Archive

Category Archives for "Personal Loans"

Are there any negative impacts to getting a rate quote?

Most lending partners will provide you a rate quote using a “soft credit pull”. This does not impact your credit score. If you are being asked for a “hard credit pull” then yes, this would affect your credit score.

Learn more about the different type of credit pulls here.

  • Updated November 21, 2019

What is the difference between a soft credit pull and a hard credit pull?

When a lender asks a credit bureau to look at your credit report, that inquiry may get noted as part of your credit history. There are two types of inquiries—hard and soft.

  • soft inquiry occurs in cases where you check your own credit or when a lender or credit card company checks your credit to pre-approve you for an offer. Soft inquiries do not appear on your credit report and do not impact your credit score.
  • hard inquiry occurs when a lender with whom you’ve applied for credit reviews your credit report as part of their decision-making process. This type of inquiry appears on your credit report and can influence your credit score.
  • Updated November 21, 2019

Why would I want to use a personal loan?

A personal loan is an option if you’re looking to consolidate high-interest debt (credit card debt for instance) or finance a large expense like a home improvement project. Interest rates on personal loans are typically lower than credit cards for borrowers with good credit, and most personal loans are unsecured, meaning they don’t require collateral.

Personal loans are not a good idea to finance discretionary expenses such as taking a month-long vacation…

  • Updated June 22, 2019