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Thinking about a Zippa loan? Try Moneypod instead

If you’re looking for a short-term loan, it’s likely you’ve come across Zippa in your searches. But how do you really know if it’s the best option for you?

Different lenders will all have their own rules when it comes to the length of your loan, how much you can borrow, interest rates, and so on. Simply selecting the first loan provider you find means you could be missing out on much better deals elsewhere.

Moneypod is a payday and short-term loans broker. That means we work as the middle man to help you find the very best loan arrangement possible based on your needs.

Here’s a close look at the differences between a Zippa loan and one arranged for you through Moneypod.

 

Who are Zippa?

Zippa is a direct short-term lender located in Belfast, serving customers from all over the UK. Established back in 2014, Zippa was formed from the idea that affordable credit should be responsible and transparent.

The company boast some of the lowest interest rates on the credit market and they have earned both 4.9 out of 5 stars on choosewisely.co.uk and an incredible Trust Score of 9.5 out of 10 on uk.trustpilot.com.

 

What is a Zippa Loan?

Zippa offer slightly smaller loans than many lenders, allowing customers to borrow between £150 and £500 for between three and seven months.

The loans allow you to choose either weekly or monthly repayment instalments depending on the frequency you would prefer. You can even select your own repayment date to suit you, usually to fit in with paydays.

When you apply for your Zippa loan, the money will be paid into your account within an hour of being accepted (if within working hours).

Zippa also have a handy online management system, which lets you log in to your own account to view your balance and see how many more repayments you have left.

This lender also accepts overpayments if you wish to settle your loan early. Zippa never charge late fees, however missed payments can impact on your credit score and make it difficult to secure credit in the future.

 

What are the Requirements of a Zippa Loan?

To apply for a loan with Zippa, you’ll have to be able to meet their criteria.

Zippa require their lenders to be UK residents over the age of 21, and to have their own UK bank account and debit card. They will not lend to people who have become bankrupt or County Court Judgements in the last five years.

There are also certain restrictions regarding the postcode you live in, but you can find out more if your postcode disqualifies you when you apply.

 

What’s the Difference Between Zippa and Moneypod?

Zippa is a direct lender, so when you apply for a loan from them, they’re the only company who will consider that application. Even if Zippa say no, they would still have carried out a full credit search against your name. these checks leave a footprint on your credit file which can be seen by all lenders in the future.

Having too many of these on your file could potentially impact your creditworthiness meaning loan and mortgage providers could reject your future applications based on multiple short-term loan applications.

With Moneypod, there’s only one full credit search per application, even if we match you with ten lenders or more. That means you only have one search on your credit history to find your ideal lender.

 

What are Zippa’s FCA Registration Details?

Zippa is fully authorised and regulated by the Financial Conduct Authority, under the firm reference number 711298.

This means the company comply with all FCA regulations, including the price caps on short term lending, which are:

  • Charges of no more than 0.8% per day (that is £24 per month for every £100 you borrow)
  • Penalties cannot exceed £15 should you fall behind on payments
  • Over the course of your loan, you’ll never be charged more in interest and fees than the total amount you originally borrowed. So, if you take out a loan of £100, the most you can ever be asked to pay back is £200.

As a leading credit broker, Moneypod are also approved by the FCA – under reference number 727348. We also ensure all of the lending partners we work with are compliant with FCA rules and regulations before they can lend to you.

 

How do I Apply for a Zippa Alternative?

If you’re looking for a lender that suits your exact needs and criteria, Moneypod can help you find a Zippa alternative.

All you need to do is fill in our simple online form and we’ll take it from there. We’ll ask for a few details about your employment, income, and certain monthly outgoings to establish how much you can comfortably afford to repay each month, then find the lender that can best meet your needs.

We do this by searching through our comprehensive database of over 200 UK based lenders, narrowing it down to those most likely to accept you for the kind of loan you want.

You can then apply for a loan through your chosen lender and, if they accept, you could see the money in your account the very same day.

 

What are the Advantages of a Credit Broker Rather than a Direct Lender?

Working with a credit broker saves you a great deal of time and effort that you otherwise would have had to spend on comparing lenders yourself.

You want to find the best possible deal for your loan, and shopping around manually can be exhausting. With Moneypod, we’ll sort through our list of FCA approved loan providers to match you up with the lenders most likely to accept you for the type of loan you’re looking for.

And, as mentioned, we carry out the initial soft credit checks (they don’t leave a footprint on your credit report) before sending out your applications. That means there won’t be multiple full searches on your record from multiple lenders; protecting your credit rating and future lending opportunities.

On top of this, we receive a commission from our lending partners for every successful application we put their way. This allows us to offer our broker services to you completely free of charge.

 

Am I Eligible for a Moneypod Loan?

If you’re ready to find your perfect loan through Moneypod, you’ll need to check that you fit the criteria. We would not be comfortable sending out your applications if there was no chance you would be accepted for any, so we need to make sure you meet these basics for short term lending:

  • Over 18 years old
  • UK resident
  • Reliably employed
  • Earning at least £500 a month
  • Have a UK bank account
  • Have an email address

If you are or you have all of the above, we’d be happy to help you find the best loan offer for you.

 

Why Choose a Loan from Moneypod?

When you find your loan through a credit broker like Moneypod, you can rest assured that you have found the best possible deal available to you on the market.

We find loans that suit exactly what you’re looking for, then select the one with the best rates and terms. We find you loans that fit around your life, not the other way around.

And we also do this completely free of charge – so why not find your perfect loan through Moneypod today? Start your search now.