Skip to content
Learn About Personal Loans

How to Check Your Personal Loan Rate without Hurting Your Credit

Young male on phone checking his personal loan rate in cafe

Every year, millions of people use personal loans for many reasons, from consolidating debt to paying for weddings or emergencies. Nonetheless, some consumers are hesitant to apply for a personal loan for fear it may hurt their credit score. If you’re one of the hesitant, we have good news. You can check what your personal loan interest rate could be without doing any harm to your credit score and without any commitment to apply.

What Is a Soft Credit Inquiry? What Is a Hard Credit Inquiry?

It’s important to understand the difference between two different types of credit inquiries: a soft credit inquiry and a hard credit inquiry.

A soft credit inquiry won’t impact your credit at all.

A “soft credit inquiry” might occur when:

  • You check your credit score online
  • An employer does a background check
  • You submit a home or apartment rental application

A hard credit inquiry could affect your credit.

A “hard credit inquiry” on your credit report generally occurs when you apply for:

There are just a few examples: Do your research prior to any major financial decision to ensure which type of credit inquiry may occur.

While new credit only accounts for 10 percent of your FICO® credit score, for example, sometimes a few points can make the difference between hundreds or thousands of dollars in additional interest payments over time. Other factors in your credit score include the amount of credit you’re using, your payment history and length of your credit history.

The Best Way to “Check Your Rate”

Some personal loan lenders look at your credit report using a soft credit inquiry to prequalify you and let you know your approved interest rate. In this way, they empower you with more information to make sound borrowing decisions.

Discover Personal Loans, for example, offers a feature which uses a soft credit pull to let you know your rate and monthly payment based on the loan amount and repayment term you request. This allows you to check your interest rate without impacting your credit score. The rate and monthly payment are good for up to 15 days. You can easily return to where you left off online or call Discover to accept the rate and apply for the personal loan within the 15-day period.

If you miss the 15-day offer period, not to worry. You can always check your rate again.

Ready to get started? Check Your Rate now.