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A soft pull personal loan means that the lender only requires a soft credit check for preapproval or approval, which won’t impact your credit score. With a soft pull, a lender is able to look at information in your credit report impacting your credit score. It differs from a hard credit pull, which typically lowers your score by several points.
Read on for a closer look at what soft pull personal loans are, personal loan requirements, and what skipping a hard pull means for borrowers.
Key Points
• A soft pull personal loan involves a soft credit inquiry, which does not impact an applicant’s credit score, unlike a hard pull that can temporarily lower it.
• Soft credit inquiries can occur without your consent and are commonly used for prequalification, employment background checks, rental applications, and credit monitoring services.
• While soft pull personal loans allow prequalification without a credit score impact, applying for the loan may still require a hard credit check that could affect your credit score.
• Borrowers should be cautious of predatory lenders, as some may only perform a soft pull but compensate for the risk with high-interest rates and fees.
What Is a Soft Credit Inquiry?
A soft credit inquiry (or soft pull) is a type of credit check that isn’t tied to a formal credit application and does not impact an applicant’s credit score. It occurs when a creditor, employer, landlord, or other authorized individual looks over your credit report to see how you manage your debt. When you access your own credit report, it’s also considered a soft credit check.
A soft credit check can take place without your consent, or even your knowledge. If you’ve ever received a prequalified credit card offer in the mail, the company making that offer did a soft pull on your credit to prescreen you for the card.
If you apply to prequalify for a loan, the lender will also do a soft credit pull. If you like the rate and terms in your offer, you can then decide to officially apply for that loan, which will require a hard credit pull. In the case of a personal loan soft credit check, the next step is often a rate quote that the would-be borrower can use to determine if the loan is a good fit.
Other instances of a soft credit check can include renting an apartment or applying for a job. Getting a look at how you manage your money can prove reliability and bring peace of mind to an employer, landlord, or creditor.
How Soft Credit Checks Work
During a soft credit check, a lender or other third party reviews your credit report to gather specific information about your creditworthiness. Unlike a hard credit check, which requires your explicit consent and can impact your credit score, a soft pull is typically used for informational purposes or prequalification.
For example, let’s say you’re shopping around for personal loan offers and want to check your interest rate. Lenders may perform a soft pull to assess your creditworthiness and determine if you meet their initial criteria. This initial evaluation helps lenders provide you with personalized loan offers without affecting your credit score.
Recommended: Personal Loan Calculator
Information Provided for a Soft Pull
A soft credit pull generally provides a snapshot or a modified version of your credit report. Exactly what a third party will see depends on the purpose of the soft pull. A creditor will likely be able to see:
• Your overall credit history
• Your current debts and payment behavior
• The length of your credit history
• The types of credit accounts you have
Do Soft Pulls Affect Your Credit Score?
Soft credit inquiries do not impact your credit score. They are not visible to other creditors, and they do not leave any trace on your credit report. Soft pulls are considered “soft” because they are only visible to you when you review your own credit report.
If you want to view the soft inquiries on your credit reports, you can request a free copy of your report from each major credit bureau (Experian®, Equifax®, and TransUnion®) at AnnualCreditReport.com. Keep in mind that each report could have different inquiries. A soft inquiry is only added to the credit report that was checked.
Soft Pull vs Hard Pull
Whether you’re shopping around for a personal loan or looking for a new apartment, it’s important to understand the difference between soft vs, hard credit inquiries. Here’s a quick summary of how the two compare.
| Soft Pull | Hard Pull |
|---|---|
| Your permission is not required | Your permission is required |
| No impact on credit score | May lower credit score temporarily |
| Visible only to you on credit report | Visible to other creditors |
| Used for informational purposes or prequalification | Used for credit application or loan approval |
The key difference between soft vs. hard credit inquiries is that soft pull credit checks don’t have any impact on your credit scores. Hard inquiries, by contrast, may remain in your credit reports for about two years and can impact your credit scores.
The impact of hard inquiry, however, is typically small, as well as temporary. As long as no additional negative information is added to your credit report, your credit scores will typically rebound within a few months.
While multiple hard inquiries in a short time frame can do more significant damage to your scores, scoring models will typically combine multiple inquiries that occur within one or two months to avoid unfairly penalizing people who are rate shopping.
What to Know About Personal Loans With a Soft Credit Check
Some personal loan lenders look at your credit report using a soft pull, allowing them to prequalify you for a loan while letting you know your approved interest rate. A personal loan soft credit check can be beneficial for both sides — the lender gets a sense of your creditworthiness while you get important information that can help you make borrowing decisions.
While prequalification for a personal loan with a soft pull isn’t a guarantee you’ll get approved for a loan, it can give you a good idea of the loan amount, rate, and terms you may be able to qualify for. If you choose to then apply for the loan, the lender will then do a hard credit pull.
Some lenders advertise that they will only do a soft pull, even when you apply for the loan. But you’ll want to approach these offers with caution. If a lender doesn’t require a hard credit check, it will often make up for the increased risk involved by charging exorbitant interest rates and fees.
Be Aware of Predatory Loans
If you’re looking at ads for soft pull personal loans, it’s important to be aware of predatory loans that may take advantage of individuals with limited credit history or poor credit.
Predatory loans, such as payday loans, often target individuals who may have difficulty obtaining traditional loans. However, these loans often come with high-interest rates, excessive fees, and unfavorable terms. When looking at this type of loan, you’ll want to be sure to research reputable lenders and read reviews to ensure you’re working with a legitimate and trustworthy institution.
Also be sure to read the loan agreement carefully and make sure you fully understand all the terms before proceeding.
Common Soft Inquiries
Soft inquiries are commonly used in various scenarios, including:
• Prequalification for credit cards or loans
• Employment background checks
• Rental applications
• Insurance quotes
• Credit monitoring services
• Checking your own credit
Recommended: Understanding Subprime Personal Loans
How to Get a Personal Loan With a Soft Credit Check
How hard is it to get a personal loan when a soft credit check is part of the process? It’s a fairly simple affair. You’ll want to first make sure that you understand the pros and cons of personal loans, to ensure that a personal loan is the right way for you to borrow. If you decide to move forward, you can expect these steps:
• Prequalify with multiple lenders. A personal loans soft pull during the prequalification process will let each lender provide you with the rate and loan terms you might qualify for, so you can choose the one that is best for your situation.
• Gather required documents. Depending on the lender, this could include your identification, proof of address (such as a utility bill), your tax ID number, and a recent paystub to prove employment and earnings.
• Apply and wait for a decision. You’ll likely be able to apply online, though some lenders could require you to go to an office.
The Takeaway
A soft pull personal loan may not be an actual loan. Rather, a soft pull is a type of credit check that is the first step in applying for a loan. You will likely have a hard pull done as part of the actual loan approval process. If a lender advertises loan approvals using only a soft pull, you’ll want to look very carefully at the details of the offer. You might be charged a higher interest rate plus fees for the loan. Shopping around and finding the best fit is an important part of seeking a personal loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
FAQ
Do personal loans do hard or soft credit inquiries?
Personal loans can involve both hard and soft credit inquiries. When you apply for a personal loan, the lender may perform a hard credit inquiry, which can temporarily lower your credit score. However, some lenders also offer prequalification or preapproval processes that involve personal loans soft pull credit inquiries. These soft pulls do not impact your credit score and provide lenders with a basic overview of your creditworthiness.
Do lenders see less of your credit history with a soft pull credit check?
With a soft inquiry, a lender or creditor will typically see a modified version of your credit report. They likely won’t be able to see information like your account numbers but will see things like your payment history and if you have any accounts in collections.
Can a soft credit pull affect your credit score negatively?
Soft credit inquiries do have any impact on your credit report. They are used for informational purposes or prequalification and do not have any direct impact on your creditworthiness. Only hard credit inquiries, which occur when you apply for credit or a loan, may temporarily lower your credit score by a few points.
How do you apply for a personal loan with a soft credit check?
A soft pull typically happens before the formal application for a personal loan: A lender may offer a prequalification or preapproval step that includes a soft credit check. The prequalification allows the prospective borrower to learn what rate and terms they might qualify for should they decide to pursue a loan. If the borrower opts to proceed with the full application, a hard credit check is typically required.
Is a soft pull credit check safe?
A soft pull credit check doesn’t have an impact on your credit score, so it doesn’t pose any risk to you.
About the author
Jacqueline DeMarco
Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.
Photo credit: iStock/Hispanolistic
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