Loan agreements will be made with Zopa Bank Limited and their term will start once we‘ve matched your funds with a loan customer and the rights of the lender are transferred to you. We will be liable (legally and financially responsible) for foreseeable loss or damage suffered by you: We won‘t be liable to you for any loss or damage that is caused by circumstances beyond our control. We clarified Zopa Bank holds vehicles on behalf of investors. As we have to make the transfer within 30 days of receiving your request, if we haven‘t been able to sell a loan within that time we‘ll move the loan to a non-ISA product you have with us. Posted on 16 June 2016 by Chris Torney We do this to make sure that we can always lend to suitable borrowers, and also so that borrowers benefit from all the protections offered by the Consumer Credit Act. Once for a long term loan which I am still paying and one I have now paid off. You must not use them as security against any other loan. If you’re in a hurry, you can pay an extra £10 for Zopa… I particularly appreciate that I can pay off more in a month when i can afford it, thereby paying teh loan down more quickly. Taking out a personal loan should be a relatively straightforward affair. If we can‘t contact you after making reasonable efforts to do so, we‘ll send the money back to your nominated bank account. If a loan customer defaults on their loan, we may also use specialist debt collection lawyers or a debt collections agency to assist with the collections process. But if you continue to use Zopa after we‘ve given you notice, you‘ll be deemed to have accepted it. We will need to do the following for you (acting as your agent) to make and manage your investments: Note : The ‘secondary market‘ allows investors to cash out some or all of their loans if they need access to their money before their loan customers are due to repay them. 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. As an investor, there are a few things you need to know about those protections. We will make changes to the Principles that we reasonably believe will not put you at a disadvantage, or because we need to respond in a fair way to: We may sometimes make changes without giving a reason – but we‘ll explain the impact of the change, and you‘ll always be able to end the service without charge before the change takes effect. Consequently, and in accordance with regulatory requirements, to ensure an orderly wind-down of our business, we have put in place a wind-down plan to ensure an efficient and orderly wind-down of our business with minimal impact to our customers. It might seem counterintuitive, but smaller loans often come with higher interest rates. Password. So refreshing and simple. Any sums relating to a claim which was accepted in full will be paid to the Trust; Any sums relating to a claim which was declined in whole or in part will be paid to you either fully or on a pro rata basis, taking into account any payment made to you by the Trust; If the loan was not covered by the Trust, we‘ll pay all sums recovered to you; (in the case of a vehicle finance loan) pay the sale proceeds to you and the other investors in the loan on a pro rata basis. We can‘t guarantee that a loan customer will repay their loan. Zopa Bank will purchase the vehicle and transfer the benefit of all or part of the agreement to you. I have had a few difficult years and the Zopa loans i have used have really helped me to manage. The money was in my account in 5 days and I'm now happily driving my car. But if you keep getting turned down and end up making numerous applications, they could all be noted on your record – and this could give future lenders a negative impression about you. Zopa will hold client money in a bank account or in an FCA-approved client money market deposit account, that is separate and segregated from Zopa‘s accounts used in the course of its business. But the total interest you’d pay on the shorter deal would be just £683.64 rather than £1,732.67 on the five-year loan. We can also end the agreement without telling you in advance if: If we end your agreement and you still have funds in your account, you will not be able to invest new funds or reinvest funds received into your account, and you agree to us selling your outstanding loans either on the secondary market as described at Principle 7 above, or to us or a third party if we have to implement our wind-down plan in accordance with Principle 14. If we reasonably believe that you were aware that someone else knew your security details or that your account was being misused, we will only be responsible for any loss or damage up to the point you became aware. This is applied to the proceeds from successful loan sales, and deducted from the final amount before being put into your holding account. The amounts you wish to invest will be queued until they are matched by the lending platform with suitable loan applications or with loans being sold by other investors via the secondary market. You will be liable (legally and financially responsible) for foreseeable loss or damage suffered by Zopa: If you owe us or other Zopa customers money and you haven‘t paid it back when you should have done, we can use any money you have in any accounts with us to pay off some or all of the money you owe us or other Zopa customers. Effectively the FCA‘s client money rules enforce that this money is your money, not Zopa‘s. It's the season for all things spooky, but one thing you shouldn't be scared of is your loan application. You have the right to transfer your ISA to another ISA manager at any time in accordance with the provisions of the Individual Savings Account Regulations 1998 (the Regulations) relating to transfers (if they agree to accept the transfer). We clarified what happens on termination of your account. Zopa is a member of Cifas – the UK’s leading anti-fraud association, and we are registered with the Office of the Information Commissioner (ZA275984, Z8797078). After my wife was turned down by the Halifax for a loan to purchase a car ( I approached Zopa for a loan. See Principle 15 below for details on how we treat money you‘ve transferred to us but that we haven‘t lent out yet and any repayments under loan agreements. We‘ll do one or more of the following…, And pay out any sums recovered as follows…. On the basis of this quotation search Zopa will place you into one their three markets. Financial Services Compensation Scheme : The money you invest by making loans to loan customers is at risk and not protected by the Financial Services Compensation Scheme. We offer a flexible ISA, so if you make a withdrawal, you can replace the amounts withdrawn without using up any more of your annual ISA subscription limit, as long as you do so in the same tax year. You can cancel your Zopa ISA within 14 days beginning on the day after your successful application. As a result of the FCA‘s client money rules, we‘re required to treat the money we hold for you (money you‘ve transferred to us which we haven‘t lent out yet and any repayments from borrowers) as ‘client money‘. With loans, there tend to be far fewer hidden catches and pitfalls than you come across in a typical credit-card deal. If you want to make a complaint you can email complaints@zopa.com with brief details of your complaint and your account reference. The asset you invest in: prime consumer loans . I wanted a loan to purchase a car and checked on Martin Lewis to find the best rates. But there are still a few issues to watch out for both before you apply for a loan and during the application process itself. Note: The market rate adjustment There may be occasions when the projected returns on the loans you want to sell are lower than the returns currently available to investors for loans which have a similar expected performance to yours. We can‘t guarantee that we‘ll always find a match. You can also send a cheque payable to Zopa Ltd., and addressed to Zopa Ltd., 1st Floor Cottons Centre, 47-49 Tooley Street, London SE1 2QG. The loan application process is 100% online and the company claims to approve 300+ loans daily. Please visit our help pages to find useful information and to contact us. Here are the steps: Choose how much you want to borrow and the repayment term; Enter some key details – such as … 'Zopa' is a trademark of Zopa Bank Limited. Instead of our customers having to upload bank statements to manually verify their income as part of the loan application process, they can now save time by allowing us to access their transaction information straight from their bank. How to apply for Zopa loan. transfer amounts received to the nominated bank account that you selected when you opened your account; or. You can only pay cash into your ISA, which can be the repayments and income you receive on any loans, as well as uninvested cash. Borrowing over a longer period can cut the size of your monthly repayments to quite a significant degree. The majority of finance providers in the UK won’t show you the actual rate you’ll be offered until you’ve gone through the application process. Zopa provides fast and quick loans for Debt consolidation, Home improvements, Car finance and Weddings. As described in Principle 14 below, if we implement our wind-down plan we may charge an additional fee per loan to cover our or the back-up servicer’s costs. If you selected a product you‘d like to invest in before making payment your funds will be automatically allocated to it; otherwise you can make your selection after your funds have been received. We would only expect this to happen where the existing level of loan servicing fees risks jeopardises our or the back-up servicer’s ability to continue loan servicing (and as a result, investors’ ability to receive repayments). The application process should take about 15-24 months, and we will keep you updated when we have news to share. We‘ll make statements available to you annually through your Zopa dashboard. Whether you’re ready to submit your personal loan application or you’re still in the researching stage, it helps to know what you’ll need when you apply for a loan. While much of the process can be handled online, there are still some documents you may need to provide as part of your application. We'll also charge you an administrative fee each time you successfully sell a loan to the secondary market, which we'll deduct from the amount you're paid for the loan. because the borrower is in arrears or has defaulted) or it has a balance of a fraction of a penny which means we cannot transfer it to your nominated account, you agree to transfer the loans and fractional balance to us. Zopa Limited is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register (718925). Note : The Zopa Safeguard Trust was established to provide protection to non-lending business investors should a loan customer fail to repay their loan. We aim to show all repayments on your Zopa dashboard on the working day we receive them and not later than the end of the next working day. You‘ll lose your right to cancel your Zopa ISA if you‘ve entered into any loan agreements in respect of any of your subscriptions or transferred in any previous years‘ subscriptions during this 14-day period. If after choosing to sell your loans your account still holds loans we cannot sell to the secondary market (e.g. We can delegate any of our functions and responsibilities under this agreement to another person but only if we consider them to be competent to carry out those functions and responsibilities. If we end your agreement because you have not had any active products or services with us for a significant period of time, we may pay away any balances on your account to a charity of our choice in accordance with any rights we have to do this under applicable law. If we make any changes, we‘ll post the updates on this page. You can cancel your request in relation to any loan that has not yet been sold to a new investor. “Representative” means the rate has to be made available to a majority of customers, but this could be as few as 51%, with the other 49% of borrowers being charged much more. Zopa is a member of Cifas – the UK’s leading anti-fraud association, and we are registered with the Office of the Information Commissioner (ZA275984, Z8797078). The pioneers of peer-to-peer lending, Zopa launched in the UK in 2005 and now offers some of the lowest loan rates around. If, after multiple attempts, we‘re unable to sell them we‘ll let you know we‘re taking the loans off the market, and you can choose to wait until they mature, or try to sell your eligible loans at a later date. For example: Note : If you invested in loans before we launched Zopa Bank then these loan agreements will still be between you and the borrower. As set out in our Terms of Use, we‘ll be responsible for any loss or damage resulting from unauthorised access to your account or unauthorised instructions, unless we can show that you have given someone your security details or acted fraudulently. Find out more about getting a loan with Zopa. If you need to access money you‘ve lent before it‘s due to be repaid, you can use the tool on your Zopa dashboard to sell loans within your loan book to the secondary market unless the loan customers are not up to date with their repayments. In 2020, we started a new chapter in our journey, officially launching Zopa Bank alongside … If you are an institutional investor, these Principles may be varied and/or supplemented by your platform lending and servicing agreement with Zopa ( Platform Lending Agreement ). This won‘t affect any other parts of our agreement with you. If we cannot sell your loans to the secondary market (e.g. 18 December 2020 We made changes to Principle 14 (and related Principles) to give more details about contingency planning. You can: Note : the 1% exposure to a single borrower referred to in Principle 2 above will only be maintained over the course of your arrangement with us where you have selected the re-invest function. If we can make a match, we will transfer the loan to the matched investor and pay into your account the amount of the loan that‘s left to pay but you won‘t be paid any interest on the loan for that month (or any future interest that would have been due). Transfer the benefit of all or part of any of your loans to another investor via the secondary market, to us, or to a third party. We'll tell you the fee before you decide whether you want to sell your loan. If we invoke our wind-down plan and reasonably determine that it would be in your best interests to sell your loans to a third party you acknowledge that we may sell your loans for less than you would have received had you held the loans until the end of the loan term. It covers loans taken out before 1 December 2017. Investor services are offered by Zopa Limited. When a loan agreement is formed, we record details of the loan on your Zopa loan book. Investors will also be entitled to loan repayments from borrowers they‘ve lent money to. Provisions that were previously in Part A of the Zopa Principles are now either in these Investor Principles or in our Terms of Use. Pre approving loan limit. Note : certain fees also apply to a sale of your loan agreements on the secondary market as described in Principle 7. © Zopa Bank Limited 2019 All rights reserved. it was pain free and I had an approval within 2 hours by email and was told my money would be in within 3 days. You can log in to your Zopa dashboard at any time to see how much money we‘re holding for you and how much you‘ve lent. Zopa Bank will be the registered owner on the CAP HPI register but hold the vehicle for the benefit of relevant investors. … You must not send any communication to any person to lend or borrow outside the Zopa lending platform or promote or market any goods or services for your own financial benefit. Your funds will show as a credit in your holding account which you can see on your Zopa dashboard. You don‘t have to make a subscription in every tax year but if you don‘t, you‘ll need to go through another application process before you can start to make subscriptions again. You can find more information about our wind down plan here: https://www.zopa.com/invest/risk/contingency. We continually keep our business model under review to ensure we can best serve all our customers (investors and borrowers). Note : You can find more information about our products and how you can start investing in our FAQs. Alternatively, you can write to us at Zopa, Complaints Team, 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG or call our Customer Services Team on 020 7580 6060 between Monday to Friday 8am - 8pm. Any invalid subscriptions made to your ISA may be subject to UK income tax. 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. If they don‘t comply, the law says that in some circumstances the loan can‘t be enforced and the lender can‘t charge interest until the mistakes are corrected. This limit sometimes changes so please visit www.gov.uk/individual-savings-accounts/overview for more information. There may be restrictions on how the borrowing is managed, though. What’s Zopa’s own application like? If we want to end this agreement, we will give you at least 30 days‘ notice. Have found Zopa very easy to deal with, the application process and the simple website and phone app is great fro keeping track of your loan. When you apply for a loan, the provider will check your credit record to confirm your identity and make sure you are a responsible borrower. If you‘re temporarily outside the UK and want to use Zopa, we won‘t be liable to you if your use of Zopa does not comply with any local laws. Subject to Principle 14 above, nothing in the Principles will give any person, other than you and us (or any person to whom we have transferred our rights under your loan agreement), any rights under your agreement. We believe we are uniquely placed to re-define what you should be able to expect from personal finance products in the 21st century. 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