Does Fast Loan Advance Check Credit? Soft vs. Hard Pulls Explained
Worried that shopping for a loan will hurt your credit? The short answer: checking your options with Fast Loan Advance uses a soft credit inquiry, which has no effect on your score. Here's how it works from start to finish.
- Checking your options uses a soft inquiry that doesn't affect your score.
- A hard inquiry may happen only if you accept an offer and complete an application.
- A single hard inquiry usually lowers a FICO score by fewer than five points.
Soft inquiry vs. hard inquiry
| Soft inquiry | Hard inquiry | |
|---|---|---|
| When it happens | When you check your loan options | When you accept an offer and complete an application |
| Affects your score? | No | Usually a small dip of a few points |
| Visible to other lenders? | No | Yes, for two years |
| Impact on score lasts | None | Typically up to 12 months |
When Fast Loan Advance checks your credit
- Checking options: a soft pull confirms your identity and estimates what you may qualify for.
- Accepting an offer: the lending partner may perform a hard pull with Experian, Equifax or TransUnion before finalizing your loan.
- After funding: your loan and payment history may be reported to the credit bureaus.
How much does a hard inquiry lower your score?
For most people, a single hard inquiry lowers a FICO score by fewer than five points. The effect fades over the following months, and the inquiry drops off your report after two years. On-time payments on the new loan usually outweigh the small dip within a few months.
Does applying with several lenders hurt more?
It can. Credit scoring models group multiple inquiries for mortgages, auto loans and student loans made within a short window, but personal loan inquiries may be counted separately. That's why checking options with soft inquiries first, and applying only for the offer you want, is the safer approach.
Do lenders use alternative credit data?
Many do. Your banking history, regular deposits and on-time bill payments can help if you have a short credit history or a low score. This is one reason Fast Loan Advance can consider borrowers who've been turned down by banks.
5 ways to protect your credit while borrowing
- Check options with soft inquiries before you apply
- Apply only for the offer you plan to accept
- Set up autopay so you never miss a payment
- Keep credit card balances below 30% of your limits
- Review your free reports at AnnualCreditReport.com for errors
Ready to see your options without affecting your score? Check your rate, or compare costs on our rates and fees page.
Frequently asked questions
Does Fast Loan Advance do a hard credit check?
Not to check your options. A lending partner may run a hard inquiry only if you accept an offer and complete your application.
Can I get a loan with no credit check at all?
Legitimate lenders verify identity and usually review credit in some form. Be wary of offers that promise no check of any kind.
Will my loan show up on my credit report?
Often, yes. Installment loan payments are commonly reported, so on-time payments can help build your credit.