Our review of Zippa Loans
Zippa provide loans at a competitive rate that customers can repay over a term of up to seven months. Initially customers are only able to receive a maximum of £500 rather than the full £750.This is quite common practise in high-cost short-term market as lenders want to ensure the reliability of their customers. Despite the competitive rate and fairly quick application process Zippa only operate in certain postcodes across the country, which means if you’re not in one of those areas then you won’t be able to take a loan with them. Annoyingly there isn’t a definitive list on the website and you only find out if you’re in their catchment area once you begin the application process.
To make the loan as simple as possible for their customers, Zippa allow customers to choose a repayment date that suits them and fits in with their paydays. The frequency of the payments is also decided by the customers and can be either weekly or monthly. Zippa also have an online management system that customers can log into to make payments and view their balance. If accepted, Zippa can pay the money into a successful applicant's account within an hour (within working hours).
In the last year, Zippa's rating on TrustPilot has reached an overall score of 9.6 'Excellent' with 138 customer reviews.
Overall verdict: Zippa offer a competitive rate and although they do allow flexibility with repayment dates this is nothing above and beyond what a lot of their competitors offer. Only accepting applications from certain areas of the country is inconvenient, especially as there isn’t much visibility on where these areas are.
- Repayments are either weekly or monthly
- Application takes under 5 minutes
- No fees for late payments
- Overpayments and early settlements accepted
- Manage the loan online
- Money can be paid into your account within 1 hour (within working hours)
- You must be aged over 21
- You need to be a UK resident
- You must have a UK bank account and debit card
- No bankruptcy in the last 5 years
- No CCJs in the last 5 years
- Maximum APR 677%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About Zippa Loans
Zippa offer high-cost short-term loans from £150 to £750 to be repaid over a term between three and seven months. New customers can only get a maximum of £500, however if this is repaid on time then the next time they take a loan with Zippa they could receive the full amount if needed. The representative APR is 353.6% and there is no application fee or charges for late payments.
The application process takes around five minutes to complete and the information is then looked at by a Zippa employee rather than a computer. It can take up to two hours (during office hours) to receive a decision and you will be told by the decision either text or email. Once the customer is accepted and completes the application the funds are transferred to their bank account asap.
Zippa allow customers to choose their repayment dates to coincide with their affordability and when they get paid – this can be weekly or monthly. Customers are also able to make overpayments to reduce the term of the loan and can make early settlements if possible.
To apply for a loan with Zippa you must fit certain criteria such as being a UK resident over the age of 21, have a bank account and debit card and no bankruptcy or CCJs in the last five years. Once you begin to complete the application they will be able to tell you if your postcode disqualifies you from applying.