Loan Conditions

Set out below are the detailed legal terms that apply to Loan Contracts entered into on the Lending Platform. There are two different sets of terms: the first applies to Loan Contracts for personal unsecured loans (or cash loans); the second relates to Loan Contracts for annual season tickets offered via Commuter Club. Each set of terms operates independently of the other set of terms.

Click on the links below to skip to the relevant terms:

  1. Loan Conditions - Cash Loan
  2. An explanation of your loan and Loan Conditions - CommuterClub

Loan Conditions - Cash Loan

These Loan Conditions will apply to each Loan Contract entered into through the Lending Platform for a cash loan.

Capitalised terms not otherwise defined in these Loan Conditions have the meaning given in clause 16.

1. Loan Drawdown and Disbursement

  1. We will pay the amount of credit to your Nominated Account.
  2. If we are paying the loan into your Nominated Account, this will usually be no more than 3 working days after the Loan Contract start date, or 1 working day if the Fast Track option is used.
  3. If we are using the loan to buy something from any supplier specified under “Other Financial Information” on the first page of the Loan Contract, we will pay the amount of credit to the supplier. If you become entitled to a refund of any amount paid by us, the supplier will pay it to us and we will use it to pay off some or all of the loan. We will pay anything that is left over into your Nominated Account.

2. Payment

  1. You must repay the total amount payable under each Loan Contract by paying the Repayments on the Repayment Date shown in the Loan Contract or, where you enter into more than one Loan Contract at or about the same time, the relevant Loan Contract Summary. Prompt payment is essential. If you are late in paying a Repayment, in addition to the right to enforce the Loan Contract, you must pay interest on the Repayment from the date when it fell due until the date when it is paid at the interest rate represented by the Borrowing Rate.
  2. The Interest Charges set out in Other Financial Information are added to the Amount of Credit and the Borrowing Fee up front at the time we open your loan account. The aggregate figure is spread over the duration of the Loan Contract to work out the monthly Repayment. The interest payable as part of each Repayment is shared between Zopa and the Lender, with Zopa receiving the Zopa Servicing Rate and the Lender receiving the Lender Rate.
  3. Your obligation to make Repayments will be satisfied by making payments into the Zopa Customers' Account (or such other bank account as Zopa may approve) by using a payment method approved by Zopa. If we have approved an arrangement under which your Repayments will be deducted and paid to us by a third party on your behalf from monies owed to you by that third party (e.g. you may have arranged for your Repayments to be deducted and paid from your salary):
    1. you are still responsible for ensuring that the Repayments are made on time; and
    2. if any Repayment is missed under that arrangement, we shall be entitled to collect the missed Repayment by any other payment method that you have registered with us, including under any direct debit mandate.
  4. Each Repayment will be used:
    1. first to pay any arrears of principal and interest under the Loan Contract;
    2. then to pay the interest and principal due under the latest monthly Repayment that is due and payable under the Loan Contract;
    3. then to pay any fees, charges, costs or expenses due to Zopa or any third party under the Loan Contract.
  5. All Repayments will be made without deduction of income tax.
  6. If your personal or employment circumstances change (other than your ability to make one or more Repayments at all) you may wish to change the date upon which you make your Repayments, in which case.
    1. You can change the Repayment Date by notifying Zopa that you wish to do so and specifying the new date within the month upon which you wish your Repayments to take place. Such requests may be made by logging-in to your Zopa account and following the instructions there, or by email to contactus@zopa.com or by calling us at the general contact number shown on the Lending Platform (such calls will be recorded to confirm your consent to the change).
    2. Depending on whether the revised Repayment Date is before or after the original Repayment Date in the month, the amount of your next Repayment on the new Repayment Date will be adjusted to take account of the number of days between the new Repayment Date and the previous one. The remaining Repayments (assuming no further changes) will revert to the usual Repayment amount.
    3. Zopa will then acknowledge and confirm the new Repayment Date and any change to the amount of your next Repayment as a result, before effecting any change. Depending on how you request the change, this acknowledgement and confirmation will take place online, during the course of your telephone call or by an exchange of email with you.
  7. In the event that you become entitled to a refund of any amount paid by Zopa to a supplier under clause 1.3, you hereby transfer to Zopa your right to that refund, and agree that the proceeds of any such refund shall be credited to the Zopa Customers’ Account and to your Zopa Wallet towards repayment of the amount outstanding in respect of each Loan Contract; and, in the event that your Loan Contract is discharged as a result of such payment, any surplus shall be paid by us to your Nominated Bank Account within 30 days after such discharge.

3. Early Settlement

  1. You may at any time settle your Loan Contract early and end the Loan Contract in whole or in part by following the instructions set out in your Zopa account or as notified by the Collection Agency and repaying the full or partial amount you wish to repay.
  2. You agree that Zopa or the Collections Agency will, on the Lenders' behalf, demand Repayment of the full amount owed by you under your Loan Contract if you:
    1. fail to pay the full amount of four payments due and payable;
    2. have lied in a way which affects the decision to allow you to register as a Zopa Customer; or
    3. die, become bankrupt or make a voluntary arrangement applicable with people you owe money to.
  3. Before making any demand, Zopa will take all the steps the Lenders are required to take by law for your protection.

4. Charges and missing payments

  1. To borrow via the Lending Platform, you must pay the applicable Borrowing Fee and the Interest Charges.
  2. If the Fast-Track service is used you will be charged the applicable Fast Track Fee.
  3. Missing payments could have severe consequences, including commencement of legal proceedings and an adverse report on your credit history, which may make obtaining credit more difficult.
  4. You will also have to pay litigation costs and expenses, to cover litigation recovering outstanding arrears, in which case you will be advised of the cost if such action proves necessary.

5. Statement of Account

  1. You have the right to receive, on request, and free of charge, at any time throughout the duration of the Loan Contract, a statement in the form of a table showing:
    1. the details of each Repayment owing under the Loan Contract;
    2. the date on which each Repayment is due, the amount and any conditions relating to the payment of the Repayment;
    3. a breakdown of each Repayment showing how much comprises:
      1. capital Repayment,
      2. interest payment at the Borrowing Rate, and,
      3. if applicable, any other charges.

6. Other costs that are not paid via Zopa, the Lenders or imposed by them

You are responsible for any telecommunications charges, digital television subscription or other charges for the time you spend accessing the Zopa Sites via the Internet or any wireless, mobile or television or other relevant network.

7. Assignment of Loan Contracts

  1. Each Lender may freely assign or transfer or otherwise dispose of his or her right, title and interest in the Loan Contract and all associated rights under the Zopa Principles to any third party via the Lending Platform (or any trading exchange or in any other manner approved by Zopa for that purpose).
  2. Your rights and obligations under a Loan Contract that has been assigned or transferred shall not be adversely affected in any way whatsoever.
  3. You shall not be entitled to assign or transfer any Loan Contract to another person.

8. Law applicable to the conclusion of a distance contract:

The laws of the part of the United Kingdom where you are resident are the basis for the establishment of relations with you prior to the conclusion of the Loan Contract.

9. Law applicable to the Loan Contract:

The Loan Contract is governed by and construed in accordance with the laws of the part of the United Kingdom where you are resident and any court of competent jurisdiction in the United Kingdom has non-exclusive jurisdiction to hear any claim or proceeding under your Loan Contract.

10. Language of this document: the Loan Contract and Contractual Communications

The Loan Contract and all related documentation are in the English language; and the Lenders undertake to communicate with you in English during the duration of the Loan Contract.

11. Other legal terms

  1. Each of the clauses of the Loan Contract operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining clauses will remain in full force and effect.
  2. If either party does not strictly apply its rights under the Loan Contract at any time, that will not prevent that party from doing so later.
  3. You agree that any notices, statements or documents given to you in relation to any Loan Contract will be sent to your Zopa account, in which case you will also receive by email to your email address a prompt to refer to your Zopa account, or may be sent by post to your last known postal address. The notice, statements or documents will be sent to you in a form that can be stored and reproduced (without any change to the contents) for your future reference.
  4. Please contact Zopa if you think there is a mistake with any records relating to your Loan Contract. The process is explained at clause 13.
  5. You confirm that you have a regular source of income, do not expect this to change over the lifetime of the Loan Contract and have no reason to think that you will be unable to make the Repayments required.

12. Cancellation or the Right to Withdraw

  1. If your Loan Contract is a regulated credit agreement, you will have a right to withdraw in accordance with the provisions on page 2 of that Loan Contract (Right to Withdraw). If your Loan Contract is not a regulated credit agreement, you will have a right of cancellation under this clause 12.
  2. Once you have signed the Loan Contract, you will have for FOURTEEN calendar days (starting the day after the Loan Contract comes into effect) a right to cancel the Loan Contract, orally or in writing in accordance with clause 12.2, without giving a reason.
  3. If you wish to cancel the Loan Contract under clause 12.2:
    1. you can send a WRITTEN notice of cancellation to contactus@zopa.com or cancel ORALLY by calling 0207 580 6060 (please be aware conversations may be recorded for evidentiary purposes);
    2. you must repay the whole loan amount;
    3. you must ensure the repayable amount is repaid to the Zopa Customers’ Account no later than the end of the period of 30 days beginning with the day after which the notice of withdrawal is given. Should funds fail to reach that account by this time, you will be deemed to have accepted the Loan Contract such that our normal terms and conditions will apply as if the Loan Contract had not been cancelled.

13. Complaints and complaints handling

  1. If you want to make a complaint about the Loan Contract or Zopa you can email complaints@zopa.com with brief details of your complaint and your account reference. Zopa will acknowledge your complaint within one business day. Zopa will then investigate and send you an initial response. This should take no longer than three business days.
  2. We will keep you informed of our investigations and will aim to resolve the matter within four weeks of receiving your complaint.
  3. If within eight weeks after receiving a complaint we are still not able to resolve the matter, we will send you a final response. If you don't agree with our final response you may refer your complaint to the Financial Ombudsman Service, who can be contacted by telephone on 0800 023 4567 or at www.financial-ombudsman.org.uk. You also have the right to make a complaint directly to the Financial Ombudsman Service.
  4. If you wish to make a complaint about Zopa Repayment Protection (which we no longer sell and have not sold since April 2008), you should follow the complaints procedure outlined in the policy documentation. If you complain to us about the policy, we will refer you to the product provider.

14. Credit Intermediary details

If you applied for a loan through someone else, they may have acted as your credit intermediary. The credit intermediaries we use are:

Name Address
MoneySupermarket.com Mappin House, 4 Winsley Street, London, W1W 8HF
ClearScore ClearScore Technology Limited, 47 Durham Street, London, SE11 5JA
Freedom Finance Atlantic House, Atlas Park, Simonsway, Manchester, M22 5PR
Experian Experian, The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ
Runpath White Collar Factory, 1 Old Street Yard, London, EC1Y 8AF
Optimise Media (UK) Limited 8th Floor, Norfolk Tower, Surrey Street, Norwich, NR1 3PA
Confused.com 3rd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL
Callcredit Consumer Limited 1 Park Lane, Leeds, LS3 1EP
Dot Zinc Limited 5 Copper Row, London, SE1 2LH
uSwitch The Cooperage, 5 Copper Row, London, SE1 2LH
Car Loan Warehouse Technology House, Station Road, Alton, GU34 2PZ
Fluent 102 Rivington House, Chorley New Road, Horwich, BL6 5UE
Totally Money 142-146 Old Street, London, EC1V 9BW
Norton Norton House, Mansfield Road, Rotherham, S60 2DR
Digitonomy Steam Mill Business Centre, Steam Mill Street, Chester, CH3 5AN
Credit Reporting Agency Limited Chynoweth House, Trevissome Park, Blackwater, Truro, TR4 8UN
CreditPlus Waterloo House, Fleets Corner, Nuffield Road, Poole, BH17 0HL
Moneyfacts.co.uk Limited 66-70 Thorpe Road, Norwich, NR1 1BJ
Orange Motor Finance The Courtyard Suite, Borough House, Marlborough Road, Banbury, OX16 5TH
Choice Loans Unit C1C, Comet Studios, De Havilland Court, Penn Street, Amersham, HP7 0PX
Saffron Building Society Saffron House, 1a Market Place, Saffron Walden, CB10 1HX
Pariti 16 Dufferin Street, London, EC1Y 8PD
Accepty 12 Mornington Avenue, London, W14 8UJ

15. Your Personal Data

We will process your personal data in connection with the performance of our rights and obligations under this Agreement and our regulatory obligations, in accordance with our Privacy Policy (www.zopa.com/privacy-policy)

16. Defined Terms

In these Loan Conditions the following words have the following meanings-

"Borrowing Fee"
means the fee charged by Zopa for enabling you to borrow on the Lending Platform, as specified in your Loan Contract;

"Borrower", "you", "your"
means the Zopa Customer identified as the Borrower in the Loan Contract;

"Borrowing Rate"
means the total rate of interest payable by the Borrower under the Loan Contract made up of the Lender Rate and the Zopa Servicing Rate;

"Collections Agency"
means Credit Resource Solutions Limited of Rosemount House, Rosemount Estate, Huddersfield Road, Elland, West Yorkshire HX5 0EE or such other duly authorised collections agency as may be appointed from time to time;

"Credit Rating"
means a credit rating supplied by Equifax plc or such other credit reference agency that Zopa may use from time to time in relation to the Borrower for use in connection with the Lending Platform;

"Default"
means the failure of the Borrower to pay the full amount of four Repayments then due and payable in relation to the Loan Contract;

"Fast Track"
means the optional process by which Zopa disburses the proceeds of an approved Loan Contract under clause 1 on the same day or next morning (depending on the time of day it was approved);

"Fast Track Fee"
means the variable fee, currently £10.00, payable by you to Zopa in order to use Fast Track;

"Lender"
means the Zopa Customer identified as the Lender in the Loan Contract and any assignee, transferee or successor in title following any assignment, transfer or disposal under Clause 7;

"Lender Rate"
means the rate of interest payable to a Lender under a Loan Contract;

"Lending Platform"
means the internet marketplace which Zopa operates at www.zopa.com for the purpose of matching lenders and borrowers;

"Loan Conditions"
means these terms and conditions;

"Loan Contract"
means the agreement, incorporating the Loan Conditions, under which the Lender agrees to make a loan to the Borrower;

"Loan Contract Summary"
means the summary of all the Loan Contracts entered into by the Borrower at or about the same time (where more than one Loan Contract is entered into);

"Nominated Account"
means the current account you have with a UK bank from which you authorise Zopa to collect Repayments under the direct debiting scheme (or other payment method approved by us), and/or to which Zopa will make any payments due to you, as the case may be;

"Repayment"
means each instalment due and payable by the Borrower under each Loan Contract, which shall comprise principal and interest, as well as any amount otherwise due and payable by the Borrower under the Loan Contract;

"Zopa"
means Zopa Limited, whose registered office is 1st Floor, Cottons Centre, Tooley Street, London. SE1 2QG. Company Registration Number 05197592. Zopa Limited is also:

  • the holder of Consumer Credit Licence Number 718925;
  • authorised and registered by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 718925;
  • registered with the Office of the Information Commissioner (registration number Z8797078);
  • a member of CIFAS;

"Zopa Customer"
means an individual who has completed the registration process to use the Lending Platform and has been issued with his or her own Passcodes;

"Zopa Customers' Account"
means any segregated bank account that Zopa maintains with Royal Bank of Scotland (or such other UK bank as Zopa may choose from time to time) for the sole purpose of holding funds to which Zopa Customers are beneficially entitled in accordance with the Zopa Principles and/or any Loan Contract;

"Zopa Principles"
means the Zopa Principles you agreed when registering to use the Lending Platform, as amended from time to time, a copy of which is available on the Lending Platform;

"Zopa Servicing Rate"
means the rate of interest payable to Zopa. It represents the monthly loan servicing fee charged by Zopa to cover the cost of administering the Loan Contract and is equal to the difference between the Borrowing Rate and the Lender Rate.


An explanation of your loan and Loan Conditions - Commuter Club

An explanation of your loan

It is important that you read the following explanations carefully because it gives you key details about the proposed agreement.

Is a fixed sum loan agreement suitable for you?

This credit product can only be used to finance the purchase of the annual season ticket detailed in your Zopa Contract Summary. If you want finance for any other reason this product will not be suitable for that purpose.

How much will you have to pay?

Details of the amount payable by you, including the amounts and due dates for your repayments; the term of your agreement; and the total amount payable by you can be found in your Loan Contract Summary.

You must make your repayments by Direct Debit. Your payments are calculated to make sure your loan is paid off by the end of the agreement, provided you keep up your repayments.

You can repay your loan early in full or in part at any time by making lump sum payments.

It is important that you consider carefully whether you can afford the payments and you should also consider any changes in your circumstances that might affect your ability to make the payments.

Features of the agreement which may operate so as to have a significant adverse effect on you

The interest rate that applies to the agreement is fixed and will not vary with any decrease to any publicly available reference rate such as the Bank of England base rate. You should also note that the interest rate will not increase as a result of any increase to any such rate.

We may cancel your annual season ticket and terminate the agreement (after giving you any notice required by law) if one or more of the following events occur three times or more during the term of the agreement:

  • you report your annual season ticket as lost to Commuter Club;
  • you report your annual season ticket as stolen, but you fail to provide a crime reference number; or
  • your annual season ticket is suspended for non-payment or for a breach of any other provision under the agreement.

What happens if you don’t keep up with repayments?

It is important that you keep up with the repayments due under the agreement at the times required by the agreement. If you do not, then some or all of the following may arise:

  • Your annual season ticket may be suspended or cancelled if you fail to make the payments under the agreement on time or at all
  • The total cost of the credit may grow because additional interest and charges may apply as detailed in clause 6 of Loan Conditions
  • Your credit rating may be reduced making it more difficult or expensive for you to obtain credit in the future
  • We or Commuter Club will take steps to recover the money you owe us. This may include taking action through Commuter Club’s collections department, a debt collection or similar agency. We may also take legal action to recover sums remaining due.

If you sign, can you change your mind later?

After the agreement has been made, you will have the right to withdraw from the agreement without providing a reason for doing so. This right begins on the day after the agreement is made and ends 14 days later. You may exercise this right in person at Commuter Club, or by informing Commuter Club in writing, either posted or handed in to Commuter Club, 3 Cranmer Road, Cranmer House, London, SW9 6EJ or by email at service@commuterclub.co.uk or by telephone on 0203 476 5002 at any time up to and including day 14.

If you withdraw from the agreement you should note that if we have paid the amount of credit on your behalf by purchasing the annual season ticket, you must repay this amount (less the first repayment made on the date of the agreement) to us within 30 days, beginning on the day after you give us your notice of withdrawal.

Further Information

Before an application for credit is submitted please let us know if there is anything that you might wish to bring to our attention that you think may be relevant to consideration of your application. If there is anything you wish to bring to our attention, please call us on 0203 476 5002 before proceeding with an application.

Can you take the documents away to think about it further?

You can download and/or print a copy of this explanation document . If you wish you can go away to think about whether this product is right for you. It is very important that you read this explanation document carefully.

Any other questions?

If you are unsure about anything and would like any further explanation or information, please telephone Commuter Club’s customer services department on 0203 476 5002 or email Commuter Club at service@commuterclub.co.uk.

Loan Conditions – CommuterClub

1. Loan Conditions and Delivery

These loan conditions will apply to each Loan Contract you have with each of the Lenders who have together provided your loan.

Zopa, acting for the Lenders, will pay the supplier, on your behalf for your annual season ticket. CommuterClub acting on behalf of Zopa will administer loans as required and will act on the rights assigned to Zopa if required. CommuterClub will facilitate the purchase of an annual season ticket, in line with relevant regulations. As soon as the Loan Contract comes into effect your annual season ticket will be issued and delivered to you by post to the address you have provided. When your annual season ticket arrives, and any details are not correct or as expected please contact CommuterClub by telephone on 0203 476 5002 or by email at info@commuterclub.co.uk

As security for the payment of all amounts that you are required to pay at any time under the Loan Contract, you by entering into the Loan Contract assign to Zopa (acting on the Lenders’ behalf) all of your rights, title, interest and benefits in and to the annual season ticket from time to time (which shall include all adjustments to the annual season ticket from time to time) including all rights to and interest in (i) all sums payable to you under the annual season ticket (including refunds), and (ii) the right to cancel and/or enforcing the terms of the annual season ticket.

If any event listed in clause 5 occurs whilst any balance is outstanding under the Loan Contract, and after the expiry of any relevant notice period, Zopa, shall be entitled to take all necessary steps in connection with the annual season ticket as are necessary to protect the Lenders which may include (i) notifying the supplier of the annual season ticket (if it has not done so already) as to the Lenders interest in the annual season ticket; (ii) cancellation of the annual season ticket and receiving any refund due or (iii) taking steps to enforce the terms of the annual season ticket and recovering the proceeds. This will mean that you do not receive any amounts paid in connection with the annual season ticket until the Lenders have been repaid in full.

For so long as you owe the Lenders any money under the agreement, you undertake to them that:

  • You will not make any claim under the annual season ticket or otherwise deal without first notifying Zopa or CommuterClub;
  • You will not do or allow anything to be done which might prejudice Zopa’s security over your annual season ticket or reduce the amount payable under it;
  • You will send Zopa, straightaway any refund of in connection with your annual season ticket (including if it is cancelled) which you may receive. Zopa will apply the refund to the balance outstanding under the agreement but you may have to pay to the Lenders any shortfall if the refund does not cover the balance outstanding; and
  • You will comply with all conditions or terms of use issued from time to time by the supplier of your annual season ticket.

You irrevocably authorise Zopa to require the supplier of your annual season ticket to cancel your annual season ticket if you do not pay the Lenders on time. Zopa will apply the refund to the balance outstanding under the Loan Contract.

If your annual season ticket is lost or stolen, you must inform CommuterClub as soon as possible by calling 0203 476 5002. If your annual season ticket is stolen, you must also report this to the police and obtain a crime reference number which must be provided to Commuter Club when you inform it that your Goods have been stolen.

You must at all times keep your annual season ticket safe and under your sole control.

A breach of the loan conditions may result in the suspension or cancellation of your annual season ticket. If your annual season ticket is suspended or cancelled it cannot be used for travel. Following any suspension or where your annual season ticket is lost or stolen, a new annual season ticket must be issued in order to re-activate your annual season ticket before it can be used for further travel.

2. Payment

You must repay the total amount payable under each Loan Contract by paying the Repayments on the Repayment Date shown the Loan Contract Summary. Prompt payment is essential. If you are late in paying a Repayment, in addition to the right to enforce the Loan Contract, you must pay interest on the Repayment from when it is due until when it is paid at the interest rate represented by the Borrowing Rate.

The interest payable as part of each Repayment is made up of interest due to the Lenders at the Lender Rate and the Loan Servicing Fee calculated at the Zopa Servicing Rate.

Your obligation to make Repayments will be satisfied by making payments into Zopa’s customers' account (or such other bank account as Zopa may approve) by using a payment method approved by Zopa.

Each Repayment will be used:

  • First to pay any arrears of principal and interest under the Loan Contract;
  • Then to pay the interest and principal due under the latest monthly Repayment that is due and payable under the Loan Contract;
  • Then to pay any fees, charges, costs or expenses due to Zopa or any third party under the Loan Contract.

All Repayments will be made without deduction of income tax.

If your personal or employment circumstances change (other than your ability to make one or more Repayments at all) you may wish to change the date upon which you make your Repayments, in which case.

  • You may ask Zopa to change the Repayment Date by notifying Zopa that you wish to do so and specifying the new date within the month upon which you wish your Repayments to take place. Such requests may be made by logging-in to your Zopa account and following the instructions there, or by email to contactus@zopa.com or by calling Zopa at the general contact number shown on Zopa lending platform (such calls will be recorded to confirm your consent to the change).
  • Depending on whether the revised Repayment Date is before or after the original Repayment Date in the month, the amount of your next Repayment on the new Repayment Date will be adjusted to take account of the number of days between the new Repayment Date and the previous one. The remaining Repayments (assuming no further changes) will revert to the usual Repayment amount.
  • Zopa will then acknowledge and confirm the new Repayment Date and any change to the amount of your next Repayment as a result, before effecting any change. Depending on how you request the change, this acknowledgement and confirmation will take place online, during the course of your telephone call or by an exchange of email with you.
  • Zopa may request justification for the change to the Repayment Date and reserves the right not to complete the request if in its sole and absolute discretion it determines that the change is not due to an appropriate change in circumstances or that the process set out above is not being followed.
  • In the event that you become entitled to a refund of any amount paid by the Lenders to a supplier under clause 1, you hereby transfer to Zopa (acting on the Lenders’ behalf) your right to that refund, and agree that the proceeds of any such refund shall be credited to Zopa customers’ account and to your Zopa account towards repayment of the amount outstanding in respect of each Loan Contract; and, in the event that your Loan Contract is discharged as a result of such payment, any surplus shall be paid by us to your nominated bank account within 30 days after such discharge.

3. Continuous payment authority

Zopa may record details of any credit/debit cards where you consent to it doing so in order to allow it to take payment in the event any direct debit payment fails. You authorise Zopa on your behalf to take such relevant payments immediately where any repayments have been missed. It will only take such payments that are authorised under the agreement to repay the credit due on a monthly basis. You may at any time request Zopa to remove your credit/debit card details, but it is your duty to ensure repayments are made on time. Where your repayments fail, Commuter Club will contact you to discuss the reasons behind such missed payments. If you are experiencing financial difficulties, Zopa will show forbearance and work with you to agree a resolution. Zopa will also expect you to contact Commuter Club if you find you are experiencing financial difficulties.

4. Early Settlement

You may at any time settle your Loan Contract early and end the Loan Contract in whole or in part by logging-in to your Zopa account and repaying the full or partial amount you wish to repay.

5. The Lenders’ rights if you break any terms of the Loan Contract

Zopa, acting on the Lenders’ behalf may cancel your annual season ticket and terminate each Loan Contract by giving you written notice if any of the following happens:

  • You Default.
  • If one or more of the following events occur three times or more during the term of the Loan Contract:
    1. you report your annual season ticket as lost to Commuter Club;
    2. you report your annual season ticket as stolen to Commuter Club, but you fail to provide a crime reference number as required under these Loan Conditions;
    3. your annual season ticket is suspended for non-payment or for a breach of any other provision under these Loan Conditions.
  • Any of the information given by you to Zopa or Commuter Club in applying for or during the term of this agreement is false;
  • You present, or have presented against you, a petition for bankruptcy or for an administration order or your partnership dissolves;
  • You call a meeting of, or enter into any arrangement with your creditors to repay your debts;
  • In Scotland, your estate is sequestrated or your apparent insolvency occurs or you grant a trust deed for your creditors;
  • You die; or
  • You break any other term of the Loan Contract and you then fail to comply with the default notice that the Lenders are required to send to you.

If Zopa terminates your Loan Contract pursuant to this clause 5 your annual season ticket will be cancelled and you will have to pay the Lenders immediately the following:

  • Any amounts you should have paid already under the loan Contract; and
  • The rest of the Repayments you have not yet paid

Zopa may instruct a collections agency or Commuter Club to collect, on its behalf, any outstanding sums you owe the Lenders.

Before making any demand, Zopa will take all the steps the Lenders are required to take by law for your protection.

6. Charges and missing payments

To borrow via the Lending Platform, you must pay Zopa the monthly Loan Servicing Fee, which forms part of the interest you pay as part of your Repayments each month and is calculated using the Zopa Servicing Rate set out in the section called “other financial information” above.

We may add to the Loan Servicing Fee an amount which is estimated by Zopa to reflect the potential for a Default under the Loan Contract, based on your credit rating.

Missing payments could have severe consequences, including suspension or cancellation of your annual season ticket, commencement of legal proceedings and an adverse report on your credit history, which may make obtaining credit more difficult.

We may outsource certain debt administration services to Commuter Club in managing your Loan.

As mentioned in clause 2 above, if you are late in paying a Repayment, you will be charged interest on the Repayment from when it is due until when it is paid at the interest rate represented by the Borrowing Rate.

Other fees or charges that you may have to pay in relation to the Loan Contract and added to the outstanding balance are:

  • For each default notice issued to you - £15
  • For cancellation of your annual season ticket - £15
  • For making a repayment using a direct debit card other than the first payment - £1.65
  • For postage for each replacement annual season ticket - £1.65
  • For each duplicate annual season ticket issued when lost or stolen or re-issued after suspension - £10
  • Litigation costs and expenses, including legal fees and expenses, to cover litigation recovering outstanding arrears, in which case you will be advised of the cost if such action proves necessary.

The above charges may vary at any time in the future as a result of economic conditions, regulatory requirements or any other valid reason and this will be notified to you at least 30 days before you are charged.

7. Statement of Account

You have the right to receive, on request, and free of charge, at any time throughout the duration of the Loan Contract, a statement in the form of a table showing:

  • the details of each Repayment owing under the Loan Contract;
  • the date on which each Repayment is due, the amount and any conditions relating to the payment of the Repayment;
  • a breakdown of each Repayment showing how much comprises:
    1. capital Repayment,
    2. interest payment at the Borrowing Rate, and,
    3. if applicable, any other charges.

8. Assignment of Loan Contracts

Each Lender may freely assign or transfer or otherwise dispose of his or her right, title and interest in the Loan Contract and all associated rights under the Zopa Principles to any third party via the Zopa lending platform.

Your rights and obligations under a Loan Contract that has been assigned of transferred shall not be adversely affected in any way whatsoever.

You shall not be entitled to assign or transfer any Loan Contract to another person.

9. Law applicable to the Loan Contract

The Loan Contract is governed by and construed in accordance with English law and the parties submit to the non-exclusive jurisdiction of the English courts.

10. Other legal terms

Each of the clauses of the Loan Contract operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining clauses will remain in full force and effect.

If either party does not strictly apply its rights under the Loan Contract at any time, that will not prevent that party from doing so later.

Zopa and Commuter Club will communicate with you at all times in English.

Nothing in your Loan Contract will give any person, other than you and the Lenders (or any person to whom they have transferred their rights under your Loan Contract), any rights under your Loan Contract.

Any notices given to you in relation to any Loan Contract will be put in your Zopa account, in which case you will also receive by email to your email address a prompt to refer to your account or may be sent by post to your last known postal address.

Please contact Zopa if you think there is a mistake with any records relating to your Loan Contract. The process is explained at clause 10.

You confirm that you have a regular source of income, do not expect this to change over the lifetime of the Loan Contract and have no reason to think that you will be unable to make the Repayments required.

11. Right to Withdraw

You have the right to withdraw from the Loan Contract without having to give any reason. Your right to withdraw starts on the day after the Loan Contract is made and ends 14 days later.

You can exercise your right to withdraw by emailing Zopa at contactus@zopa.com or by calling Zopa on 0207 580 6060.

You must repay the loan amount (but not the Origination Fee) that has been charged without undue delay and no later than 30 days after giving notice of withdrawal.

12. Complaints and complaints handling

If you want to make a complaint about the Loan Contract or Zopa you can email compliants@zopa.com with brief details of your complaint and your account reference. Zopa will acknowledge your complaint within one business day. Zopa will then investigate and send you an initial response. This should take no longer than three business days.

Zopa will keep you informed of its investigations and will aim to resolve the matter within four weeks of receiving your complaint.

If within eight weeks after receiving a complaint it is still not able to resolve the matter, it will send you a final response. If you don't agree with the final response you may refer your complaint to the Financial Ombudsman Service, who can be contacted by telephone on 0800 023 4567 or at www.financial-ombudsman.org.uk. You also have the right to make a complaint directly to the Financial Ombudsman Service.

13. List of Lenders

You can view a list of your Lenders, including how much each of them has lent you and at what rate, in the "Borrowing" section of your Zopa account. You can access your account by logging in securely to the Zopa lending platform via the Zopa site.

14. Using your personal information

Any personal information that you provide to us will be collected, stored, processed and used in accordance with Zopa’s data privacy policy www.zopa.com/privacy-policy.

15. Defined Terms

In these Loan Conditions the following words have the following meanings-

“Borrowing Rate”
means the total rate of interest payable by the Borrower under the Loan Contract made up of the Lender Rate and the Zopa Servicing Rate;

“Default”
means the failure of the Borrower to pay the full amount of four Repayments then due and payable in relation to the Loan Contract;

“Lender”
means the Zopa investor identified as the Lender in the Loan Contract and any assignee, transferee or successor in title following any assignment, transfer or disposal under Clause 6;

“Lender Rate”
means the rate of interest payable to a Lender under a Loan Contract;

“Loan Contract”
means the agreement, incorporating the Loan Conditions, under which the Lender agrees to make a loan to you;

“Loan Contract Summary”
means the summary of all the Loan Contracts entered into by you at or about the same time (where more than one Loan Contract is entered into);

“Loan Servicing Fee”
means the monthly fee under the Loan Contract calculated using the Zopa Servicing Rate to cover the cost of administering Loan Contracts

“Repayment”
means each instalment due and payable by you under each Loan Contract, which shall comprise principal and interest, as well as any amount otherwise due and payable by you under the Loan Contract;

“Zopa Principles”
means the Zopa Principles you agreed when registering to use Zopa’s lending platform, as amended from time to time, a copy of which is available on the lending platform;

“Zopa Servicing Rate”
means the rate of interest payable to Zopa which it uses to cover the cost of administering the Loan Contract and is equal to the difference between the Borrowing Rate and the Lender Rate.

We're here to help

Monday to Thursday (8am to 8pm),
and Friday (8am to 5pm).

Email: contactus@zopa.com

Telephone: 020 7580 6060 for loans

Telephone: 020 7291 8331 for investments

We can't take applications over the phone. UK residents only. Calls may be monitored or recorded.