Zopa Reviews

What does Zopa do?

Zopa is a UK digital bank that started life in 2005 as a peer-to-peer lending platform before launching full banking services in 2020. Today, Zopa offers a range of financial products including personal loans, savings accounts, credit cards, car finance and, most recently, a current account under the brand name “Biscuit.”

Zopa has over 1.4 million customers and positions itself as a mobile-first, user-friendly alternative to traditional banks. Customers can manage all their accounts and credit products via the Zopa app or website.

Who ows Zopa Bank?

Zopa Bank Ltd is privately owned and has received funding from major institutional investors including SoftBank Vision Fund and AP Moller Holding. The business has grown rapidly in recent years and is now profitable.

In 2024, it reported a pre-tax profit of £15.8 million, reversing a loss from the year before. The company is regulated by the Financial Conduct Authority (FCA) and customer deposits are protected by the Financial Services Compensation Scheme (FSCS), giving users added peace of mind.

Does Zopa offer credit cards?

Yes, Zopa does offer a credit card. It has no annual fee and provides a credit limit typically starting from £200 up to several thousand pounds depending on credit checks. The representative APR is 34.9% although the exact rate depends on your personal financial profile.

The card comes with features such as instant spend alerts, a “credit cushion” buffer for unexpected payments, and tools to manage your balance. Zopa won “Best Credit Card Provider” at the British Bank Awards in 2025, reflecting strong user satisfaction.

However, it is worth noting that some customers have seen their interest rates increased recently, with the minimum APR rising from under 10% to around 26.6% for new applicants.

Are Zopa loans expensive?

Zopa personal loans are competitively priced but may not always be the cheapest on the market. They offer fixed-rate loans from £1,000 to £35,000 with repayment terms ranging from 1 to 7 years.

There are no arrangement fees, and overpayments are allowed without penalty in most cases, although early repayment terms should be checked before signing. Zopa loans are often praised for transparency and speed, with many customers receiving funds the same day.

The exact APR depends on your credit score and personal circumstances, but rates are generally in the mid-range compared to other online lenders. While not the cheapest, the convenience and customer service often make up for slightly higher rates for some borrowers.