6 Steps to Personal Loan Pre-Qualification

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- Pre-qualifying for a personal loan shows your likelihood of approval without affecting your credit score.
- You can get pre-qualified offers from multiple lenders to compare rates and terms.
- Use pre-qualified offers to determine whether the monthly loan payments will fit your budget.
6 steps to personal loan pre-qualification
1. Check your credit
2. Fill out the pre-qualification form
- Personal details, like your name, date of birth and Social Security number.
- Contact details such as your address and phone number.
- Your annual income and details about your employment.
- Your desired loan amount and loan purpose.
Personal loans from our partners
on SoFi
8.99-35.49%
$5K- $100K

on LightStream

6.49-25.29%
$5K- $100K
on Best Egg
6.99-35.99%
$2K- $50K
3. Undergo a soft credit pull
4. Find out if you’ve pre-qualified for a loan
5. Compare pre-qualified offers
6. Formally apply to get your money
Personal loan pre-qualification vs. preapproval
What to do if you’re not approved
How to boost your personal loan approval odds
What to know about pre-qualifying with bad credit
Article sources
- 1. National Credit Union Administration. Payday Alternative Loans Final Rule. Accessed Apr 17, 2025.
- 2. National Bureau of Economic Research. Prodigals and Projecture: An Economic History of Usury Laws in the United States from Colonial Times to 1900. Accessed May 2, 2025.
- 3. Federal Register. Federal Interest Rate Authority: A Rule by the Federal Deposit Insurance Corporation on 07/22/2020. Accessed May 2, 2025.
- 4. Consumer Financial Protection Bureau. What Is a Debt Relief Program and How Do I Know if I Should Use One?. Accessed Jan 16, 2025.
- 5. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed May 23, 2025.
- 6. Consumer Financial Protection Bureau. Truth in Lending Act (TILA) examination procedures. Accessed May 2, 2025.
- 7. Experian and Oliver Wyman. Financial Inclusion and Access to Credit. Accessed Jan 23, 2025.
- 8. Internal Revenue Service. Canceled debt – Is it taxable or not?. Accessed Apr 1, 2025.
- 9. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 17, 2025.
- 10. Center for Responsible Lending. Payday and Other Small Dollar Loans. Accessed May 2, 2025.
- 11. National Credit Union Administration. Credit Union and Bank Rates 2024 Q4. Accessed May 23, 2025.
- 12. Federal Reserve. Military Lending Act. Accessed May 2, 2025.
- 13. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 24, 2025.
- 9. Consumer Financial Protection Bureau. What is a payday loan?. Accessed May 2, 2025.
- 15. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans. Accessed May 2, 2025.
- 16. Angi.com. How Much Does It Cost to Make My Home Accessible?. Accessed Nov 12, 2024.
- 17. Internal Revenue Service. Retirement Topics - Plan Loans. Accessed Apr 8, 2025.
- 9. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 4, 2025.
- 19. The Pew Charitable Trusts. Payday Loans Cost 4 Times More in States With Few Consumer Protections. Accessed Apr 4, 2025.
- 12. Federal Reserve. Military Lending Act. Accessed Apr 4, 2025.
- 21. Internal Revenue Service. Retirement topics: Exceptions to tax on early distributions. Accessed Apr 8, 2025.
- 22. Administrative Office of the U.S. Courts. Bankruptcy Basics. Accessed Apr 8, 2025.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
70+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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