Why I Hate Zippay

LC0nn0r42 on 20/11/2017 - 05:38
Last edited 20/11/2017 - 07:30 by 1 other user

So a while ago (about 18 months) I went to buy something from a website with Zip pay, and I thought this was a great idea - basically layby for places that don't have it - and I get the added bonus of having the goods in advance, awesome!

I applied for zippay, gave them my details and records, and I was declined, strange I thought. I had a weekly salary, and nearly $25K in savings, why would they reject me?

Fast forward to now and many great deals are popping up and I'd just love to get my hands on them however I'd rather not fork out all my money at once. The store thanfully accepts Zippay. Looks like I don't have to spend everything all at once after all! I follow the process once again, enter my phone number and am greeted with the message "you are not able to apply for zippay again at this stage"

[venting begins]

Why would zippay not allow a later application? Even banks do! Circumstances change, especially over the course of 18 months. Even after pay doesn't require a credit check but it appears most small retailers don't want to fork out for what seems to be reviewed as a better service. I thought, to hell with zip pay. You aren't getting a single cent from me even if you do change your policies. What a load of crap. I applied for a credit card with a low limit and was approved the same day. I intend to pay back the credit card during the interest free period as an alternative to zippay/after pay.

If you look online there seems to be similar experiences with zippay declining applications and never allowing new applications. I hope retailers thinking about implementing zippay choose wisely and consider the downsides to it from customers' points of view.

Whats the opinion of other OzBargain users?

Financial

Related Stores

Zip Pay
Zip Pay
Third-Party

Comments

  • tomsco on 20/11/2017 - 06:34

    And here I though OzBargain had an auto censor…

  • SBOB on 20/11/2017 - 06:46
    +9

    Whats the opinion of other OzBargain users?

    That I just wasted time reading your rant. Getting declined for finance isn't a reason to rant on ozbargain. That's what whirlpool is for ;)

    • imolared on 20/11/2017 - 09:13
      +1

      Correction: "That's what whingepool is for ;)"

  • Halo375 on 20/11/2017 - 06:54
    +7

    What dis ZipPay say when you followed up with them to confirm why you were declined?

  • EightImmortals on 20/11/2017 - 07:10
    +3

    Try Afterpay instead?

  • chumlee on 20/11/2017 - 07:15
    +5

    How long you been working at afterpay for??

  • Atazoth616 on 20/11/2017 - 08:17
    +1

    Alternatively, purchase the item on credit or use cash like regular humans.

    • Diji1 on 20/11/2017 - 11:53
      +1

      Or - and I know this is radical - you could save money and buy it later.

  • dizzle on 20/11/2017 - 08:18
    +1

    As far as I'm aware Zippay doesn't do credit checks either (maybe you signed up for Zipmoney instead which does do credit checks as they have higher limits).

    However they do use Facebook or paypal to authenticate your account (ie I know people who use fake names on facebook to protect their identity - I'm sure they would get refused). So maybe there was an issue with those that sent up red flags for them. It wouldn't surprise me that if something in Facebook/paypal tells them not to approve, then it's a permanent thing as those circumstances are unlikely to change.

  • Aniseed Steed on 20/11/2017 - 08:30

    zipPay definitely does do a credit check.

    From zipPay's "Terms of Use":

    "When creating an account, we may perform identity and/or credit checks to verify the customer and their ability to manage payments. Payment defaults will be reported to the relevant Credit Reporting Body."

    https://www.finder.com.au/afterpay-credit-score

    • Koalabeer on 03/06/2019 - 11:09

      Strange I'm on disability no job! and $1000 approved lol. Thought my credit was crap too. seems not.

  • JimmyF on 20/11/2017 - 09:32
    +5

    Why I Hate Zippay

    Oh why is that

    I was declined

    Oh so your bad credit rating…. carry on

  • brokenglish on 20/11/2017 - 09:47
    +5

    Title should be changed to:
    Why I hate zippay after they declined me twice in 18 months
    So people won't waste their time :(

  • HighAndDry on 20/11/2017 - 13:12

    You hate them because they wouldn't lend you money? The hell… waste of time.

  • dasher86 on 20/11/2017 - 13:44
    +2

    I hate zip pay and afterpay because they are effectively a lending tool that doesn't do proper credit checks; which allows them to take advantage of people who otherwise not received credit in the first place. Basically allowing them to prey on people's situations if they cannot afford to pay for an item.

  • resisting the urge on 20/11/2017 - 13:54
    +1

    When setting up online money lending facilities, the phat-cats stay clear of applicants that:

    • fail rudimentary checks
    • have a single black mark they can find using a script/bot
    • fail any number of metrics you can run, such as those that have social profiles that indicate they are argumentative… etc.

    There will be many false positives, but it really is too expensive to take more risk. They don't have to act like a bank as they aren't a bank. OTOH banks can lend $1000 all day (a la low limit CCs) as they can collect from enough of the bad borrowers, as they have the infrastructure to collect cheaply enough.

    I guess zippay's layby product is amongst all the other poorly regulated Pay-day-lending services, and is basically a pawn shop asking for something of more value than your sibling's Playstation, in order to lend you the cost of your next couple of hits: They are collecting and monetising your personal data, and based on that and only that, are lending you cash without even being able to see u in person to do basic things like check that you're on ice rather than Heroin, as applicants with track marks don't pay letters of demand but enough ice users currently do (as the ice market for is burgeoning and well ignored<s>supported</s> by our ruling elite).

    If they don't lend u money, it is because you need to use other more expensive avenues to recover your credit rating so you too can borrow the money they exported to foreign tax-havens before it could be used for public (or your) good.

    It is just another example of the fastest way to extract value from the great unwashed, kinda like going through the last of your belongings (or rather, the last of your buyings before you get to get them).

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