Personal loan FAQ

No. Checking your rate with Compare Loan Offer uses a soft credit pull, which doesn't affect your credit score. Only you can see a soft inquiry on your credit report.

Pre-qualification is a lender's estimate of the loan you're likely to get, based on a soft credit check and the information you provide. It isn't final approval.

Only after you choose an offer and continue with that lender. The lender usually runs a hard inquiry to verify your credit before final approval.

A hard inquiry can lower your score by a few points. It stays on your credit report for two years, and its effect on your score usually fades sooner.

Each direct application usually means a hard inquiry. FICO scores group rate shopping for mortgages, auto and student loans, but not for personal loans. Pre-qualifying first means you take one hard inquiry, for the loan you actually pick.

Not exactly. Both are based on a preliminary review, and neither is a final approval. Each lender uses its own label, and final terms depend on verifying your information.

Tap Pre-qualify without affecting your credit on any page and complete one short application. It checks multiple lenders in our partner network at once.

Your name, contact details, date of birth, Social Security number, address, monthly income, pay frequency, the amount you need and what it's for. Lenders use these to verify your identity and estimate what you qualify for.

Lenders need it to match you to your credit report and confirm your identity, even for a soft-pull pre-qualification.

The application takes a few minutes. Offers usually appear right after you submit.

No. Checking your rate is free and you're never required to accept an offer.

Some lenders allow a co-applicant, which can help if your credit or income is limited. Availability depends on the lender.

It depends on your credit, income, debt, loan amount and term. Rates vary by lender, with the lowest rates going to borrowers with excellent credit. Pre-qualifying shows your actual estimated offers.

APR is the yearly cost of a loan, including interest and required fees. It's the best single number for comparing loans.

A one-time fee some lenders charge to process the loan, usually taken out of the loan amount. A 5% fee on $10,000 means you receive $9,500.

You can request $1,000 to $50,000. Each lender decides the approved amount, and minimums and maximums may vary by state.

Terms often run from 36 to 72 months, depending on the lender and amount. Longer terms lower the payment but usually raise total interest.

Many personal loan lenders don't charge a prepayment penalty, but check each lender's terms before you accept.

Yes. Personal loans can pay for remodels, repairs, roofs, HVAC, windows and most other home projects.

No. Unsecured personal loans don't require home equity, an appraisal or a lien on your home.

A personal loan is faster, has a fixed rate and doesn't use your home as collateral. A HELOC may cost less for large, phased projects but puts your home on the line.

After you choose an offer and the lender receives your completed application and documents, final approval typically takes 1 to 3 business days with good to excellent credit, or up to 5 to 7 business days for higher-risk applicants. Once approved, most lenders send the money directly to your bank account within 24 to 48 business hours.

Your offers are emailed to you. Choose the lender you want, then complete that lender's application and upload any documents it requests. The completed file goes to the lender's underwriting department, which runs a hard credit check and verifies your income before final approval.

Most lenders deposit the loan into your bank account. Some debt consolidation loans pay your creditors directly.

Yes. Final approval depends on the lender verifying your information. If something differs from what you entered, the offer can change or be declined.

With a CLO personal loan, you're funded directly and use the funds as needed, with a fixed APR and fixed payments. Store financing is offered by a specific retailer at checkout; the retailer is funded when you buy, and promotional offers may be available.

Ask the retailer for the APR, term, any promotional period and whether interest is deferred. Then compare total cost and monthly payment with your CLO offers in the comparison tool.

Yes. The LendPro app in ChatGPT can help you shop and buy directly from merchants that offer financing at checkout. For a personal loan that funds you directly, use the CLO app.

Yes. The CLO app for ChatGPT plans a personal loan, does payment math, ranks offers you paste or screenshot, and starts a CLO application with your answers filled in. See how to use it on our ChatGPT apps page.

No. Compare Loan Offer (CLO) does not collect, use, store or have access to personally identifiable information (PII). The information you enter in the application, including your Social Security number, goes only to the CLO application, powered by Flexxbuy LLC, and to lenders under the consent you give there.

No. Compare Loan Offer is a loan comparison service. Loans are made by lenders in our partner network, and each lender makes its own decisions.

We may be paid by our lending partners. Lenders set your rate. Compensation and funding probability can affect which offers we recommend, and you can sort your offers by APR or payment.

Depending on the consent you give on the application, lenders and marketplace partners may contact you by email, phone or text about your offers and related financial services.

The application is submitted over an encrypted connection directly to the CLO application, powered by Flexxbuy LLC. CLO never receives it. Read the privacy policy linked on the application to see how your information is used and shared.

Legitimate lenders don't ask you to pay a fee before you receive the loan. Treat that request as a warning sign.