Zopa loan.

Dullville

Anybody had a loan with Zopa? Don’t think I’m being ripped off but I’m a bit confused. Does the figures set out below seem right?
Borrowed £2500(over 2 years) off Zopa a few months ago and have paid 5 of the scheduled payments, so 19 payments left.
Went online a few minutes ago to pay off in full the loan and the settlement figure is £2623(more than the original loan!)
Whats even more strange is,if I carried on paying the the instalments for the remaining term £138.05 x 19 months it comes to £2623.
Unfortunately had loads of payday loans before I went bankrupt several years ago so knew how they worked like clockwork but unfortunately I didn’t take any notice of the terms and conditions of this loan as I was just desperate to get hold of the funds.
Thanks .

Nebulous2

I don't have a zopa loan, but that cannot be right. What you are seeing is the balance if you continue for the full period, not the settlement figure. 

Zopa is one lender that doesn't add the interest they are allowed to for early resettlement.

[Deleted User]

Dullville said:

Anybody had a loan with Zopa? Don’t think I’m being ripped off but I’m a bit confused. Does the figures set out below seem right?
Borrowed £2500(over 2 years) off Zopa a few months ago and have paid 5 of the scheduled payments, so 19 payments left.
Went online a few minutes ago to pay off in full the loan and the settlement figure is £2623(more than the original loan!)
Whats even more strange is,if I carried on paying the the instalments for the remaining term £138.05 x 19 months it comes to £2623.
Unfortunately had loads of payday loans before I went bankrupt several years ago so knew how they worked like clockwork but unfortunately I didn’t take any notice of the terms and conditions of this loan as I was just desperate to get hold of the funds.
Thanks .

Is that the settlement figure you get when you click on “pay off in full” or is the “left to pay” figure you see when you login? 

Dullville

Lover_of_Lycra said:

Dullville said:

Anybody had a loan with Zopa? Don’t think I’m being ripped off but I’m a bit confused. Does the figures set out below seem right?
Borrowed £2500(over 2 years) off Zopa a few months ago and have paid 5 of the scheduled payments, so 19 payments left.
Went online a few minutes ago to pay off in full the loan and the settlement figure is £2623(more than the original loan!)
Whats even more strange is,if I carried on paying the the instalments for the remaining term £138.05 x 19 months it comes to £2623.
Unfortunately had loads of payday loans before I went bankrupt several years ago so knew how they worked like clockwork but unfortunately I didn’t take any notice of the terms and conditions of this loan as I was just desperate to get hold of the funds.
Thanks .

Is that the settlement figure you get when you click on “pay off in full” or is the “left to pay” figure you see when you login? 

It’s the pay off loan in full option.

liviboy

I've had several loans with ZOPA and think they're great...except for how they display their figures.

E.g. they show both the loan amount but on the repayment bit they always show the amount including the full amount of interest over the term of the loan (though it does make calculating the remaining balance incredibly easy).
What's your APR? If it's very high that could explain why you haven't really cleared much of your capital hence the high repayment figure.

I currently have a loan balance outstanding with them of £12,923 (inclusive of interest for the full term) at 2.9%.
The repay in full figure is: £12,338.48.
The original loan was for £15,000 over 48 months.

SeanG79

Using an Amortisation table, assuming there wasn't fixed fee added to the loan, current settlement should be circa £1,960. The interest rate on the loan was relatively high (no where near Pay Day Loan high), but then you seem to know that it would be..

[Deleted User]

SeanG79 said:

Using an Amortisation table, assuming there wasn't fixed fee added to the loan, current settlement should be circa £1,960. The interest rate on the loan was relatively high (no where near Pay Day Loan high), but then you seem to know that it would be..

Zopa do charge a non-refundable fee.

https://www.zopa.com/help/article/why-is-there-an-origination-fee