Amazing company. Quick and easy loan application ...
Amazing company. Quick and easy loan application and I had my money in a matter of days.
Amazing company. Quick and easy loan application and I had my money in a matter of days.
I have power of attorney for a friend who had to go into a care home in February this year. Since then I have managed to register the legal POA documents with the NHS, First Direct, The Halifax banking group, Thames Water, EE, Scottish Widows and have been able to close her accounts, move money etc. And all this during lockdown. Zopa, however, are still messing me around, giving misleading information and not replying to my emails. I have to report them to the ombudsman.
Zopa taken away the safeguard insurance but did not really raise the rates. As a result of this l am running down my investment. Zopa charge 1% plus market value adjustment fees.
Other large p2p do not always charge to withdraw also have insurance and a safeguard fund to cover losses.
The 4the way website has good background reviews on all p2p
Zopa started with great promise delivering better rates of return than could be achieved over standard interest rates offered by other UK lending institutions. However as time passed the level of bad debts increased and month on month the regularity of the bad debts debited from the amount invested outstripped the interest received. We therefore decided to turn off all new lending and remit back to our nominated account the proceeds on a monthly basis. Whilst we expected an annualized return of circa 5% the longer time passes the rate of return expected ratchets downwards to considerably less. In precis initial deposits made in May 2016 and with each passing month an escalation of bad debt materializes which diminishes the returns. The uncertainty associated with this lending is simply not all it is cracked up to be and anyone investing ought to consider these facts.
From the lenders perspective it is a "no lose" situation as they lend out investors funds and the entire bad debt amount or default is then deducted from the investor who has lent Zopa their money . Zopa incur no risk whatsoever lending out your funds .
The subsequent follow up of the debts process is suspect for the amounts retrieved are pitiful compared with the large slices of debt they deduct as bad debt/defaults .
To add salt to such a wound Zopa charge 1% fee for any withdrawal and in our case there is only one winner, and that is Zopa themselves to date.
The fact that they have focused on ISA's and FCA regulation and in marketing their products ,sees them in our opinion taking their eye of collections. One can only ask if it were their own money that was in default with their loans would they chase them more vigorously for payment?. The answer is clear and that is reflected in our own case.
Brilliant experience throughout. The experience of applying for a loan was smooth and the CS team helped me resolve my document issue thoroughly and were very friendly. Thank you :)
So Ive had 3 Zopa loans over the years, all of which I have paid off early and never missed a payment once. The first one I am sure I actually took a few years to close off. I have now had 3 straight refusals from them over the last 3/5 years for a new loan and my credit status is the same if not better. Pretty obvious that the clear strategy of Zopa is to take on only people who cannot pay off early at all or struggle with payments. A shame because it was a very quick, concise and clear service when they did allow me to use them before. One extra star for that so not 1 overall. Just a shame they penalise you for paying off early, when thats one of the things they have firmly pitched as a feature benefit of using them. Thats what it feels like anyway.
Didn t know much about this company, other than I got my yearly travel season ticket via them through Commuter Club. Great service back then and no issues with payments or timely communication.
Decided to use them once again this week for a different urgent service, must say, am rather impressed by the quick, easy and particularly very customer friendly website. Called customer services for an update and the lady was so polite and so helpful. It is amazing to see a financial company that are so invested in their customer service, kudos to your customer service leader, may they continue as they have started.
Excellent easy to use on line and via the app, kept me update on the progress of my application and even called me to confirm all my details, money went in on the same day at a great interest rate, amazing service will recommend to friends and family... 5 star all the way!
Requested ring back as was on hold they rung me back after the office shut and hung straight up. Thanks guys very helpful
so far up until recently my dealing with zopa have been fine until covid struck i was furloughed so asked for a reduced payment until i was working again which they did no problem after the reduced rate ended i have continued to pay the full amoumt plus extra to cover the reduced payment however i recieved a credit alert that zopa had put a flag on my report. Which has had impact on my credit file even though im making my payment plus the additional money.
Great experience as a borrower. Fast and flexible terms. Will use again.
I will br brief. I invested 6,000. Five months later i got back 5,819. You can read all the comments about defaults but the result remains the same. It shows fine in the beginning but when you try to get your money back the commissions and defaults together leave you with less money. Do not waste your time and money with them. plus you get this message when you try to withdraw your money. 'unfortunately none of your loans can be sold at the moment.' . I tried selling for 2 months.so basically I lost my money. STAY AWAY
Percentages given going down and down no point to keep the money in there better to put it on BTC also when you want to take your money back they charge you 1% plus it takes long time to get it back. No point.
Why not help those who want to invest and those who want to borrow? Two birds, one stone. Good price and great customer service. Thanks!
Used them for an hp agreement for a car purchase, wrong direct debit details set up, told i could change after first payment, after first will not allow me to change, do not answer the phones, do not reply to emails. I have had to cancel the direct debit to try and get a reply!
Strongly advise against using this company as they have zero customer service and are proving ultra difficult to communicate with.
Horrible experience with their internal recruiter...they cannot even read the emails telling them not call at specific times
Don't do what they say.
Invested a few thousand with them 3 years ago. Over that time, they have overinvested in risky loans which defaulted, so I've received nowhere near their advertised rates. This is all at a time when the economy and employment are positive stories. Through all of it, advertised rates were around 5%. They either don't know their customers at all or are fraudulently misreporting their rates.
**WARNING"" if you are a Self employed or a Limited company director these clowns wont be able to help you.
Sadly Zopa don't have the first clue about how Limited company directors run a business and how finances are paid out of a business. We are not self employed we run a limited company. I declared my average income as an IT contractor over 3 years based on a consistently good day rate whilst paying myself a mix of PAYE salary and dividends. They wouldn't believe the income that i put in the application despite providing business & personal bank accounts and contracts and eventually after days of waiting asked to see a Self assessment tax return S100 form as proof of income. When i explained that all that will show is tax paid on what i draw out of my business the underwriters became sarcastic and rude. After many painful conversations I decided to cancel the application and have gone elsewhere.
Used for the third time recently. Excellent customer service, easy to use website, with all info of your loan clear & simple to understand. Highly recommend.
First time trying out P2P lending and after 6 months my investment stands at a net loss after 3 defaults in as many weeks! Not panicking yet but not happy with the performance so leaving this review. Also, they do not secure your loan anymore and have not increased the rate to compensate for the additional risk. For this reason, I do not recommend them.
Edit2: approaching the year mark and the return has picked up. Still below 2% but better than the best bank. After contacting zopa I was informed the projected return factors in expected defaults, which put me more at ease.
Nice location, offices are nice with excellent views of the river
It a n9ce office overlooking the Thames. From the Windows it's like you standing on the water!
I think they are a good company and their loans and investment options are very competitive in compare to other similar companies. The whole life-cycle of their products experience if very good and looking forward for their new banking product. Even though I would say you should assess your personal circumstances and make sure you are able to pay back on time if you take out a loan. Or equally know the risks of investing, there is plenty of money advice out there, free one would be money advice or seek advice from a financial adviser.
Zopa has gone from hero to zero for me. I had significant funds in an "access" account last year when they had a liquidity crises leaving me completely dry. Communication was very poor. This year they failed to process and ISA on deadline day and have tried to put it into the following year. Added to that they have now got rid of the safeguarding fund without improving the rates, there are MUCH better P2P companies out there.
Borrowed an amount to purchase a car and the ease of application was excellent. The application was accepted very quickly and the money was in my account swiftly too. I downloaded the app and it is so easy to use. They don't charge you for making extra payments and there is no early settlement fee either. If you require a loan, always consider Zopa first as they really are a superb company and offer great rates compared to other lenders.
Signed me in to see the wrong guy and left me sitting like a lemon as my guy was not even in
Borrowed a sum of money from Zopa to purchase a car. Unfortunately, a few weeks into ownership the car failed mechanically and I wanted to return it, however, the dealership were being difficult.
I was dealing with Emily Stanley, the Senior Complaints Officer at Zopa and she was extremely professional and helpful throughout the whole process, she managed to help me successfully return the car back to the dealership. Emily is a real credit to Zopa.
Very disappointed with the terrible customer service received by this company over the phone during a product sign up (it took 5x phone calls and one lady had a rude attitude - despite my providing very clear information requested). I liked the concept of this company and was initially drawn over the line by a marketing offer which the company also never actually actioned. I feel very deceived and in retrospect would choose another company for my business over Zoopa had I known what I know now.
I started investing with Zopa at the start of 2017 and have more than hit the target returns over the last two and a half years. Very open and transparent about the performance of my loans and they are clear about the fact that it s a medium to long term investment. I don t understand the people who withdraw their money after one or two defaults, because it all evens out. The returns are also a nice change from what you get with a savings product!
Overall, very happy leaving my money to grow with an established P2P lender like Zopa.