Who can choose your own monthly repayment date so as to suit your financial situation and, unlike many other loan providers, Zopa do not prohibit you from finishing your repayments before the term. This means, if you are borrowing an amount you can easily afford, you can save even more by cutting the loan short and avoiding months or even years worth of interest charges. There\u2019s no fee for doing this and you can make a one off lump sum payment whenever you like, just so long as you don\u2019t have another payment still in processing.<\/p>\n

Though the biggest loan you can acquire is \u00a315,000, you are able to take out multiple loans on different terms, provided that you don\u2019t exceed a total of \u00a315,000.<\/p>\n

If you do find yourself struggling to make repayments on time you should contact Zopa straightaway to discuss your options. If you default, your debts will be handed over to a separate collections agency.<\/p>\n

This agency will charge you a fee of 22.5% of the overdue amounts it has had to collect. This goes up to 40% when the agency has to use a field agent. You will also have to pay interest on the overdue sum.<\/p>\n","protected":false},"excerpt":{"rendered":"

Table of Contents Zopa for Savers Selecting a Market Finding a Borrower What are the Restrictions? Can I Withdraw My Money Sooner? How Much are the Fees? What are the Risks? Zopa for Borrowers Applying for a Loan How Flexible are Loans from Zopa? What…<\/p>\n","protected":false},"author":2,"featured_media":1901,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[338,336,225,339,151,335,220,323,340,334,337],"acf":[],"yoast_head":"\n