Zopa Reviews

Name: Zopa
Address: Zopa Ltd. 2nd Floor 40 44 Newman Street, London
Rating: 1.89

1.9 Rating 9 Reviews

22 %

of reviewers recommend Zopa

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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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"So, the service seems good on the surface. Fast responsive website and what seems like brilliant customer service. \n\nRemember, all that's on the surface. Now to the \"Real Zona\". \n\nI took out a loan of \u00a316000. 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 \u00a310k 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. \n\nI was wrong. All my dash boards showed \u00a316000. Turns out Zona charged me an arrangement fee of \u00a32,300 (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 \u00a32,300 charge (they politely told me where to find it). \n\nSadly, 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. \n\nVery 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. "

Michael

Anonymous

Anonymous // 01/01/2019

Filter: Rated 5 None 5 Stars 4 Stars 3 Stars 2 Stars 1 Stars Helpful

“all in all so far , good services”

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Posted 4 years ago

“Fast reliable loan provider would highly recommend anyone who wants a loan for any reason.Thank you zopa.”

Helpful Report

Posted 6 years ago

Zopa is rated 1.9 based on 9 reviews