Soft Pull Pre-Qualify Personal Loans-Complete List

Share on email
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on print

Most personal loan and debt consolidation sites do offer a soft inquiry pre-qualification process of some sort and then after you have seen your loan amount and APR rate they will have you confirm and once you have fully accepted the loan (this could be before or after you provide POI and verification) they will hard pull your credit.

Now if you go through the pre-qualification process and they deny you, DO NOT agree to the suggested site they give you, which will do another pre-qual. Most people don’t know this, those are sub-prime providers, aka high interest rates and horrible terms. It’s not even worth it.

Personal loans are still a great way to pay off credit cards and get loan diversity on your credit profile. This usually causes a bump in your score. There are changes in Fico 10 that may change the impact of personal loans but 99% of institutions are still working off of Fico 9 or lower.

Keep in mind the information you will need if you do in fact get approved. Remember they will give you the total loan amount, APR and months to pay it off (terms) and if you decide to accept then they will hard pull your credit. A few of them even allow you to upload all your docs before they hard pull your credit.

Required documentation you should expect them to ask for is going to be

  • Full Name
  • Address (make sure it matches your public records, if you just moved in last 2 months or so it may cause issues with address verification)
  • DOB
  • SSN
  • Employment status
  • Last 2-6 months of pay stubs
  • W2 from at least 2020 if not 2019 as well
  • Bank account for auto pay
  • Credit cards you want to use for balance transfer (if you choose this)
  • Upgrade requires selfie and front/back of drivers license/ID

Best Soft Inquiry Personal Loan Offer

Over the years by far the best experience I have personally had and clients have had is with Marcus by Goldman Sachs. From a smooth pre-qual process all the way to getting funded and ease of payments, the only thing I wish they did was better track how/when you pay off your loans and offer you something special to get another one.

Great Interest Rates

Marcus By Goldman Sachs

Marcus from my understanding is one of the oldest running personal loans with such great rates. They don’t hike then drop, they tend to stay more consistent. You can get favorable terms with low 700s credit score. The amount of documentation they require is lower than most.

Loans up to

$40,000

APR

Fixed
6.99% to 19.99%

Fees

No late fees
No addtnl fees

Discounts

0.25% reduction
with AutoPay

Soft Inquiry Personal Loan Offers

Accepts A Range Of Scores

Lending Club

They have been around since 2007 and helped 3 million people secure over $60B in funding which is crazy, considering Prosper who many think is the biggest, has only funded 1 million people $16B. 

Loans up to

$40,000

APR

8.05% to 35.89%

Loan Terms

36-60 months

Adtnl Fees

Origination fee
3% to 6%

Accepts A Range Of Scores

Upgrade Personal Loans

They seem to follow a process that is similar to Paypal loan builder where you do a pre-qual, they tell you rate and terms, you accept and then get your login. From there you upload any verification and POI they require (they require a selfie photo, front/back of state id and POI)and after that you get your loan and finally get the hard hit on your credit.

Loans up to

$50,000

APR

5.94%-35.97%

Loan Terms

24 to 84 months

Adtnl Fees

2.9% to 8%
origination fee

Accepts A Range Of Scores

Prosper Personal Loans

I got datapoints going back to 2016 on Prosper, they seem to be more flexible with credit scores, I know people who have had as low as 630s on Experian get approved with enough documentation, they don’t seem as personal and customer driven anymore (more volume based). After getting 2 personal loans from them, they didn’t have any previous data saved and treated the customer like they were brand new.

Loans up to

$40,000

APR

7.95% to 35.99%

Loan Terms

up to 60
months

Adtnl Fees

Origination fee
2.41%-5%

Works With Those Rebuilding Credit

One Main Financial

This company seems closer to a subprime solution, they want a lot of documentation and 1st position leans on assets like a car. They have higher fees and more fees where they can get away with it. They have an origination fee, late fees, NSF fees and governmental fees

Loans up to

$20,000

APR

18% to 35.99%

Loan Terms

24-60 months

Adtnl Fees

Origination fee
1% to 10%