Zopa Loan Declined

Mech

Hi ppl I hope you may be able help

I have applied for a loan at zopa and unfortunately was declined.:mad: They will not disclose any other information and all I have been able to find out is they use Equifax.

After joining Equifax to see what maybe the issue and looking at my credit report it says I wasn’t on the electoral register at my current address. After calling them, they said I was on the electoral register and they just needed to update the information I see when logging in. They said as the information is live, zopa would have seen I was on the electoral register even though the web page on Equifax said I wasn’t, so not really knowing how they work I don’t know if that’s true or not.

Anyway, Equifax is all good now, and my score on Experian is 987 (I now this doesn’t mean much in real terms)

My question is, in the last 4 days ive applied for a new credit card to balance transfer (approved) and then this zopa loan (Declined). Can I risk trying somewhere else for a loan or will the last two searches prevent me from getting a loan elsewhere?

I have a lease car for the last 3 years which is going back next week which is why I applied for a loan. I have never missed a payment, nor have a missed any payments on my credit card. I have no late payments on anything, credit file looks good.

Any help would be greatly appreciated
Thanks for your time

KingElvis

Your own bank is deffo your best bet now.

Mech

KingElvis wrote: »

Your own bank is deffo your best bet now.

Thanks for your reply. I would have done originally but the amount my bank will charge interest is too high. I’m only applying for a £3500 loan which I will pay back over 12 months (Current cost of my lease car is 310 a month) so I was looking for a company that wouldn’t penalise me for paying early you see. Looking at the figures from my bank, they want to charge nearly £900 interest.

BugsyBrowne

Mech wrote: »

Thanks for your reply. I would have done originally but the amount my bank will charge interest is too high. I’m only applying for a £3500 loan which I will pay back over 12 months (Current cost of my lease car is 310 a month) so I was looking for a company that wouldn’t penalise me for paying early you see. Looking at the figures from my bank, they want to charge nearly £900 interest.

You've just been turned down so I would think yourself lucky if the bank even give you a loan.

Mech

BugsyBrowne wrote: »

You've just been turned down so I would think yourself lucky if the bank even give you a loan.

That’s why I am came here asking for advice. I wouldn't apply for a loan that charges such a high amount of interest. IT would be difficult but I would rather save for six months then pay that.
I was trying to find out how strict zopa are and if applying elsewhere would be pointless


Thanks

DCFC79

Well I know zopa are strict who they lend too, i remember someone saying you ned to be squeaky clean to get a loan from zopa.

Mech

DCFC79 wrote: »

Well I know zopa are strict who they lend too, i remember someone saying you ned to be squeaky clean to get a loan from zopa.

Thanks for your reply

It would seem that way, because I can’t see any problems with my credit report. No missed payments, not maxed out on my credit card and a good salary. I have moved houses twice in as many years which maybe a problem I guess, but always been there long enough to be on the electoral register.

I just don’t want to try elsewhere if the decline/search will prevent anyone else accepting me.

DCFC79

Mech wrote: »

Thanks for your reply

It would seem that way, because I can’t see any problems with my credit report. No missed payments, not maxed out on my credit card and a good salary. I have moved houses twice in as many years which maybe a problem I guess, but always been there long enough to be on the electoral register.

I just don’t want to try elsewhere if the decline/search will prevent anyone else accepting me.

your going to have to decide whether you apply elsewhere or stop applying and save your money, maybe cut your spending to put more away.

Mech

DCFC79 wrote: »

your going to have to decide whether you apply elsewhere or stop applying and save your money, maybe cut your spending to put more away.

Thanks again for your reply
In your opinion, having applied for a balance transfer credit card and being accepted and then applying for a loan and being declined, how detrimental is that, if I try again elsewhere?

Thanks again

DCFC79

Mech wrote: »

Thanks again for your reply
In your opinion, having applied for a balance transfer credit card and being accepted and then applying for a loan and being declined, how detrimental is that, if I try again elsewhere?

Thanks again

Im afraid I cant answer that but Im sure there are other posters who can fill in the blanks.

Tixy

Probably worth trying one more application, somewhere else but if declined again then I wouldn,t do any further.

Maybe look at nationwide softsearch to see if they may accept you and at what Apr.

Is it to buy a car? in cash? What balance transfer card have you been accepted for?