Kuflink’s Peer to Peer business was launched in May 2016 in Gravesend, Kent UK. Zopa do not pay interest on uninvested funds unfortunately, so you won’t get a return while funds are not invested. UK Residents with a UK address and bank account can invest with Zopa. Zopa charges an exit fee for withdrawing capital early. So here’s 5 reasons why you should consider a Zopa Innovative Finance ISA (IFISA): Earn at the latest rates of return this year and every year Lots of providers offer fantastic rates for the first year of your ISA, and then drop them drastically as soon as the next tax year starts. Income on my investments and capital preservation are my main motivations. Email: contactus@zopa.com It currently has an “excellent” rating at TrustPilot, with an overall customers review score of 4.8 out of 5, based on more than 15,000 reviews … Easy; I was verified by providing identification documents and my account was opened within a few hours. The Core rate is probably equivalent to other instant access accounts (corrected for defaults). These ratings are personal opinions and are subjective. History. 5.2% Annual Returns Available Investing With The World’s Oldest Peer to Peer Lender! Zopa’s also reduced its Plus account returns so I ultimately decided to let my loans mature without further investment. That is quite an achievement considering the carnage that was left in the wake of the mortgage meltdown. Zopa Limited is a member of Cifas – the UK‘s leading anti-fraud organisation. Zopa customer reviews Zopa has received positive reviews from customers, according to customer review platforms like TrustPilot and Reviews.io. Estimated Return:4.5% to 5.2% - changes daily. In most cases, I have invested or continue to invest my own money through the companies I write about. Interest accrues as soon as your funds are allocated to loans. This helps me to continue to offer new reviews and monthly portfolio updates here on my website. I decided to leave the rest of my funds invested until they mature but I won’t be adding more money at the current return rates. I've had some credit troubles in the past, which are thankfully behind me now, but of course my credit history will record the difficulties I faced for six years from when I resolved the situation. Ability to exit is never guaranteed. I think the removal of the Safeguard Provision fund means increased risks to lenders so I won’t invest in the low interest paying Core account. Don’t forget Zopa charges a 1% exit fee which you can avoid by disabling reinvestment and letting your loans mature (see above). It’s always easy to see if capital is invested or not. This helps me to continue to offer new reviews and monthly portfolio updates here on my website. If you are risk-averse, there may be better options such as Lending Works, Growth Street and even Assetz Capital. Zopa will launch its peer-to-peer Isa to existing customers next month. Warnings First published: 12/05/2015 Last updated: 06/12/2016. Zopa is a UK based peer to peer lending company that has lent over £5bn since 2005. Zopa said like-for-like comparisons were difficult as its loan terms were different in each year. Zopa’s Core Account is made up of the higher rated lenders (from A*-C Risk Markets they quote). Zopa is the oldest known peer to peer lending company and is considered one of the safest since it survived the 2008 financial crisis. Even though Zopa has a huge loan book, it can take a few days, to a couple of weeks to get funds completely invested. Lenders funds are either split into £10 parts and spread across at least 100 loans (Core product), or lent to a “sensible” amount of borrowers in the Plus product. Zopa Limited (05197592) is incorporated in England and Wales and has its registered office at: 1st Floor, … Zopa offers a tax free account (Zopa ISA) which was launched in January 2017 for UK residents. All loans are unsecured. In the 14 or so years they have been in business, they have lent in excess of £3 billion from almost 80,000 active investors. The Market Adjustment Fee is to offset any interest rate differences from your old loan interest rate to the current rate. Location:London, UK    1% fee plus possible difference in rates. Despite the downsides, Zopa will still appeal to those looking to place money with a company that has the longest peer to peer lending track record. Lenders’ may lose some money if the Zopa were to fail so let’s hope Zopa stays in business as a failure would be catastrophic for the peer to peer lending industry. You’ll be charged this fee if your loans have a lower expected return rate than a new equivalent loan. (Sometimes Zopa’s lender demand become too high and the company closes to new investors. With the removal of the Safeguard fund, I don't think the new Core account is worth the risk since the returns are low. since Zopa is UK’s biggest peer to peer platform it is important to know the company’s background, history and achievements. Zopa, the granddaddy of the P2P sector, obtained its full authorisation at the beginning of May and was followed by Funding Circle last week. Zopa offers targeted returns of 3.5% – 5.2% on mostly unsecured personal loans for terms from 1 to 5 years through their auto-invest portfolios. New to Peer to Peer Lending? Read more below in my exclusive Zopa review. You can only sell loans if buyers demand exists. Here is an example of how much you might pay in sales fees: Also, note only current loans will be sold. Disclaimers: I’m not paid to write this Zopa review, nor am I employed by any of the companies I write about. Blog. Excellent service Excellent service, fast processing, helped me to get funds for a short term requirement. Zopa’s default rates have risen slightly rising but are still within expectations. If you enjoyed this Zopa review and want to know more about peer to peer lending, click here and receive my complimentary Top 5 Peer to Peer Lending Sites Report. We want Zopa to be place where everyone comes to work with a smile on their face, and we are always looking to listen and improve – feedback like this helps us do that, so thank you for taking the time to write your review. Zopa Reviews. Zopa used to reject most loan applications but they have eased up on their requirements due to increased competition in the peer to peer space. The Zopa ISA can be easily opened from the main dashboard screen. Rated 5.0/5. Zopa offers lenders a possible exit through their secondary market provided there are lenders to buy your loans. Kuflink Review – Overview . Would You Like A Copy of the Spreadsheet I Use for Tracking P2P Lenders? Zopa is finally turning a profit and is extremely well funded so failure isn’t likely. Currently Zopa’s rates are just “target rates” so there is no guarantee that you’ll get the rates they are targeting. It is also important to look at the circumstances behind the company accounts and any future plans. Kuflink’s property bridging division has operated for many years before launching their Peer to Peer platform, so the Kuflink team has a lot … After further research, I decided to give Zopa a try. Zopa used to limit new lenders by placing them on a waitlist which was frustrating for those wanting to lend money. Zopa’s website has lots of interesting information on loan diversification and distribution. I consider Zopa to be at the lower to medium end of the risk scale. “Zopa are declining, I absolutely prefer Ratesetter” Written on: 25/03/2017 by xsCarey186 (1 review written) I took out a loan from Zopa, upon experiencing financial difficulty I spoke with the Collections team to make them aware of my difficulties due to being made redundant. From your dashboard click loan book then click the big blue button at the bottom of the page: (Rates change weekly. Zopa review: lending processes. Zopa Plus: Plus also has a minimum £1,000 investment requirement and a 1% exit fee*. Here we review the services of the industry’s biggest name, Zopa, with a run down of what’s on offer for lenders and borrowers alike. Loan/Dflt Stats:Click Here for Stats I like Zopa, however in December 2018 I decided to exit their portfolios for the most part and move the investment capital to other lenders. Web Existing customers who were invested in loans through the older Access and Classic accounts prior to discontinuation will continue to be protected by the Safeguard Provision Fund until approximately 2022 when loans mature. Provision Fund:No. You can also open an innovative finance ISA with Zopa – these have the same features as its non-ISA products, with the benefit of returns being tax-free. Having said that, the recent rate trends have been rising. The service provided by Zopa is exceptional. If the interest rates on your loans are lower than current rates, buyers will be credited with the extra amount of interest to offset the difference.   GB. Start Here, Zopa Group Limited’s company accounts can be seen here.   All on Types Of Investment. GB. With the removal of the Safeguard fund, I don’t think the new Core account is worth the risk since the returns are low. Under normal lending conditions, the amount of money in my queue is relatively small. ZOPA has warned that millions of savers could risk losing money in cash ISA accounts that are paying out less than the rate of inflation. Founded in 2005, Zopa is the largest and oldest peer to peer company and one that survived the 2008 financial crisis. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. And all of their rates are higher than Zopa. Hands-off reinvestment of interest and capital repayments happens by a click of a mouse button, so there’s no need to spend time watching your account. Regulated:Yes: FCA The Core rate is probably equivalent to other instant access accounts … Zopa Ltd has 5 stars! Zopa usually pays between 2% and 19% to lenders on each individual loan in its Zopa Core lending account. General EUR P2x Discussion. Zopa Review: My Strategy. And the product can be sheltered tax free in an Innovative Finance Isa from the beginning of April. Click here to get my complementary Best Lenders List Who Are the Best Peer to Peer Lenders In An Economic Downturn? Due to changes to market conditions resulting from the Coronavirus pandemic, expect to see low liquidity resulting in slower exit times*. **  Some of the links on this website are affiliate referral links. Zopa started offering ISAs at the rates of 3.9% and 6.1%. Platforms reviewed on this website I am currently investing with, or I have invested with in the past. This investor limiting shows Zopa’s willingness to maintain their loan quality and protect both their business model and their lenders so I think it is a good move.   Zero. You can deposit via bank transfer which is how deposited. Zopa is a large concern, and they are the oldest Peer to Peer lender in the world. Zopa, the pioneering financial services company, announces today that it will launch its Innovative Finance ISAs in June (pending HMRC approval). Thumbs up to Zopa. Disclaimers: Deposits and withdrawals are made by bank transfer from a UK bank. I've discussed the changes and updates from individual lenders below. The discontinued Access and Classic accounts and the removal of the Safeguard Provision Fund is a recent negative change for those wanting the lowest possible risk levels. Zopa makes borrowers pay a fee so lenders don’t have to but if you decide you want to exit your investment early, the following fees apply: Core: 1% loan sale fee + a possible market adjustment fee P2x sites dealing mainly in EUR investments. Innovative Finance ISA. During the turbulent times resulting from the Coronavirus, expect variations in selling ability. I hope you found this Zopa review informative. Zopa Review ** Zopa review updated December 24th, 2020 ** Founded in 2005, Zopa is the largest and oldest peer to peer company and one that survived the 2008 financial crisis. Zopa Limited is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register (718925). The three different products offer different return rates due to the varying levels of risk, exit availability and fees. It matches savers with individuals who want to borrow, leaving out the bank and offering better rates all round.”. I look forward to continuing to innovate and to scaling Zopa’s great products to more customers.” You can email me, I love feedback! Selling fees can be high, my recent test showed an estimated sales fee of 6% (see above in the fee section). When you want to buy, the system automatically invests your requested amount into loans. I don’t receive commissions from all lenders and it has no effect on my ongoing opinions on lenders. Peer to peer lending can be very time-consuming. The long awaited update to ISAs will finally take place this coming April. Just the usual ID & anti money-laundering checks. Zopa’s reasoning for eliminating its Safeguard Provision fund has never been clearly explained, although I suspect their fund might have been heavily used as defaults appear to have risen. You should do your own research before investing any capital and not base investments solely on the opinions published on this site. This saves you lots of time. Zopa Reviews. He says, "Tech sits at the heart of what Zopa does and is key to providing customers with differentiated financial products that are great value and easy to use. From your account dashboard, you can view your loan portfolio: And view your expected payment schedule and download your personal loan book to a .CSV file: This page shows you how many borrowers have missed payments: From the Loan Book page, you can even download your entire loan book. The youngest loans are sold first until the requested sale amount has been reached. This review relates to the just-launched Zopa Credit Card. As part of my exit strategy, I tested Zopa’s exit option in December 2018 and my loans were sold in only 48 hours. Just choose your product, decide what to do with payments and you are done. With the account changes, only time will tell if it remains the strong peer to peer lending powerhouse it once was. Peer-to-peer lending matches up investors, who … Zopa is a true peer to peer lending company so lenders have loan agreements with borrowers. Lowering of underwriting quality: Zopa’s history has demonstrated a high underwriting quality so I have no reason to think this will change. Zopa, however, is quite the opposite providing full statistics and data. Financial Thing uses cookies to help you enjoy the best possible experience. Clear All. My Calculated XIRR:N/A Zopa is a British financial services company based in Buckinghamshire. Time to Mange:None (auto-invest) We believe this firm has been carrying out consumer credit activities in the UK without our permission or …   When you consider borrowers are given unsecured loans, the low default rates are impressive. Summary – Zopa Review Overall I think Zopa is a good option for investors who want to diversify with a well established company, although return rates are low for the risk. Zopa Promo Video – How Investing at Zopa Works, . These ratings are personal opinions and are subjective. From your dashboard, just click the Open An ISA button: The ISA’s products are identical to Zopa’s regular account products. With the account changes, only time will tell if it remains the strong peer to peer lending powerhouse it once was. The trustee would handle the wind-down process and Zopa states that the borrower fee would cover the administration costs of future loan collection. If you want to exit your investment, there is a 1% fee*. Zopa Review: My Strategy. This is called a Market rate adjustment fee which you can read more about here. How to Sign Up**:Sign Up Here! Our projected returns between 2.0% - 5.3% mean we’re nestled in the sweet spot between low-risk, low-return cash ISAs and the wild volatility of stocks and shares.   Here we review the services of the industry’s biggest name, Zopa, with a run down of what’s on offer for lenders and borrowers alike. Zopa has always been heralded for being one of the safer peer to peer lending options. See My Where to Start Guide. I use Zopa mainly as diversification, as their ‘Plus’ rate isn’t quite up to the returns seen elsewhere. I may come back to Zopa at a later date if their rates improve significantly, or if they re-implement a provision fund to guarantee returns. Amortization is the paying off of debt with a fixed repayment schedule in regular installments over time. They are also tax free up to £20,000. They also offer a retirement account (Zopa ISA) for potential tax free investing. But Zopa expects defaults on its 2017 loan book to be similarly high. When you sign up for an account through my website, I receive a referral fee directly from the companies, at no cost to you. Zopa’s lender loan matching times varies based on demand and loan supply but loan matching times are generally fast. An innovative finance Isa (Ifisa) - is an Isa that contains peer-to-peer loans instead of cash (as in a cash Isa) or stocks and shares (as in an investment Isa). ... Zopa Review… In fact, Zopa are spinning off part of their business to create “Challanger Bank” in the UK due to open in 2019. Also, Zopa survived the 2008 worst financial crisis and is the only peer to peer lending company to have done so. Loan Security:No. Zopa has an easy to use platform that anyone can use. ** This Zopa review is for information purposes only and should not be regarded as investment advice. Zopa provides loans to consumers for personal loans, debt consolidation, car finance, home improvement, wedding loans and holiday loans among others for terms of up to 5 years. Zopa loans are mostly unsecured personal loans to credit-worthy borrowers. Amount Lent:£3 billion+ Not because Zopa is a bad investment, I still believe Zopa is a viable investment with a well established lender if you need them for diversification. Borrowers take loans up to five years but often loans are repaid early. Very quick and efficient. Zopa is the first major UK peer-to-peer lender to gain FCA authorisation. The low-risk Classic and Access accounts were discontinued in December 2017 in place of the new Core product. Loan Types:Consumer personal loans. While this is good news for lenders, it will be nice to see some history of Zopa’s profitability over the next years. Because of the way their platform works, diversification is all done in the background. I am not paid a fee by any of the companies to write reviews, so the reviews are unbiased and purely based on my own personal experiences. My earnings have average 4.6% and my future earning are 3-4.3%, much lower than the estimated returns. Zopa is the oldest and one of the largest, Zopa offers targeted returns of 3.5% – 5.2% on mostly unsecured personal loans for terms from 1 to 5 years through their, I exited Zopa over a year ago and I’m happy I did. Unfortunately they no longer provide loans which are covered by this fund, so now we rely on diversification and Zopa’s experience to deliver their promised interest rates. Overall I think Zopa is a good option for investors who want to diversify with a well established company, although return rates are low for the risk. My Trading 212 £5,500 Portfolio Experiment – Dec 22nd Update. These reviews include customers who are borrowing money, but a quick scan through suggests there are plenty of positive reviews from those who are using the ISA too. It is regulated by the Financial Conduct Authority (FCA). Zopa is the oldest and one of the largest Peer to Peer lenders in the world. Our IFISA works just like our standard peer-to-peer investments, but with the added bonus of the tax-free wrapper. If not, you may need to send them a copy of your passport or driving license, and a utility bill or bank statement. Zopa’s consumer loans are unsecured which makes the loans more vulnerable during an economic downturn. IFISA Reviews. If they can verify you though one of the UK’s credit agencies, you will be approved immediately. Zopa Limited, Zopa’s peer to peer lending arm, is part of a larger company (Zopa Group) that includes a startup bank. Highly recommend. Risk rating explained here. It is 1% of the amount, plus any difference between current rates, and the rates your loans are at. Zopa used to have a provision fund called “Safegaurd”. Read 1 more review about Zopa Ltd Only the latest review will count in the company's TrustScore Stacey Hepple 4 reviews. The IFISA is a new type of ISA that allows you to shield peer-to-peer investments from the taxman. Landbay Review. These cookies are necessary for the website to function and cannot be switched off in our systems. Originally a peer-to-peer lending platform, the company announced in November 2016 that it planned to launch a bank in 2018. Borrowers repay both capital and interest on any given day. Loan agreements are directly between the lender and the borrower. As long as there is lender demand and you are willing to pay the applicable exit fees, you can exit anytime. The Plus Account is a little more risky lending to their A*-E Risk Markets. I tend to favour the Core product and use auto-invest so that no checking is required. Thankfully Zopa has kept defaults low by lending to credit worthy borrowers. However with rates so low now on unsecured loans, with no provision fund, I think there are safer lenders out there which pay batter returns for the risk, such as Loanpad and Kuflink to name but a few. Since lenders and borrowers are contracted between each other, borrowers would continue (in theory) to make payments to lenders via the trustee. Opinions expressed in this Zopa review are opinions based from my own personal experiences investing my own money. Default Rates:Around 3% from an expected 4.52% Zopa Limited (05197592) is … Risk Rating*:4/10 - Low - Med    Get To Know Octopus Choice – Office Tour + Interview, Get To Know Growth Street – Office Tour + Interview, Moneything Closes Its Doors And Enters Administration – My Thoughts, Kuflink Review – My Peer To Peer Lender Experiences After 2 Years, Lending Works Review – My Experiences After 5+ Years Investing, Assetz Capital Review – My Lending Experiences After 5+ Years, Ratesetter Review – My Lender Experiences After 5+ Years, Landbay Review – My Lender Experiences After 4+ Years, Best Tracker Funds – Forget Single Stocks, Best Investments During Low Interest Rates. In January 2017, Zopa became the first UK based peer-to-peer lending company to lend more than £2 billion worth of loans. Lending To:Borrowers Check out what 12,947 people have written so far, and share your own experience. Peer To Peer Lending and Investing Reviews List, Peer To Peer Lending Guide – Not Sure Where To Start? Search job titles. I spent several months researching Zopa and their operation before decided to invest with them. Yes, sort of. My initial investment took 15 days to be fully deployed but times can vary depending on demand. | Read 101-120 Reviews out of 12,947 If this happens, check back frequently. Ready to Get Started?? For example, if you own a £10 loan that you want to sell and the borrower hasn’t been making consistent payments, Zopa can estimate the value of the loan to be £9.50, meaning you would receive £9.50 rather than the £10 you paid for the loan. The other lenders mentioned above do have provision funds, so their rates are more likely to be realistic. Income on my investments and capital preservation are my main motivations. All amounts are automatically diversified across many borrower loans so no manual lending is needed. Plus offers higher returns for those willing to take more risk. Where does the extra risk come from? I have confidence in Zopa’s underwriting standards so I’m not too concerned. New research from the peer-to-peer lender has found that 30 per cent of British savers have no idea what interest they are earning on their cash ISAs. I used to set all capital and interest payments to reinvest but since the return rate targets were lowered to the mid 4% range, I decided not to reinvest. When it is “Matching to Borrowers” it is not yet invested. Zopa has also tightened its new borrowers’ lending requirements. In 2018, queuing hasn’t been an issue but Zopa is very proactive when dealing with excessive lender demand and halts new investor sign-ups when lender demand becomes too high. Zopa’s ISA accounts generate a return of between 3.0% and 6%. These ratings are personal opinions and are subjective. Zopa P2P Lending Review. Again very little has changed in the P2P sector since the April update. Zopa has demonstrated that it has highly satisfactory and thorough processes in analysing and approving loans, as you would expect from this team. Generally Zopa personal loans all amortize. Click here to sign up for Zopa and receive a £50 bonus when you invest £2000. **  Some of the links on this website are affiliate referral links. However now it appears they are trying to be a bank again. Easy to use platform. I am in the process of paying off my 12 month loan 9 months early as the loan was for a family … When you sign up for an account through my website, it allows me to continue updating this Zopa review at no cost to you.). To sell, there is a 1% administration fee and being able to sell is based on demand. Please read my full website Disclaimer before making investment decisions. Similar Lenders to Zopa but with safer, asset secured loans or provision funds (most with better return rates): Loanpad,  Kuflink, Assetz Capital, CrowdProperty. 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