Zopa loan & early repayment

winter02

Hi,

I have recently taken out a £5520 loan through Zopa at 9.82% over 3 years. My first payment is due at the end of August but although I require the money now my circumstances have changed meaning I should be able to pay off the full amount in early September. Does anyone know what charges I will pay or what the final amount would be? Sorry if this is dumb question as I have never been in a position to pay off a loan in full before the end of the term!

DesG

I think the maximum penalty is 2 months interest, so roughly £100 plus whatever is your outstanding balance.

Cheers, Des.

Gorgeous_George

You only pay interest from the loan date to the date that it is repaid. There are no penalties. However, you will not be refunded your arrangement fee that was added to your loan (i.e., you borrowed £5,520 in total but you only received £5,401.50 as £118.50 was Zopa's fee).

GG

jamesd

winter02 wrote: »

Does anyone know what ... the final amount would be?

When you go to do this via the make an extra payment option Zopa will tell you an amount that is valid until the end of the business day, assume 4PM to be safe. You can go and check this at any time; you'll get one more button to click before committing yourself to make the payment.

Payment will be taken from the account used for your usual payments. You can change your direct debit instruction before you do this if you want to pay from a different account.