Borrowing Power

15 articles in this collection

Updated a month ago

Will checking my Borrowing Power 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...

Updated a month ago

Why can't I get my Borrowing Power?

Although we use two credit reference agencies to calculate your Borrowing Power, Equifax is the main agency. So, if you can’t get your Borrowing...

Updated a month ago

Why has my Borrowing Power gone down?

There could be a few reasons for this. To find out more, click “Overview” and take a look at any sections that say “OK” or...

Updated a month ago

How do you calculate my Borrowing Power?

We’ve partnered with a major credit reference agency, Equifax, to calculate your Borrowing Power. We look at your credit usage, credit score, credit...

Updated a month ago

My Borrowing Power has gone up but I can't get the interest rate I got with Zopa before. Why is that?

We change our pricing regularly. That means the interest rate for someone with a good Borrowing Power might not be the same today as what they got...

Updated a month ago

Is Borrowing Power valid for other lenders?

No. Borrowing Power is only valid for Zopa loans and doesn’t guarantee you’ll get a similar loan with another lender. We wanted to make your...

Updated a month ago

I followed my actions and my Borrowing Power hasn't improved. Why is that?

We’ve partnered with two major credit reference agencies, TransUnion and Equifax, to calculate your Borrowing Power. It can take a while for credit...

Updated a month ago

How do you work out my actions?

Using smart tech that we've built at Zopa, we can identify what actions could improve your Borrowing Power. We only show you actions that could boost...

Updated a month ago

How is Borrowing power different to my credit score?

Your Borrowing Power is a 1-10 rating exclusive to Zopa. It shows you exactly how creditworthy you look to us and what rate you could get from us....

Updated a month ago

Can I unsubscribe from Borrowing Power?

Yes, you can unsubscribe at any time. In the Borrowing Power section of your Zopa app, go to “Manage” and “Unsubscribe from Borrowing Power”. You can...

Updated a month ago

It says I'm not eligible for a Zopa loan. Why is that?

You might not meet our lending criteria right now, however Borrowing Power can tell you what you need to do to work towards a 'yes' next time. We...

Updated a month ago

How often does my Borrowing Power refresh?

Your Borrowing Power, as well as the actions, get refreshed every 28 days. The quote you see in the Eligibility section is refreshed every 7...

Updated a month ago

What should I do if I think my credit score is wrong?

We get your credit score from Equifax. If you think it's wrong, you can raise a dispute with Equifax by clicking...

Updated a month ago

Am I guaranteed to get the loan in my eligibility tab?

The rates you see are guaranteed. We may still perform additional checks for which we would need you to provide additional documents to verify your...

Updated a month ago

How can I complain?

To make a complaint or get in touch with us for other reasons, click...

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