Borrowing through Zopa

Debtfree2018_2

Evening all

Does anyone have any experience with borrowing through Zopa?

Thank yoy

[Deleted User]

They're a P2P lender. What is it you want to know?

27col

The answer to any question you might have will be found on their excellent website. If you do get a loan, make sure you keep up the repayments. It might be my money that you are borrowing.

20aday

Debtfree2018 wrote: »

Evening all

Does anyone have any experience with borrowing through Zopa?

Thank yoy

I've applied through Zopa, too.

They're currently reviewing my application at the moment but quoted me a figure of 9.9% APR which is a vast improvement on my NatWest loan with comes with an APR of 19%!

nobodysdriving

I Had a £25,000 loan from them earlier this year (now paid off in full), I found my experience with them VERY good.

The reason why:

I got rejected from other lenders straight out from the computer online application or a few days later via a letter through the post.

Zopa was THE ONLY one who called me, the underwriter asked a thousand questions, got to know me and actually gave some excellent advice. My loan was approved at the end and I am SURE it was only because the underwriter made the effort to thoroughly check me over the phone and by asking documents off me. Though it was a bit scary at first (who likes to have the most private questions thrown at them and having to answer them?) she was really good (the underwriter) and saw me as a person not just another application.

I'd recommend them highly, but that was of course 'my' experience.

My rate was just a touch over 10% over 5 years.

20aday

I heard from Zopa today and the chap I dealt with was very friendly and polite.

Submitted off my most recent wage slip which he requested and unfortunately I was declined.

I can only put it down to me only opening a credit card over two months ago and my income to ratio.

thebritishbloke

Depending on how much you're wanting to borrow, it could be worth you getting a credit card that offers a Super Balance Transfer (or Money Transfer). MBNA are the biggest offerers of this now.

20aday

thebritishbloke wrote: »

Depending on how much you're wanting to borrow, it could be worth you getting a credit card that offers a Super Balance Transfer (or Money Transfer). MBNA are the biggest offerers of this now.

I've tried the MBNA eligibility checker and it says they are unable to offer my a credit card at the moment.

The amount is £3,700 (the settlement figure from NatWest.)

So there's the existing loan and I've three credit cards (each with a limit of £1,000) and a store card (with £400) and my annual income is £19,500 before tax and deductions so I'm guessing that's why.