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 “Key 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.
  2. The Interest Charges set out in Key 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 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 England and Wales. You and we agree that the courts of England and Wales will deal with any questions relating to the Loan Contract, unless you live in Scotland or Northern Ireland, in which case you can choose the courts of these countries to deal with any questions that arise.

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 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 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 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 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 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 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 (

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;

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;

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 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;

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;

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 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.