Zopa Loan Declined

shop-to-drop

May be worth looking into car finance as some of them allow you to pay the balance in full without penalty. Not as good as Zopa where you can make an overpayment every month but you could save the additional money each month and then pay the balance at the end of the 12 months. From what I understand car finance is easier to get than bank loans.

Mech

Tixy wrote: »

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?

Thanks for your reply

I will try nationwide, thank you. The frustrating thing is, Zopa did a softsearch and I got offered an APR of 5.8 but then got declined.

Yeah it’s to be a used to buy a car,my current lease car was purchased from new, but im just tired of therestrictions the brings, so I was putting a couple of grand towards myself plusthis loan.

I currently have a Barclays platinum credit card and my new balance transfercard is from Tesco.

Thanks again

Tixy

Will there be spare unused spare limit on the Tesco card after the transfer? Does it also have 0% on purchases?
If yes then you could look at the possibility of using that card and sterling travellers cheques from Tescos to borrow cash into your bank account at a very low rate.

mrchiggles

If there is in interest penalty for paying early you can sometimes get around it by paying off nearly all the loan apart from £10, for example then leaving it a couple of months before paying it off. That way the interest they take account of for the penalty is very small.

Worked for me with Barclays anyway.

Glasgow_Al

Remember that Zopa is peer-to-peer lending. Their whole business model is based on lenders retaining confidence in the underwriting - for that reason, I would not be surprised if they have stricter lending criteria than other institutions (and indeed, as a lender on Zopa, I would be worried if they didn't).