After reaching over £300m lent to UK borrowers, we thought breaking down that figure would be a helpful way to show how the loans have been used and where Zopa saver’s money has gone.
Nearly 50%, £145m has been spent on modes of transport with the majority of loans being used for cars. This has helped people get to work and improve their family transport situations.
The second highest reason for loans is for paying off credit cards, which has helped people manage their finances and become more responsible with their money.
The third most popular reason for a Zopa loan is to help with home improvements. We know that a person’s home is their castle but with over £58m being spent on home improvements, our members have a serious appetite for DIY and investing in their properties for the future.
Other interesting reasons for loans include helping pay for wedding expenses, land purchases, art, education fees and even the odd boat.