Peer to peer lending websites Zopa review
Customer score: 65%
Explanation of risk to savers:
Ease of use:
To see how Zopa differs from other peer-to-peer lending sites, check our comparison table.
Zopa reviewed in detail
Minimum lend: £10
Maximum lend: No maximum
Lending term: One year to three years, or four to five years
Rates of return
Average rate of return for lenders: 4.6% (after fees and bad debt, but before tax) on Zopa's one to three year accounts, to 5.17% (after fees and bad debt, but before tax) on Zopa's four to five year accounts
Average default rate: 0.8%
Annual fee: 1% of the total amount lent
Withdraw funds early? Yes, but you will have to pay 1% of the total amount withdrawn
How much can you borrow?
Minimum amount you can borrow: £1,000
Maximum amount you can borrow: £15,000
Borrowing term: one year, two years, three years, four years, or five years
Can loans be paid off early? Yes, and without any penalty fees
Alternatives to peer-to-peer websites
If you're looking for a loan, it's worth checking out Which? Best Rate personal loans too.
And if you're looking for a safe home for your savings, consider putting your money into a Best Rate savings account or cash Isa. If you are content to take a little more of a risk for a potentially higher return, see our guide to investments.