Is it hard to get a Zopa loan?

Are Zopa loans easy to get? Because Zopa is a peer-to-peer lender which matches people looking to borrow with its investors, credit checks are fairly rigorous.

What does Zopa pre approved mean?

Being pre-approved for our credit card means that we’re confident we can say “yes”, pending some final ID and fraud checks. We might still ask you to send us documents to prove your identity, income or bank account. To see if we can pre-approve you, we’ll only perform a soft search.

What credit agency does Zopa use?

Zopa uses the Equifax and TransUnion credit agencies to collect information on credit scores – but you can also check your Experian credit score via our Credit Club, while Clearscore offers access to your Equifax score and Credit Karma lets you check your TransUnion report.

What is a good credit score UK?

A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A score of 961-999 is considered excellent (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html). TransUnion (formerly known as Callcredit) is the UK’s second largest CRA, and has scores ranging from 0-710.

Is a pre-approved loan guaranteed?

In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. Although, to a typical consumer, “you’re pre-approved” means “you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply,” the literal meaning is different.

Will a Zopa loan affect my credit score?

No, it won’t affect your credit score. If you check your credit report elsewhere, you’ll see a soft search from Zopa every month which won’t impact your ability to get credit. The only time you’ll see a hard search on your credit report is if you apply for a loan in your eligibility tab.

Is 604 a good credit score?

A FICO® Score of 604 places you within a population of consumers whose credit may be seen as Fair. Your 604 FICO® Score is lower than the average U.S. credit score. Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.