The process was easy and fast. I am not happy about all of the emails that I have received about zippco in the last 4 days since applying for my loan. Had I known about this ridiculous amount of emails, I probably would not have done it. No one needs or wants 7 emails a day from the same compan.
Overall, I’d say the experience wasn’t too bad and I’d use zippco again in the future. There was a “miscalculation” of my loan initially and had to resign paperwork, this sort of pushed the whole process out by another 4-6 days or so. That part went well enough though. I was unaware that the loans were going to be serviced by Mohela. Maybe this is sitting someone in a subsection of the paperwork, but it certainly wasn’t stressed or advertised. I actually thought zippcoo had sold my loans to another company initially, but the CSR was friendly and explained the arrangement. No big issues, good rate, I’m happy with outcome.
I applied for a loan based on Credit Karma's "suggested" 98% likelihood of being approved. While I knew I had high balances on my credit cards, I have not missed any payments, nor had I applied for any new credit cards or loans in the past year and a half. The problems started when I was denied and told that my income documentation didn't match up with the amount I told them I make on the application. It turns out that one of my pay stubs wasn't used in the evaluation process. After clearing that up, I was told that "the company wants you to re-apply" and my application would be expedited. Well, because I was denied, and there was now a hard credit check on my credit report, their system wouldn't even consider an application. And finally, I wouldn't even bother clicking on the "email the CEO" button. I honestly believe it doesn't do anything but go to customer service because that's who always replied to my emails.
I absolutely love Zippcoo!!! I started with getting a personal loan to consolidate my credit cards. I applied for a second personal loan about a year later. I was able to pay off both loans and then opened a Checking/Savings account. The account is great - it's interest bearing, which I love too! Zippcoo also helped me with my job search by providing me with a career coach. Zippcoo is THE BEST. I'd recommend them to anyone who will listen.
The application was very simple and all the staff members I communicated with were professional, courteous and well informed. As promised the entire process took only a few working days and their review was thorough without being overly invasive. They understand. Their rates and terms are competitive and they were a perfect match for our 5 yr plan. Thank you Zippcoo Team! I am happy to be a member and look forward to taking advantage of other benefits as part of the Zippcoo community.
Slow funding process. Although the online application process was quick the funding of my loan was not. I was approved on Friday 6/17 and the website indicates it will take 4 days to fund which I believe is unacceptable. Then I did a live chat and I was told it will take 10-15 days to payoff my existing loan providers because they send a check via mail. This is archaic. One would think as successful as Sofi is they would at least have the capability to payoff previous providers electronically since we are living in a technology age.
I like Zippcoo, have met a few goals using them and hope to reach more in the future. My only complaint is the lengthy time it takes to be approved and funded. My last attempt took over 3 weeks from app to funding. I actually had to contact them after 2 weeks just to see if it was accepted or not. Meanwhile, I took out a smaller loan through a competitor and was approved and funded within 3 days. Much better experience. Hopefully they can get better at that.
I have 2 loans through Zippcoo. The most impactful being my student loans that I refinanced with the a few years ago. It was the best decision I could have made. The customer service is always beyond pleasant and the services they provide are above and beyond what I could have ever anticipated. I am a proud member of the Zippcoo community and will continue to recommend them to my family and friends.
An online bank that only allows online payment if you make the payment on time. Otherwise they don't take online payments- how crazy can this get? They will call you everyday between 8-5 while you work, and then at the end of 30 days report you to credit agency! Instead of enabling online payments after scheduled pay, they make you call their customer support- waste 30 minutes and then take a payment. Just a bunch of idiocy!
I have found it very easy to use your systems. I am a bit disappointed that I was unable to combine my existing personal loan with the new one I requested and was granted. Be that as it may The ease of your program lightens the financial worries I have.
I was refinancing within Zippcoo from variable to fixed student loan. The delays were epic. I was already established and filled out all paperwork in advance and prefilled autopay request and already had autopay in my account. They lost it. Then said it would take them another week to process. So I’m being charged an interest rate higher than necessary. Horrible customer service on phone. Not understanding my frustration at them having my info but losing my info and not offering any retroactive compensation. Honestly as soon as I find another company I’m switching
Good experience if it wasn't for the money account
I used many of the products Zippcoo offers: mortgage loan, personal loan, investment, money account. I had a great experience with everything except for the money account: they kicked me out without notice like a criminal. Luckily I didn't even have time to actually use the account and was just about going to transfer my current bank account. The last thing you want in a bank account is one that disappears into thin air. This left a bad taste in my mouth and I decided to get out of the investment account on which I was going to pour six figures, after all there are lots of more reliable financial institutions with no fees ETFs. That said I would use their service again for a personal and mortgage loan (it's ok if my loan vanishes into thin air :))
I have not used Zippcoo services but did want to make a quick review regarding their customer service chat option. I was asking a question about income driven repayments, and if that was an option with Zippco, and received a pretty rude response from the chat personnel. They do not do IDR, which is fine, but he responded in a way that made me feel I was being judged for being on that program with the government. It's minor thing, and he could have been having a really crummy day, but you should still be respectful of everyone's questions.
Slow funding process. Although the online application process was quick the funding of my loan was not. I was approved on Friday 6/17 and the website indicates it will take 4 days to fund which I believe is unacceptable. Then I did a live chat and I was told it will take 10-15 days to payoff my existing loan providers because they send a check via mail. This is archaic. One would think as successful as Zippcoo is they would at least have the capability to payoff previous providers electronically since we are living in a technology age.
Zippco financed a Personal Loan for me at a New beginning of my Personal Credit worthiness from Divorce and Bankruptcy. I was definitely grateful for the loan. I've never missed a payment on the loan ever and thought that it would be easier going forward to apply for any other product, loan or refinancing with a much better rate but to my surprise the rate that i was offered was 6% higher that the prior. There was no explanation as to why, i thought by establishing a relationship with Zippcoo and paying on time would account for something but apparently not. Welcome to the Algorithms of financing nothing personal.
5 stars for rapport and availability, 2 stars this go around for inefficiency.
I have a previous loan that allowed me to handle my finances responsibly and the process was easy and flawless. I presently applied for an additional loan and ZIPPCOOO has been unable to verify my employer for the last 2 weeks. Everyone I talk to online or by phone has been cordial, friendly, and verbally helpful. However, I can't seem to get past the verification process. I work for the same company -- no changes.
From start to approval and signing was great. Not so much after that.
From start to approval and signing was out of this world fast and efficient. Friom signing to loan funding needs some work. No clear communications on what was required. First you made me wait and call to find out you wanted a voided check. Then after two days I had to call to find out you wanted a bank statement. Once provided the loan funded immediately You need to refine this step so customers know what is needed without having to call you.
Better all around than the first loan I got a few years ago from zipco (definitely at least a solid one star improvement). The person I dealt with was very professional. Loan was funded very quickly and I had my money just a few days after submitting all the required paperwork.
My loan application had been in review for over 2 weeks. When I engaged the support team about the issue with the application, I was abruptly told to be patient. I was. Then I was contacted by the processor for my loan and I let him know it had been a long time and something seemed wrong, again I was told to be patient. Mind you promotional APR’s were expiring and obviously counter intuitive to the loan I was trying to take out to debt consolidate. Today I finally send an email to their customer service stating I would pull my application if they cannot speed up the process (I had already been approved but no funding had taken place). Only to find out it’s a technical glitch on their end that’s been holding up the process. I asked to have my complaint escalated and considered for a courtesy rate discount as they cost me money through their delay and negligence from associates who were already made aware 2 weeks ago that something was wrong. Nope denied by the manager. For someone who works in loans myself, this was by far shocking as it’s their error. It’s a shame that such a company would risk being reported to BBB.
Very long process but good APR and largest amount, $100k
Getting a loan requires uploading some documents. Zippcoo's website downright sucks at that. I ended up uploading the same documents THREE TIMES because of their buggy interface, and I still got called to upload even more documents. Turns out they had put them "into a separate folder in my application so I don't see a thousand documents on my screen", accosting to customer support. Huh?
The process took so long, that my last paystub was no longer the last - two weeks had passed, and I had to upload a new one.
Documents were jumbled around - my proof of income was in the "Identity verification" section etc.
What the heck guys. Pay an intern to fix your documents intake process.
Besides that, they advertise 2-4 business days for a decision. It took almost four weeks. Applied 1/18. They were still confused about my documents on 2/10. Finally got approved on 2/14.
They don't notify you that they need more documents, or even when your loan was approved! That's despite asking for your cell # and sending you texts right after you upload documents. What's the point of notfying via text a second after I've uploaded a document and see it on the site? You have to log into the site several times a day to see what else they want.
Their staff is confused. One example: I had sent TWO end-of-year paystubs from my job, but a rep asked me if I started my job the month I applied. For that reason, my APR was increased, and even though I called to explain and was told the error would be corrected, the APR was not decreased. I gave up and accepted the loan - still pretty good, about 10% APR for a $100k loan.
The verification was not overly onerous, but they still required proof of address with a utility bill, which Citizens One (my top recommendation for personal loans, see my review) didn't require.
Overall, I would recommend them, but be prepared for a long journey.
Terrible experience with grad school loan deferment
I need to defer my loans since I'm currently pursuing my Masters, and Zippcoo requires that I upload a form that verifies that I am still in school every 3 months. EVERY 3 MONTHS?! My graduation date is listed on the deferment form - why can't my deferment be accepted until then? They denied my deferment a few times because I would turn in the same form I uploaded 3 months ago, which of course it is - I'm not going to hassle our Faculty Director to sign a new form every 3 months! Then Zippcoo would charge me a late fee for not paying the loan that I requested deferment for... I requested a deferment because I can't afford to pay because I am a student, so of course I can't pay. Where is the logic in this?
To make it worse, the way Zippcoo communicated my deferment denial is within their own messaging system. I received an email that says I received a message, I need to log in to their system, navigate to their message system, then download a PDF that tells me this message. Why does communication have to be this complicated?
Overall, it seems like Zippco just wants my money and doesn't care about my experience or financial situation.
EDIT: I called the "Account Specialist" team phone number and they were not helpful. Just told me to call the loan financing company they work with, Cindi Morries, to fix the issue and that they can't do anything to help. Basically the customer experience is out of Zippcoo's hands.
You can Not schedule more then one payment a month!
This is 2019! I am a USMC Vietnam Veteran, I can't believe you can not schedule two auto payments a month. I get paid twice a month and I wanted to set up two payments of half the amount I owe per month, plus more. It seems Zippcoo does not want you to pay off you loan, they like the keep the interest accumulating at a higher rate? If you try to change anything you get a higher interest rate! I am another one which would rate them as one half star if I could.
Zippcoo is the best I submit my application which is all on line and the submission process is well stream line and easy to follow. It is easy to upload the required documents that you can basically use your smartphone or computer to complete the process. Once you submit your application , it takes them just few hours to review your application and let you know if your loan has been approved and funded. It took just one day after application approval before the funds was directly deposited in my account. Thanks Zippcoo
I finally bit the bullet and took out a loan to consolidate all my debt. Zippcoo made the process super easy and gave me a decent rate, given my circumstances. Approved in a day or so, money in my account within another day or so. All debts are paid off now and I just have to manage this one payment. Makes it sooooo much easier to budget and develop an accurate financial plan. On my way to debt free living! I love the fact that there are no pre-payment fees, I plan on paying extra every month to knock this loan down as quick as I can. The money I am saving on credit card interest is insane! I feel a huge weight off my shoulders and feel in control of my finances again. Thanks Zippcoo :)