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How to Pre-Qualify for a Personal Loan
Pre-qualification gives you a preview of the potential terms of your personal loan. Learn how to pre-qualify.
Jackie Veling Lead Writer | Buy now, pay later loans, debt consolidation, personal loans
Jackie Veling covers personal loans for NerdWallet. Her work has been featured in The Associated Press, MarketWatch, MSN, Nasdaq.com and Yahoo Finance. Prior to that, she ran a freelance writing and editing business, where she partnered with a wide range of clients, including U.S. Bank and Under Armour. She graduated from Indiana University with a bachelor’s degree in journalism.
Ronita Choudhuri-Wade Lead Writer | Personal finance, Personal loans
Ronita Choudhuri-Wade covers personal loans for NerdWallet. Before joining NerdWallet, Ronita was a freelance writer for the fintech company Wise (formerly TransferWise) on global money transfers and banking internationally. She was previously a senior internal wholesaler at MainStay Investments, holding her Series 6, 65, 63 and 7 licenses. Ronita graduated from New York University and has a master’s degree in globalization and development from the University of Manchester in the United Kingdom. Ronita currently lives in Tulsa, Oklahoma.
Kim Lowe is a lead assigning editor on NerdWallet's loans team. She covers consumer borrowing, including topics like personal loans, buy now, pay later and cash advance apps. She joined NerdWallet in 2016 after 15 years at MSN.com, where she held various content roles including editor-in-chief of the health and food sections. Kim started her career as a writer for print and web publications that covered the mortgage, supermarket and restaurant industries. Kim earned a bachelor's degree in journalism from the University of Iowa and a Master of Business Administration from the University of Washington. She works from her home near Portland, Oregon.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Pre-qualifying for a personal loan is a first step in the loan approval process. It gives lenders an idea of your creditworthiness, and it gives you a preview of the loan you might receive.
Getting pre-qualified, however, doesn't guarantee you a loan; lenders will verify your information before final approval.
Here are four steps to pre-qualify for a personal loan.
1. Fill out the pre-qualification form
Many lenders let you pre-qualify for a personal loan on their website by filling out a form. You’ll be asked to provide information including:
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.
Other financial information, such as whether you have savings, retirement or investment accounts.
Your desired loan amount and loan purpose.
Because rates and terms vary, NerdWallet recommends pre-qualifying for multiple personal loans to compare offers among lenders.
Pre-qualifying offers will include your potential loan terms, like the amount you qualify for and the interest rate, though those numbers might change after you formally apply and a lender gains detailed insight into your financial picture.
See if you pre-qualify for a personal loan — without affecting your credit score.
Just answer a few questions to get personalized rates from our lending partners.
2. Undergo a soft credit check
Pre-qualifying for a personal loan should not affect your credit score.
Once you submit the pre-qualification form, lenders will do a soft credit check to determine your creditworthiness. A soft credit check doesn’t show up on the credit reports that a lender would see when you formally apply, so pre-qualifying with multiple lenders won’t hurt your chances of getting a loan.
If you get an offer through pre-qualification, the lender will invite you to submit a full application. When you do, the lender will verify your financial history with a hard credit check, which will appear on your credit report for up to two years and temporarily shave a few points off your score.
Lenders review your cash flow, credit score and debt-to-income ratio when assessing an application. Your debt-to-income ratio and cash flow indicate how much monthly income you have available for loan payments. Your credit score reflects how well you've managed debt. For that reason, building a strong credit history is the best way to increase your likelihood of pre-qualifying.
Pay your bills on time, keep your balances low and aim to pay your credit card balances in full each month to strengthen your credit profile.
How to get a loan with bad credit
If you’re worried about qualifying because of your credit score, personal loans from credit unions may carry low rates and flexible terms for applicants with lower credit scores.
Online lenders also offer bad-credit personal loans. These lenders may consider other parts of your application, like your education and where you work, to help qualify you. But they typically offer higher rates, so the loan will be more expensive.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
Once you submit your pre-qualification form, you should see potential loan terms within minutes. If you’re happy with the amount, rate and repayment term, you're ready to formally apply for a personal loan.
This step usually involves uploading financial documents like bank statements and recent tax returns, which the lender uses to verify the information you submitted during pre-qualification. After you finish the application, the lender will perform a hard credit check.
If you're approved, some lenders can fund the loan as soon as the next business day, depositing the money into a checking or savings account of your choice. Most lenders can fund within one week.
If you’re not approved
If your application is denied, you should receive an adverse action notice or letter. This will include information about the credit agency that provided the report, why you were denied, your current score and factors contributing to it and how you can get a free copy of your report.
This information can be valuable in finding ways to quickly build your credit score and strengthen your odds of getting approved for a personal loan.
How to boost approval odds
If you don’t get an offer through pre-qualification, the lender may ask whether you want to apply for a co-signed, joint or secured loan.
Joint and co-signed loans allow you to add someone with stronger credit to your application, increasing your chances of approval or getting a lower rate. A co-applicant, however, is on the hook for any missed payments.
A secured personal loan requires you to pledge collateral like your car or savings account to guarantee the loan. It’s usually easier to get approved for a secured loan, but you could lose the collateral if you fail to make payments.
