Zopa Reviews

2.0 Rating 8 Reviews
25 %
of reviewers recommend Zopa
Read Zopa Reviews

About Zopa:

Zopa is a lending and borrowing exchange where everybody wins, except the fat cats. Borrowers get lower rate loans from lenders who make a much better return than the base rate on their savings.

Phone:

0207 580 6060

Location:

Zopa Ltd. 2nd Floor 40 44 Newman Street
London
W1T 1QD

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Zopa 1 star review on 29th May 2020
Michael
Anonymous
Anonymous  // 01/01/2019
My late mother passed away last Sept and at that time her investment account was frozen. As an executor of her will I had to provide grant of probate and other ID and a nominated bank account for my mothers funds to go to. All wee sent mid Mar 2022. In short nothing happened. after several weeks I started ringing to find out what the problem was. Just ringing is a painfully slow experience. Each time I rang I was assured the "operations team" would sort things and get back to me within 48hrs. What a joke...... I rang 4 times over a 6 week period and went through the same BS.... Eventually I asked to speak to a supervisor and was tole they were in a meeting but would call the following morning. Did they ring ? Of course they did not. I was an early investor with zopa on their peer to peer platform and always had good service but this new iteration of zopa is a joke. Eventually my mothers funds were released but the last thing you need when dealing with a deceased estate is incompetence from the very people that are duty bound to help you. Would I recommend zopa ? Absolutely not.......
Helpful Report
Posted 1 year ago
So, the service seems good on the surface. Fast responsive website and what seems like brilliant customer service. Remember, all that's on the surface. Now to the "Real Zona". I took out a loan of £16000. Called them to ask a few questions, checked out the monthly payment for affordability and also looked at the total payable. API was quoted as 22.9% resulting to almost £10k in interest payments over 60 months. All good so far as I had all the information I needed right there in front of me and as I had been informed I could settle early (which was the plan) without being penalised, the total payable didn't bother me as it would be reduced by an early settlement. I was wrong. All my dash boards showed £16000. Turns out Zona charged me an arrangement fee of £2,300 (14%+) but hid it in the "Loan Conditions" which you either have to click as a link to view whilst applying or, navigate to when your a customer. Sleazy act buttressed by the point that it should be boldly displayed on your account dashboard and loan information if it wasn't meant to be a dubious charge. Time to pay off the loan and I'm told a out the £2,300 charge (they politely told me where to find it). Sadly, you ha 've to complain to Zona first before you can escalate your complaint to the regulators. I complained to them and they then acted like they're actually investigating for 10 days but end up sending a letter with the conclusion I was expecting anyway - the fee was stated in your terms and conditions and you should've read it. Very shifty dealings if you ask me and I'll be going to the ombudsman about this. I probably won't get the fee waived !UT I'll join a list of growing complaints with the ombudsman and if the list gets long enough they'll be forced to deal with Zona accordingly. Stay clear of them unless you've been told about this hidden fee (okay, may be not hidden but placed in a document you'll never read after confirming monthly payment and APR etc) and you're happy with it.
Zopa 1 star review on 29th May 2020
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Posted 3 years ago
Zopa advised me I was preapproved for a £7500 consolidation loan I wasn't looking for a loan but it was offered and after some consideration thought, yes ok I'll go for it, reduced some interest/payments and free up some cash. They needed to confirm my income so I gave them access to my bank account, added payment details signed the forms etc. This was Saturday afternoon, by Sunday morning I recieved an email from them telling me they were unable to confirm my income ?!?!?!? I get paid every month, the same as everyone else into the bank account I gave them access to. OK, fine I thought I'll upload a payslip.....dated in the last 5 weeks and showing that I actually earn £1000 more per annum than I have added to the application. By the next morning....guess what......another email telling me they unable to confirm my income ?!?!?! It's a pdf payslip in the format they asked for but apparently that was still insufficient. I call them and speak to the most nonchalant and unaffected customer service representative who when I explain I am concerned my application may be declined because there seems to be an issue with the documentation I keep trying to upload. She goes off and approximately 3 minutes later comes back and tells me I should ignore the email. Guess what?! Today I get an email from them telling me they have declined the application I submitted for the loan THEY OFFERED me! I am raging! My borrowing power is 6, its a consolidation loan that they OFFERED TO ME not that I applied for or was even considering and they have declined me based on presummably my income? I now have a hard search on my file which I only agreed to because the loan was 'preapproved' and no loan! They did this to my Husband aswell! If they are going to do this then they should at least change the wording 'preapproved dependant on circumstances' so at least consumers have the full facts before falling into a honey trap! 'Preapproved' clearly has a completely different meaning to every other lender I have credit with! I have a credit card with them which I will be paying off as soon as possible and closing the account as I refuse to do business with a bunch of incompetent clowns such as zopa! Absolutely disgusting!
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Posted 2 months ago
Zopa is rated 2.0 based on 8 reviews