With their high-interest rates, traditional bank loans might be intimidating when purchasing a vehicle, going on vacation, or settling pricey credit card debt.

Zopa, a peer-to-peer lending network, provides an alternative: it connects those seeking a greater return on their investments with others who need money, resulting in a win-win situation.

Zopa was the first firm when it debuted in 2005, but the fintech sector has become a fiercely competitive area since then, and Zopa recognises that quality and an emphasis on customer service will keep it at the forefront.

What is Zopa?

What is Zopa

Zopa was founded in 2005 to provide better solutions for everyone. They offer both personal and auto loans. Their loan periods span from one to five years, with a fixed interest rate of 15.4 per cent.

Zopa will not impact your credit score, but you will notice a hard search on your credit report if you apply for a loan with Zopa. The Financial Conduct Authority (FCA) regulates them completely, only functioning online.

You must be at least 20 years old, a UK resident, have a gross annual income of at least £12,000, be working or retired, and have a solid credit history of being eligible for a Zopa loan.

Customer service that has won awards

Customer service that has won awards

Over the previous decade, Zopa has earned several honours for outstanding customer service, including the Moneywise Customer Service Award for Most Trusted Loan Provider seven times.

Borrowing money may be emotional, and investing money necessitates a great deal of trust. Therefore, we must provide the assistance our consumers demand. They put a lot of effort into ensuring that customer care representatives are well-trained.

They’re not reading from scripts; instead, employees respond to the customer’s discussion, so ensuring they with the knowledge they need to have productive and successful interactions is critical.

Upscaling

Zopa wanted to make sure that the company’s service quality didn’t suffer as it grew. With major client growth on the horizon, Zopa required a solution that could readily expand with us.

We wanted to provide them with the greatest tools to simplify their work since they have the best customer service.

Putting everything together

Putting everything together

Both underwriting and customer service teams are now using Care Cloud to log every client contact, resulting in a 360-degree picture of the consumer throughout the company.

Their company caters to both new and old clients, and they realised that to give a consistent experience, they required underwriters and customer care representatives to be on the same platform.

A multi-channel strategy

A multi-channel strategy

With Serve Cloud, Zopa can service its clients through phone, email, or webchat while guaranteeing that the information supplied is consistent and reliable. It’s also continually seeking methods to improve from these encounters.

Data’s Influence

Data's Influence

Zopa also offers superior visibility since all customer and service data is in one location, allowing it to maintain its high service standards. Dynamic dashboards display team productivity and performance versus SLAs and assist team leaders in identifying bottlenecks or difficulties.

Service Cloud connects with Zopa’s internal analytics technology to transform this data into business insights. They have complete insight into the company’s success, from consumer feedback to staff performance, which allows them to keep their goods and services current and make necessary modifications.

Promoting New Possibilities

Promoting New Possibilities

Following the success of its lending platform, Zopa plans to build a next-generation bank in 2018 to expand its portfolio of savings and borrowing options.

Is a Zopa personal loan right for me?

When you apply for a personal loan with Zopa, your credit history, income, and the amount you want to borrow will all be considered.

You shouldn’t use it unless you’re convinced you’ll be able to repay the loan and fulfil the following requirements

  • At least you must be 20 years old.
  • You must be able to prove your identification (passport/license). driver’s
  • A resident of the United Kingdom with a three-year address history.
  • Whether you’re working, self-employed, or retired with a pension, there’s a place for you.
  • A yearly income of £12,000 or more is required (before tax).
  • A credit history that may be seen and an excellent track record of debt repayment.

How do I submit my application?

How do I submit my application

If you think a Zopa personal loan is perfect for you, you can apply in just a few minutes online. You may verify your eligibility without affecting your tax credit score in advance.

What is the maximum amount you may borrow using Zopa?

You may use a Zopa loan to pay for larger expenditures like a vehicle, a wedding, debt consolidation, etc. If you qualify for a Zopa loan, you may borrow between £1000 and £25,000 with durations ranging from one to five years.

With Zopa loans, the interest rate is set at 15.4 per cent, so you’ll pay the same amount each month for the duration you choose. A £10,000 loan amortised over five years will cost £234.99 each month.

There are no penalties for paying off your loan early, so go ahead and pay off your loan, or more than you owe, whenever you choose.

Conclusion

The UK’s financial authorities, the Financial Conduct Authority (FCA) and Prudential Regulation Authority, have granted Zopa, a peer-to-peer lending startup that seeks to become a bank, a bank licence (PRA).

The startup plans to provide savings accounts and credit cards in addition to P2P loans and investments. Zopa is the first and largest peer-to-peer lending platform around the globe and in the United Kingdom.

If you’re looking for a loan and need it quickly, you should look at what Zopa offers. The maximum loan amount is £25,000, with fixed rates for up to five years. However, you should double-check the interest rate given to you since it may change from what first piqued your interest.

You will not be charged any early payment fees if you want to pay early. In our 2022 Finder Customer Satisfaction Awards, Zopa scored 5 out of 5 stars and was also highly praised. Just be sure to shop around for the best financing for you.

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