If you’re shopping for a personal loan, 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
1. Click here to get started.
2. 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.
3. 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.)
4. Provide some more details about the loan you’re requesting (loan amount, annual income, and reason for borrowing).
5. Select a security question from the drop-down menu.
6. 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: