How are repayments calculated?
As with all personal loans, the interest you pay on a Zopa loan is based on the outstanding balance of your loan. It’s calculated daily, although you make repayments monthly. While your repayments will be the same through out the course of a loan (except for maybe your first one), you’ll be paying less interest and repaying more capital each month. The first repayment you make will be slightly higher than the rest of your repayments if more than a month passes between you taking out the loan and making your first repayment. Whether this happens depends on which day of the month you chose to make your repayments on.
