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ZOPA-if higher loan application is rejected, would they offer an alternative amount?
I am considering applying for a 13K loan from ZOPA. After reading the posts on this forum about ZOPA, it seems that lower lending amounts are favoured. This is making me ask the questions:
:question:If I apply for a £13K loan and ZOPA rejects this, would they be able to come back to me to say I am instead entitled to apply for a £4K loan instead (this is just an example for illustration purpose) ?
:question:If one application to ZOPA is declined, would I be able to re-apply for a smaller loan?
Many thanks.
:question:If I apply for a £13K loan and ZOPA rejects this, would they be able to come back to me to say I am instead entitled to apply for a £4K loan instead (this is just an example for illustration purpose) ?
:question:If one application to ZOPA is declined, would I be able to re-apply for a smaller loan?
Many thanks.
0
Comments
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Hiya. The answer to both of your questions is 'No'.
While it's true that larger loans usually have a lower APR than small loans, larger loans will ultimately cost you more in interest because you're borrowing more capital on which interest is calculated. You should therefore borrow only what you need.0 -
Hi ZopaSarah, I have a different question for you if that is ok; how long does the blocked borrwoing status remain on your account?Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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