Zopa Loan

JimDuff

Having had a look on Zopa, they seem quite competitive and I was just wondering what my chances of being accepted would be like. I still live at home so have minimal outgoings, have several settled car finance agreements, phone contract for three years, been on the electoral role since 18 etc, no CCJ's or debt, etc etc. Good steady income.

I have one late payment on a finance agreement due to a careless dealer not settling by cheque on time when I changed cars, but it was settled a week later in full, and everything else is either on time or up to date.

Just wondering what peoples experiences are like with Zopa before I take the risk of being declined.

Thanks.

KingElvis

You can apply on there and it doesn't affect your credit rating, they only do a soft search.

JimDuff

KingElvis wrote: »

You can apply on there and it doesn't affect your credit rating, they only do a soft search.

I started a quote and entered my details and got a fairly decent quote. I don't think this means I'd be accepted though does it?

KingElvis

JimDuff wrote: »

I started a quote and entered my details and got a fairly decent quote. I don't think this means I'd be accepted though does it?

Sorry, no idea, that's as much as I know

JaymesKenin_2

Hi mate if it gets to the point that they give you a quote you can accept, they'll then do a full credit search (if I recall correctly, anyone feel free to correct me on this bit), and then you'll get an answer within a few days, at which point your loan is chopped up into tiny bits and people like myself chip in little bits until the full amount is reached.

JimDuff

JaymesKenin wrote: »

Hi mate if it gets to the point that they give you a quote you can accept, they'll then do a full credit search (if I recall correctly, anyone feel free to correct me on this bit), and then you'll get an answer within a few days, at which point your loan is chopped up into tiny bits and people like myself chip in little bits until the full amount is reached.

So If I get to the page where it says "Finding Zopa Lenders" then the quote comes up with the APR rate and monthly break down, then that means they will lend? Or do I have to go through the process of acceptance and possibly still risk them declining?

Sorry for the confusion!

JaymesKenin_2

JimDuff wrote: »

So If I get to the page where it says "Finding Zopa Lenders" then the quote comes up with the APR rate and monthly break down, then that means they will lend? Or do I have to go through the process of acceptance and possibly still risk them declining?

Sorry for the confusion!

As far as I've been through the process (I was declined):

You put in your details and the amount of money you want to borrow for 36/60 months.

They'll then do a soft credit search on you, and give you a quote.

You then accept the quote and an underwriter checks you out and gives you a yes/no.

If you're at the finding lenders point I *think* you've been fully accepted, HOWEVER I do not know for certain.

JimDuff

JaymesKenin wrote: »

As far as I've been through the process (I was declined):

You put in your details and the amount of money you want to borrow for 36/60 months.

They'll then do a soft credit search on you, and give you a quote.

You then accept the quote and an underwriter checks you out and gives you a yes/no.

If you're at the finding lenders point I *think* you've been fully accepted, HOWEVER I do not know for certain.

Yeah that makes sense. So It doesn't guarantee anything, it's just a soft search, a rough guide as such. Guess I will just have to go for it and see what happens! Do they want any documentation or anything?

JaymesKenin_2

JimDuff wrote: »

Yeah that makes sense. So It doesn't guarantee anything, it's just a soft search, a rough guide as such. Guess I will just have to go for it and see what happens! Do they want any documentation or anything?

I'm not sure, sorry! I've never gotten that far through the process! (Ironic, since I lend there!)

The_Cappuccino_Kid

JimDuff wrote: »

Yeah that makes sense. So It doesn't guarantee anything, it's just a soft search, a rough guide as such. Guess I will just have to go for it and see what happens! Do they want any documentation or anything?

I think that they do a soft search to quote but then a different one when you apply.

You may find that you get contacted by the underwriters for proof of income etc.

paddyrg

The 'underwriters' are people like you and me, who have a few quid to lend direct to people who need it, zopa are the dating agency.

The application is staged, they will work out which 'market' you suit (probably the 'young' market), then post the application for people to lend against. The 'young' market isn't the cheapest, but it is for people with no credit history, ideal for you. You will not get the A* market rate, but probably as good a deal as you'll find elsewhere.