Zopa Early Repayment Charge?

REKX

Hi,

If anyone is familiar with Zopa, could they let me know how one would go about settling a 15k loan within a year and pay minimum repayment costs.

Many Thanks.

[Deleted User]

https://www.zopa.com/loans?utm_campaign=&utm_medium=cpc&utm_source=bing&utm_term=zopa

REKX

Deleted_User wrote: »

https://www.zopa.com/loans?utm_campaign=&utm_medium=cpc&utm_source=bing&utm_term=zopa

I can't see the terms in your link.

But I accidentally applied for two loans with HSBC and Zopa and have been approved for both, I think the money for both is also in my account.

So I obviously do not need both so I need to cancel one of them. Zopa have given me a better deal, so I want to cancel the other one and as I want to repay in say 10ish months I would like to know how would be the best way to avoid big charges for overpayment. I heard somewhere that zopa let you pay as much back as you want? Not sure.

27col

One of Zopa's advertising gimmicks is that you can repay loans at any time. It's all in the T&C's. I am a Zopa lender and many of my loans are repaid early. It's not a problem as it means that the money is available to lend to other prospective borrowers.

ViolaLass

27col wrote: »

One of Zopa's advertising gimmicks is that you can repay loans at any time. It's all in the T&C's. I am a Zopa lender and many of my loans are repaid early. It's not a problem as it means that the money is available to lend to other prospective borrowers.

Although it means that the lender has to pay the Zopa fee again.

27col

ViolaLass wrote: »

Although it means that the lender has to pay the Zopa fee again.

No, you are wrong. The only thing that the lender pays is the 1% of the interest. Unless you are mixing up lender and borrower. The borrower does indeed pay a fee, which is added to the loan at the start.

ViolaLass

27col wrote: »

No, you are wrong. The only thing that the lender pays is the 1% of the interest. Unless you are mixing up lender and borrower. The borrower does indeed pay a fee, which is added to the loan at the start.

"Prior to 6th April 2015 lenders paid a 1% annualised fee on the amount they lent to borrowers. This fee was accrued daily and deducted monthly."

So you're right (and I used to be). I didn't know the situation had changed.