How to pre-qualify for a personal loan without affecting your credit
Prequalification is a lender's estimate of the loan you're likely to get, based on a soft credit check that doesn't affect your score. It isn't final approval. When you pick an offer, the lender verifies your details and usually runs a hard inquiry.
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- No credit impact
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Loan terms from 2 to 60 months. Rates vary depending on the lender, your credit and your state. Maximum APR is 35.99%.
Soft vs. hard inquiries
- Soft inquiry: visible only to you, no effect on your score.
- Hard inquiry: visible to lenders, can lower your score by a few points, and stays on your report for two years.
Why it matters more for personal loans
- FICO scores group multiple hard inquiries for mortgages, auto loans and student loans shopped within a short window.
- FICO doesn't group personal loan inquiries that way, so applying lender by lender can cost points with each application.
- Comparing prequalified offers first means you take only one hard inquiry, for the loan you actually choose.
What happens after you choose an offer
- You continue with that lender's application.
- The lender verifies income, identity and debts, and usually runs a hard inquiry.
- If approved, you sign and the lender sends the funds.
See which lenders will work with you
Pre-qualify in minutes. Checking your rate won't affect your credit score.
Common questions
Is prequalification the same as approval?
No. It's an estimate based on a soft check. Final approval comes after the lender verifies your information.
Can my rate change after prequalification?
Yes. If verified income, debts or credit differ from what you entered, the final offer can change.
Does prequalifying with several lenders hurt my credit?
No. Prequalification uses soft inquiries, which don't affect your score no matter how many you do.
Sources
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Pre-qualify in minutes. Checking your rate won't affect your credit score.