Personal Loans Pre-Qual
I was contacted by a bank saying my loan application was rejected. Will this negatively affect my credit score?
Nope. The email or letter you received is just routine and is called a "Notice of Adverse Action". Any time a lender reviews your credit information to determine whether to give you a loan offer (like they did when you checked your rate through pre-qualification), they are legally required to explain why they rejected you. That's why you're getting a notification. Your credit was NOT affected. Promise.
How do origination fees work?
This is a fee that many (but not all) lenders charge as part of your personal loan. It's a one-time fee (usually 1-5%) that’s taken out of the amount you borrow. For example, for a $10,000 loan with a 4% origination fee, you’d actually receive $9,600 ($10,000 loan - $400 origination fee). Since the fee is taken out upfront, paying off your loan early won't help avoid it. This fee is included in the APR shown with your loan, making it easy to compare different offers from different lenders.
What other fees are there?
Fees vary with each lender, so make sure your review the specific terms of your offer on the lending partner's website. Check out some of the most common issues:
- Origination fee: A common fee that is taken out from the loan amount you receive. Not all lenders charge this, but most do. This fee is included in the APR you see with your loan offer (see below)
- Late fee: Virtually all lenders charge approximately $15 or 5% if your loan payment is late.
- Unsuccessful payment fee: A fee is often charged if your payment fails (e.g. a check bounces, or your bank account has insufficient funds).
- Personal check processing fee: If you choose to pay via check rather than having the money direct debited from your bank account, it may result in a fee.
Does the monthly payment shown include the interest I owe?
Yes. Your monthly payment covers both the principal you owe, plus the interest you owe. Every month, part of your payment will go toward the principal and part will go towards the interest. As long as you make your monthly payment on-time, you'll pay back the full loan at the end of your loan term.
If I pay off the loan early, will I still owe the full amount of interest?
No. You'll only owe interest for the amount of time you have the loan. So if you pay off the loan early, you'll save.
Will I pay a penalty if I pay my loan early?
No. We have a strict policy whereby we don’t list unsecured personal loans that charge pre-payment penalties. Pay the loan off as early as you like without any extra fees.
How do I pay back my loan?
In general, loan payments are directly debited from the checking account you specify after claiming your offer. Some lenders may offer the ability to pay by check or phone, but not as often.
How will I receive my loan?
Almost all lenders will deposit the loan directly into your bank account. If you're using the loan to pay off credit cards or other debts, some lenders may offer the option to pay them directly.
When will I receive my loan?
Once you've completed your loan application with the lending partner and been approved, funding is very fast. Usually within 1-2 business days.
Are these offers guaranteed?
No, pre-qualified offers are not guaranteed. However, most of those who pre-qualify with us (over 90%) receive their loan offer from our lending partner. Those who receive a different offer from a lending partner have often entered information that doesn’t match the details given during our pre-qualification process.
If I click on an offer, have I accepted the loan?
No, we’ll securely send you over to our partner’s site where you can complete an application. You'll still have a chance to review the complete final offer before accepting.
I prequalified. So what’s next?
Just browse the options we find for you, and choose the one that suits you best. We’ll send you directly to that lending partner’s site where you can review your final offer and complete the application. You'll still have plenty of chances to review everything before finally accepting.