Zopa..at what point do I get credit checked?

ferry

Just a quickie..I am considering applying for a Zopa loan and have heard through a friend that when applying a quotation search only is carried out.

I understand a full credit search is done at some point but at what point does a real footprint grt left on my file?

Thanks
F

Jamesf81

They dont leave prints on your file as they are not a bank.

They will credit check you as soon as you sign up, but it is only visible to you and them no one else.

ferry

Thanks James
Could I therefore ask how they assess on whether to lend to me?
I made an incomplete application as I needed to find out a bit more(hence questions above) and got as far as Zopa asking for my bank details-does this mean I was acceped for a loan?


Thanks for the ongoing help
f

jamesd

The quotation search is done just before giving you a personal rate. It stays at a quotation search until accepted. If you're one of the 80% or so who gets a quotation and is declined anyway then all you'll get is that quotation search, no application search at all.

Asking for bank details doesn't mean that you've been accepted. They just get it out of the way in case you are.

To assess they first want to see at Equifax a fair bit of credit history for something like three or more years. If there's only a little at Equifax they will decline you for lack of information. If total unsecured borrowing will go over about 50% of income then you'll probably be declined for markets but might be acceptable for listings. If you have unsatisfied CCJs Zopa will decline, maybe even before you get a personal rate quote. What they want to see is several active credit accounts, all running for a long time and well away from their credit limits. Living in the same place and in the same job for a long time help.

The use of a quotation search makes it fairly painless to try anyway so long as you remember that 80% or so who get quotes will be declined and don't mind that if it happens to you.

During the application process you'll get access to some pre-loan disclosure and contract PDFs. Save those while you can, you won't be able to get them online after the application is processed.

Declaration of interest: I've both loans via Zopa and lending offers at Zopa. There's currently a small chance that my lending offers might be accepted, though I expect not.

ferry

Many thanks for the reply and the excellent insight into Zopa..

Regards
F