Refused loan

Shezz

Hi just wondered

I applied for a 7000.00 loan with zopa over the weekend, heard nothing till i got an email declining me

No indication as to why not, just a list of possibilities, I checked each one and none seem to apply to me

Now I am worried as to why i should off been declined, I do not want to keep trying as i've heard that searches can do something to your ratings, but do need this loan pretty urgent

I dont have no outstanding dept's, I always pay everything on time, I have paid my morgage up early, and I am also member of experian and constantly check my credit.

Wanted to go with Zopa as you can make overpayments and not be penalised for it

Don't know what to do

inmypocketnottheirs

Try egg, they allow you to overpay without penalties.

Crap_with_money.com

Who do you bank with? Would it be worth contacting them to see if you would be eligible?

I work for Lloyds, and we're able to see before doing a credit check whether you'd potentially be eligible, as they use their own internal risk scoring as well as the standard credit checks. They also have the ability to overpay on their loans.

If you can't get one whereby you can overpay, would it be an option to save the money you would have overpaid by separately, and then simply settle the loan early when you have enough saved?

Shezz

Hiya Thanks for your replays

My bank is barclays, but am having a tangle with them at the moment, they told my son he had to have ppi to get his loan, am helping him to claim it back.

Will look into egg,

Can I ask zopa as to what reason they refused me and must they give me the answer, am so annoyed as i feel i've been penalised and i dont know why

Crap_with_money.com

You can ask - but I'd be surprised if they'd tell you. They would normally just give documentation on "your guide to credit scoring" and suggest you check your credit file - which you've already done.

Obviously every company has their own criteria, so I wouldn't be too concerned about one declined application.

If you manage your current account well, I would suggest again that you try your own bank - they fact they offer the facility to overpay as well is a big bonus for you.

b3nton

Yeah Egg are good. I've also heard good stuff about First Direct

inmypocketnottheirs

Shezz wrote: »

Can I ask zopa as to what reason they refused me and must they give me the answer, am so annoyed as i feel i've been penalised and i dont know why

Zopa are a law unto themselves. My credit file is spotless and I have good income, own properties with substantial equity, but they turned me down too.

They won't say why, just close your account with them. It's the only way you can show your dissatisfaction.

Shezz

Going to do that, am really annoyed with them

went to moneysupermarket.com in the end and got some quotes, decided not to worry about early repayments and do as Crap with money suggests and put the extra aside.

Btw I done an online application with the AA and with a blink of an eye

I was accepted,

thankyou all for your input

NeonPink

If you do search for another loan with another company, does that decrease your credit rating more?

fozmcfc

You might be turned down, because you a have a great credit rating and always pay everything in full every statement and owe absolutely nothing to anyone on your credit record and even has their mortage paid off

Some companies look only for people who they believe they can get something out of.

For instances if someone has 2 credit cards and always pays them off every month, the lender is getting no interest out of the customer. So why would another company want to really bother with someone who isn't going to make them money.

Egg got rid of a lot of customers in the past year or so, who had excellent history with them and zero balances. They kept people like me who always pay interest on a credit card to them every month.

I read somewhere, possibly on this site, if you are going to be applying for a credit card/loan etc, it is sometimes best if you have a 1 or more outstanding balances on a credit card to pay off and you have been making those lenders some money, no matter how small and even in the past 3 or 4 months or so.

Glad you got your loan in the end though. :T

Mightyowl

inmypocketnottheirs wrote: »

Zopa are a law unto themselves. My credit file is spotless and I have good income, own properties with substantial equity, but they turned me down too.

They won't say why, just close your account with them. It's the only way you can show your dissatisfaction.

Zopa are very UNprofessional!

I helped someone with there Zopa application just after Christmas, she was attracted by how Zopa worked regarding interest rates! Anyway she got through the first stage of the vetting process and was sent an email stating she would be contacted within the next few days so they could charge he debit card £1 to confirm her identity.

2 weeks later still no call, so she tried to contact them but it went straight to the answer phone this went on for a total of 6 days :rolleyes::rolleyes:.

In the end she had to post a thread on the Zopa forum to find out !!!!!! was happening, she then received an email from one of the forum mods saying she had been declined!

What a joke set up Zopa is!