Ineligible for a loan (minor rant)

bainbridge

bainbridge

bainbridge

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Bristol
I borrowed 10k from Zopa 5 years ago, choosing them because they had the cheapest rate.

I had an email today confirming that I've now repaid the loan. I expected to see a line offering another loan at a decent rate, but they weren't offering anything, so I decided to run through an initial quote with them for the same amount and period, just to see what rates they're now offering 5 years later. I don't want a loan, just curious.

They won't offer me a loan, not even at an expensive rate! I'd understand if I was a bad payer, but I didn't miss any payments. My credit score is higher, though I did move 18 months ago so maybe that's it. Rant over.
 
Don't try to make any real sense of how the financial world/economy works.

Its all hilariously stupid.
 
Jono8 said:
Don't try to make any real sense of how the financial world/economy works.

Its all hilariously stupid.
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I mean, don't underestimate how strange people are. Who gets worked up about not being approved for a loan they don't need?

:confused:

Edit: also 15.4%, lol - what an abysmal rate.
 
HSBC wouldn't offer me a remortgage claiming it was 'unafforable', but it cost LESS per month than the amount I was paying every month FROM my HSBC account to Barclays
 
bainbridge said:
I borrowed 10k from Zopa 5 years ago, choosing them because they had the cheapest rate.

I had an email today confirming that I've now repaid the loan. I expected to see a line offering another loan at a decent rate, but they weren't offering anything, so I decided to run through an initial quote with them for the same amount and period, just to see what rates they're now offering 5 years later. I don't want a loan, just curious.

They won't offer me a loan, not even at an expensive rate! I'd understand if I was a bad payer, but I didn't miss any payments. My credit score is higher, though I did move 18 months ago so maybe that's it. Rant over.
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Are you sure the loan had left your credit file? it may be that you have paid it off, but it probably won't instantly disappear from your file. To a lender it may look like you are trying to get a loan whilst already having one.
 
Aye a lot of banks won't touch you if have received any Covid support loans or been on furlough for getting a mortgage. Unsecured loans are probably the same.
 
Jokester said:
Aye a lot of banks won't touch you if have received any Covid support loans or been on furlough for getting a mortgage. Unsecured loans are probably the same.
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I may be different but my mortgage application recently they only wanted one payslip?
 
bainbridge said:
They won't offer me a loan, not even at an expensive rate! I'd understand if I was a bad payer, but I didn't miss any payments. My credit score is higher, though I did move 18 months ago so maybe that's it. Rant over.
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They don't want people that pay back on time, all the time. They want people that end up getting extra fees and paying more back in the long run.
 
HungryHippos said:
Are you sure the loan had left your credit file? it may be that you have paid it off, but it probably won't instantly disappear from your file. To a lender it may look like you are trying to get a loan whilst already having one.
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That's a good point. It must still be on my credit file because Zopa emailed me to say the final payment had been received before the money was showing as deducted from my bank account.
 
Raikiri said:
They don't want people that pay back on time, all the time. They want people that end up getting extra fees and paying more back in the long run.
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Clearly doesn't understand what zopa is.

If you default on one of their loans they let you off scot free. Their collections department is non existent.

It's not their money. They are a middle man for peer to peer lending.

I used to have money on there but I just told them to stop reinvesting over a year back and just paid it back I to my account manually every week. They have since set up automatic repayments which has been a god send I don't need to login now to see how many people have defaulted and they won't bother chasing them up for it.

I'm in the green but only been gaining 5%. I made over 100% on a single crypto in the past month so P2P lending makes zero sense for the buttons it pays
 
Psycho Sonny said:
If you default on one of their loans they let you off scot free. Their collections department is non existent
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I'll mention that to the person I know who left the collection department in the old company I worked for to go to Zopa's collection department and see what they say.
 
Feek said:
I'll mention that to the person I know who left the collection department in the old company I worked for to go to Zopa's collection department and see what they say.
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I'd love to know what their process is.

Do they just send a couple of emails saying please pay and then leave it at that?

Because they sold a bunch off to debt collectors and therefore I didn't get back anywhere near 100% on those loans.
 
Psycho Sonny said:
I'd love to know what their process is.

Do they just send a couple of emails saying please pay and then leave it at that?

Because they sold a bunch off to debt collectors and therefore I didn't get back anywhere near 100% on those loans.
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Zopa's process is the same as a bank.

You cannot get blood from a stone and, if a person's circumstances change, in the UK there is no indentured servitude to recover said money.
 
bainbridge said:
That's a good point. It must still be on my credit file because Zopa emailed me to say the final payment had been received before the money was showing as deducted from my bank account.
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Credit files are normally at least a couple of months behind, would put very good money on that being the reason you've been refused
 
I think Zopa are FCA regulated? I think so.

Under that regulation you have the right for the lender to get a human to look at the lending decision not whatever automated thing declined your application.

That being said, they dont have to tell why, but chances are they will give you a reason unless they have money laundering/fraud concerns.

If you are that bothered go back to Zopa and ask for the lending decision to be reviewed by a human and ask if they would be able to provide a reason you were declined.

If they dont, make a formal complaint, to Zopa, they gave to take it seriously.
 
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