements to apply for Zopa personal loans?

Zopa personal loans
There is no early repayment fee with the Zopa personal loans

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the Sainsbury’s Bank personal loans, to get more information people can read the article Four steps to get the Sainsbury’s Bank personal loans online.  Now, let find knowledge about the Zopa personal loans in the post today.

ZOPA PERSONAL LOANS

Just like a lot of article posts such as best loan companies for poor credit, where can you check your credit score, loans for very poor credit rating… this post about the Zopa personal loans also includes some main parts. They are:

1. The interest rate and fees of the Zopa personal loans

Zopa offers unsecured personal loans, customers lend based on credibility, instead of using assets or other assets as collateral.

  • The loan term is from 1-5 years.
  • The loan amount is from £ 1,000 to £ 25,000.
  • Competitive rate.
  • Simple online application. The whole process can be completed online without paperwork through necessary postings.
  • Soft search. Receive personalized quotes without affecting your credit score.
  • Access funds for more than five working days. If you are in a hurry, you can pay an extra £ 10 for the Zopa option during a quick follow-up.
  • Excess payment at any time. This will reduce the size (rather than the time limit) of your ongoing payments. You can potentially pay less interest because interest is calculated on your outstanding balance.
  • There is no early repayment fee. Zopa can automatically calculate your payment figures online at any time.

All interest rates are fixed during your repayment period, however, the interest rate you offer will depend on factors such as the amount you register, the loan term, the credit rating, the income.

Amount borrowed Interest Rate
£ 1,000 to £ 1,999 15.5 %
£ 2,999 to £ 4,999 12.9 %
£ 4,999 to £ 7,499 6.5 %
£ 7,499 to £ 15,099 3.3 %
£ 15,099 to £ 25,000 3.9 %
£ 25,000 4.9 %

For example, If you borrow £5,000, with a borrowing fee included of £30.00, you would make 36 monthly payments of £146.39. The total amount repayable is £5,270.00Representative 3.5% APR, 3.13% (fixed) p.a.

Zopa personal loans
There is no early repayment fee with the Zopa personal loans

2. Some requirement to apply for Zopa personal loans

You can apply for a Zopa Bank loan through their website, however, they do not receive applications over the phone. You need to have the following:

  • Your address history for the past three years
  • Your employer address
  • Your bank details
  • Your income and spending

When registering a personal loan with Zopa, factors such as your credit history, your income and the amount you register will be considered. You should not apply unless you are sure you can meet repayment terms and you meet the following criteria:

  • From 20 years old and above.
  • Can confirm your identity (Passport License / Driver).
  • He resides with 3 years of address history.
  • Work, do it yourself or retire with a pension.
  • Annual income from £ 12,000 or more (before tax).
  • Credit history is visible with a good track record of debt repayment

This post is about Zopa personal loans. We provide this information to offer you some of the necessary information that is useful for getting Sainsbury’s Bank personal loans. Also if you are looking for information about the personal loans from M&S, please refer to the Three benefits of M&S personal loans attract customers link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free