Zopa Loans Eligibility Criteria

cbell108

Hi ,
I have had a 30 month loan with Zopa which is paid of in full in June. I subscribe to the Zopa app and which has a borrowing power feature. This always comes out at 10 /10.
However it then tells me that I am not eligible for any loan.  I questioned this with them and they said it was because I made an application for a HP loan in March that was declined & that I am now in a six month cooling off period. The only ting I have done is looked at offers in Clearscore all of which provided soft searches. They are saying the loan was declined in the soft search. My understanding is that soft searches have no impact on your file. Added to that is that I do not recall actually looking and the date they have given me there was one soft search for a company that as I understand it is an associate of ClearScore. The search does not appear on any other reference agency report.  Are Zopa playing by the rules on soft searches & is it possible to be declined in a soft search ?
I will check the source of the search with clear score. 

[Deleted User]

Zopa have no choice but to play by the rules on soft searches.  They have no magical powers to see things they can't see.

You can be declined as the result of a soft search - it saves you having a hard search which would be visible.

It sound as if they have mixed you up with someone else, or just given you the wrong reason.

Paul_01

They cannot see the outcome of a search that has been carried out by a third party, only that the search was carried out. That's only if it was a hard search of course.
I invest with Zopa and I do know (from emails they send to me) that they have tightened their lending criteria markedly. It sounds like you now fall just outside their eligibility criteria, which could be for any number of reasons, many beyond your control.

I'm sure your eligibility will change again in due course.

cbell108

Yes I thought that but their power app should reflect the. The odd thing is that it says 10/10 in Zopa Power , you would think their own app would rate you cased on the criteria . I do also have an email saying its because of a soft search. Her on the credit club I show as 999 . So it is very odd.  I have asked for further details. See what they say

[Deleted User]

cbell108 said:

 Her on the credit club I show as 999 .

That just means that the credit club might give you a loan if they did loans.

But they don't do loans.

Everyone else will assess you based on risk critieria.

cbell108

I have just had a response. Basically they are saying this:
The Zopa Power App issues its score based on your credit score only. It does not take into account the lending criteria for Zopa. Which makes it irrelevant. They have now disclosed that the soft search was with tem & because the criteria was not met , it blocked me , in case I made further applications and damaged my credit score. This all seems a bit of an odd way of doing things. So anyway , if you do do a soft search with Zopa and you are not given an offer or percentage chance of success , you will be blocked by them for six months. 

Willing2Learn

I don't understand.  Why would doing a soft search prevent you from being able to make an official credit application (hard search) for six months?  The advisor you spoke is not stating the facts.  They appear to be guessing imho.  If it were me, I would make an application regardless of what the advisor told you

[Deleted User]

I downloaded the Zopa app out of curiosity. I have a good credit file and work in the regulated sector, so need to have no issues. First month gave me a "score" of 5 out of 10, but would offer me a loan @ 34% APR! Second month a score of 8 out of 10 but would not offer me a loan! Their score guide tells you that if you score 8 out of 10 you get offered a loan of 14.9% I think it was.
In a nutshell, it's all complete marketing BS. I removed the app. 

zippygeorgeandben

I tend to agree with my friend Willing2Learn here.  I am never quite sure how soft these searches really are...

alfred64

I had funds invested with Zopa but not had any there for several months. I've noticed they recently did two soft searches on my credit file:27 Apr 2020

Alert status:

Soft affordability search

Zopa Limited (TAC, CT Batch) has carried out an affordability search.

27 Apr 2020

Alert status:

Soft quotation search

Zopa Limited (SR API) has carried out a search on your report so they can give you quotes.

I have not contacted Zopa with regards to either investing or borrowing.

cbell108

Hi I have an update to this post. I contacted clear score , they told me that they have spoken to Zopa and they block applications for six months if you have failed a affordability check based on a soft search performed through Clearscore or any other affordability check. They do this so you "Avoid a declined hard search " . However if you make a speculative affordability check for instance, so say you wanted to see how much you could borrow for home improvement's, what Zopa are saying is that is you speculate too high then they wont lend to you for six month. This is not really fair is it ?  We are told that Soft searches are harmless , but if companies use the data to bar you from further applications based on one speculative search , then that search has damaged you ability to obtain credit, even if they may have been willing to lend on different terms.