Does anyone have any experience with Zopa Loans ?

karohama

I hope some one help me with this , I looked for a loan, Zopa come up with very competitive APR interest rate .
Just applied and accepted , Its for 9.5 K over 36 month at 3% rate , fixed.
Its not clear from website that is all or will be extra chargges hiden I m not sure .
as if its and like bank then will be great to have DD .

any advise and suggestion please

StopIt

Read the T&C document for the loan in question, it'll be all in there.


Put simply, you can work it out for yourself if there's any other charges, Take the monthly repayment and the term and it'll tell you your effective APR if you chuck it into any loan calculator.

zippygeorgeandben

I've used Zopa for loans (got one now if you check my signature). I've not had a problem with them. I can overpay the loan which reduces the monthly agreements and repay the loan early with no fee.
This is taken from my agreement.
Settling your credit agreement early

You can settle this agreement in full at any time by giving us notice and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.
You can also settle this agreement in part at any time by giving notice and paying off some of the amount you owe.
To settle in full or in part you can give us notice in writing or call us using the details on the front of this statement.


I also find the website user friendly and shows quite clearly what I've paid.
When I overpay, it shows you the interest adjustment. For example, in April I overpaid by £2,000 and saved myself £75.54 in interest.
Obviously check the T&Cs and I'm not sure what they are like if you hit financial hardship but I'd recommend them.

Baby_Angel

I have used them twice. Last time paid the loan back earlier than the term agreed. Didn't occur any additional charges. Whenever I contacted them they were amazingly quick to answer the call and help. Their website is also very minimalistic and very clear on the loan details, payment details and length of loan. Their interest rates are very attractive and has been hassle free to get the loan and pay back too. Just my experience.

Kasimh123

Sorry to be nosey but im looking to apply for them but not too sure on how good my credit is if you dont mind me asking how good is your credit score mine is fair i think its something like 550 out of 720?

Thanks

DCFC79

Kasimh123 wrote: »

Sorry to be nosey but im looking to apply for them but not too sure on how good my credit is if you dont mind me asking how good is your credit score mine is fair i think its something like 550 out of 720?

Thanks

Who rates you as fair ? Maybe ask them for a loan ?

You mind if I ask you what use do you think a credit score is ?

Unfortunately lenders don't see them, they see the history.