What happens when I check my rates?
Updated 2 years ago
It takes just 3 minutes to find out your personalised loan rates with Zopa. Even better, your personalised rate for a specific amount and term is fixed. If you choose to apply and your loan is approved, it's exactly the rate you'll get.
Here's how it works
- You enter a few details (name, date of birth, address, employment).
- We do a soft credit search, which doesn't show up on your credit file to other lenders. It's only visible to you and the credit reference agencies and will not affect your credit score.
- We use the information to calculate your personalised rates for a range of loans. These rates will not change if you choose to apply for the loan.
Not sure whether to go ahead? You have some time to think about it if you like. We save your rates for 7 days.
After 7 days the rates will expire, but you're welcome to start again. (We need to do another soft credit search to make sure we calculate rates for your up-to-date credit situation. Lots of things can influence this, including credit searches by other lenders, progress or problems in your payment history, how much credit you've used from your available limits, and changes to your address.)
From time to time, as a business, we may change our lending criteria. This means our advertised rates may change, but don't worry, we'll never change the rate on an active loan.
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