If you’re shopping for a personal loan, using NerdWallet’s personal loan pre-qualification tool can help you check for offers from multiple lenders at once.
How to use NerdWallet’s personal loan pre-qualification tool
- Click here to get started.
- If you already have an account with NerdWallet, click “Already Have An Account?” After you sign in to your NerdWallet account, the page will automatically fill in some of your details.
- Otherwise, complete each of the fields. You’ll be asked for basic contact information (address and phone number) and some information required by the lender (date of birth, rental/homeownership status, employment status, citizenship status, education level, and your Social Security number, which enables a soft credit inquiry.)
- Provide some more details about the loan you’re requesting (loan amount, annual income, and reason for borrowing).
- Select a security question from the drop-down menu.
- Agree to the terms of the pre-qualification tool and click “submit”.
- You should see your results page load within a minute or two, displaying either some pre-qualified loan offers or credit rebuilding resources.
When you go through the personal loan pre-qualification process, the bank or lender will need to review the following to determine if you pre-qualify:
- Your credit (based on a soft review of your credit report).
- Your income.
- Your age and citizenship status.
- Your other debts and monthly financial obligations.
- Your employment status.
- The reason you’d like to borrow (for personal loans).
Remember, getting prequalified for a personal loan is not a final decision about whether or not you’ll actually get approved for it. The lender you end up submitting a formal application with will need to collect some additional information from you to determine approval.
Here’s a few other resources about personal loans to check out: