Zopa refused me a loan !!

Unforgiven_2

Absolutely stunned to hear zopa turned me down for a loan for 5k

My credit score = 999 out of 999
Been in my job for 30 years+
Lived at my house for 16 years +
No credit card debt
Never ever missed a payment on a loan or mortage payment.

Called them they say their lending criteria is very strict, at this rate they wouldn't even lend the queen a fiver :mad:

Curr946

Try elsewhere. Each lender is looking for different customer types.

DCFC79

Try your bank

dealer_wins

Unforgiven wrote: »

Absolutely stunned to hear zopa turned me down for a loan for 5k

My credit score = 999 out of 999
Been in my job for 30 years+
Lived at my house for 16 years +
No credit card debt
Never ever missed a payment on a loan or mortage payment.

Called them they say their lending criteria is very strict, at this rate they wouldn't even lend the queen a fiver :mad:

Did you leave out anything in your post, like existing debts? Otherwise it seems a bit suprising.

celtic123

some companies dont want a perfect cr. they afterall want to make a bit of profit out of you lol

Unforgiven_2

Nope, missed nothing out, just put the loan through with Santander, approved within 15 seconds and it's cheaper than Zopa.

Supafly-Reen

Try joining credit expert, they match you to deals you are likely to be accepted for and there's a 30 day free trial.

Squiggybank

Hi,

Me too

I stupidly have 2 credit cards I am trying to pay off but they have interest rates of over 20%. So I decided to try and get a consolidation loan with ZOPA. Credit Expert said my rating was good 947 score, it noted I had no missed payments etc, but I did have alot of my available credit in use (the 2 cards) and I was not on the electoral role (Though I do have a postal ballot form - since found out this is not updated by the council until December). I applied to Zopa and got refused so I guess a good credit score (which apparently only 29% on people have or some such blah according to Experian) doesn't count

To top it off the taxman took an extra £250 this month without warning, apparently I did not pay enough tax in May/June when I changed jobs. A warning would have been nice instead of the money going in one sum 6 months later!

Anywhoo we have been budgeting and cooking cheap food and have sold stuff on ebay and sold my bike to help pay towards things so hopefully I'll get there one day.

I know I should not have credit cards but jeez companies whacking up the rate makes it hard to dent the debt.

Good luck getting a loan elsewhere anyway.

iolanthe07

I know I should not have credit cards but jeez companies whacking up the rate makes it hard to dent the debt.

Did you know that you have the right to insist that your credit card remains at the old interest rate? You cannot put any more on it, but you can pay it off at the original rate.

27col

I am not sure why Zopa did not give you a loan, as they have their own criteria for lending. It is pity that they will not give you reasons for the refusal.
However, as a Zopa lender, as far as I am concerned, the stricter they are, the better pleased I am. It is my money and that of others like me that they are lending, not their own money.
Also, I think that if they did start getting a high percentage of defaults, then lenders like me would soon pull our money out and there would be a rapid decline in the amount of money available for people to borrow.

paddyrg

With no credit cards, etc., it could well be that the lack of unsecured credit history is why they declined you. Credit history shows that you pay back debts on time, and can handle unsecured credit - it is reassuring to lenders to see that you handle credit without defaults!

You might also like to try ratesetter - very similar to Zopa, but different eligibility criteria.