Frequently asked questions

Can I repay my loan early if I like?

Yes. Unlike other loan providers, at Zopa early repayment fees simply do not exist. You can repay early, or in lump sums, at no extra cost. Because Zopa calculate the interest on your loan on a daily basis, this means you can save yourself lots of money if you choose to repay early.
For example, a £5000 loan over 36 months at 9.0% APR would cost a total of £5695 if you took the full 36 months to repay. But if you made your normal repayments and then repaid the whole of the remainder after 12 months, it'd cost a total of just £5373 - saving you £322. If you repaid in full after 18 months, the total cost would be £5509, and after 24 months it'd be £5609. So you can see the earlier you repay, the more you save. And Zopa don't charge a penny for this facility. However, you cannot settle or make an extra payment towards your loan whilst your monthly payment is in processing.

Last Updated: 4 September 2013, 04:54pm
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