ZOPA disapointment

tiggrrr

I applied for a loan from Zopa early this week as I now need to bolster my bank account (£125 fines plus £40 interest) with HSBC. I was asked 2 personal financial questions online which I answered correctly. I was informed that the answers were incorrect and further investigation into my identity would be required. I had heard nothing up until today when I checked my Zopa 'account' online to find they would not lend me any money !! What a waste of time that all was. I am under severe financial pressure and can do without a credit check which fails to come up with a result.

ramborai1987

lol. yea they are very strict on their policy to protect their lenders.

bitmiffed

I quite agree about Zopa - I've just applied after seeing Zopa mentioned on Martin's loans page... and was declined by them, the first time I've been declined for any sort of credit since about 1987! And for an amount equivalent to a few months' salary in my reasonably well-paid long-term job... As they suggested it was something to do with my credit report, I ordered that - and it correctly states that I have no CCJs, no defaulted or missed payments in the last 10 years, the same address for the last 6 years...

However... what was wierd is that the only address they ran a check against (judging by the report) was a flat I moved out of 8 years ago - and not my current address or indeed the one before that, even though they had all the information from me about my current address.

Still, maybe the real reason is that I'm not top-rated (772/1000), even though I am a pretty damn solid citizen with a good employment and financial history, maybe because I'm not a homeowner (university lecturer - can't afford it!) and that I live in an 'up-and-coming' area with a postcode to match?

So I wonder whether Martin shouldn't post a little reminder on the 'best loans' page where Zopa is mentioned to the effect that, even if you meet their criteria you are pretty likely to get declined (as Zopa's own customer forum suggests - http://talk.zopa.com/) AND get a potentially damaging search on your credit record. I think I wouldn't have applied to them if I'd known that I had to do way more than meet their basic specifications - and would have been able to get a loan from elsewhere. Not quite sure now how I'm going to fund the new home office set up I desperately need before September...