Debt consolidation

Yes you can.

There are a few conditions, and it has to have been at least 6 months since your last Zopa loan application.

How?

When you sign in, under 'My account' you can select the option to 'Borrow more'.

You should only borrow what you are able repay, and all Zopa loans are subject to our normal credit checks

Please remember that the total amount you can borrow is £35,000. This means if you have an outstanding balance of £5,000, you have up to £30,000 left to borrow.

Consolidating an existing loan?

Great. Simply tick the 'debt consolidation' box if you want to consolidate an existing loan. In the 'about you' section of the loan application you'll be given the option to consolidate your existing Zopa loan, and shown the amount. Don't forget to tick the 'final consolidation permission' box.

Please be aware that a settlement amount is automatically taken from your account when you take out a new loan with us. This means that the remaining balance of your loan, any fees as well as interest due are deducted from your new loan amount.

No, this is because your monthly repayment amount was calculated to repay your agreed loan amount over your agreed term. We can’t change this once your loan is up and running.

Make extra payments

Paying extra towards your loan is simple and we currently don’t charge a fee. Read our guide to making extra payments.

Change your repayment date

You can also easily change your repayment date if it isn’t working for you. Read our guide to changing your repayment date.

Yes, you can. To consolidate one or more existing Zopa loans.

First you'll need to log into your zopa.com account

Under 'My account' you can select the option to 'Borrow more'.

As with your original loan, the application will be subject to our normal credit checks and you can only borrow up to the maximum loan allowance out of £35,000.

For example: If you borrowed £5,000, you have up to £30,000 left to borrow.

Please be aware that a settlement amount is automatically taken from your account when you take out a new loan with us. This means that the remaining balance of your loan, any fees, as well as interest due are deducted from your new loan amount.

For example: If your remaining Zopa loan balance was £1,000 and you applied for a new £3,000 Zopa loan. Let's say your fees and interest amount to £20. The remaining balance of your original loan (£1,000), as well as any fees and interest payable (£20) will be deduced before you are credited with the remaining disbursal amount.

Using the above example, this would mean your loan disbursal amount is £1,980.

Yes, you can pay more towards your loan at any time. The easiest way to pay more is by using the Zopa app. Select your loan, then ‘Make an extra payment’ and follow the steps. We currently don't charge any fees for this.

Things to keep in mind

• You'll still need to make your regular monthly repayment

• Paying more will reduce your loan size, the amount of interest you pay and the cost of your monthly repayments but your loan term will stay the same.

• You’ll need to pay at least £10.

• If one of your regular repayments is going through, you’ll need to wait a few days until that’s cleared before making an extra repayment.

• Once your payment's cleared, we'll send you an email confirming your new loan balance and any adjustments to your monthly repayments.