Don’t think you’ll qualify for a loan?

Don’t think you’ll qualify for a loan?

Putting yourself out there to apply for a loan is intimidating—we get that. You feel vulnerable, at the mercy of some nameless, faceless official at the bank or finance company.

And the thought of rejection is never pleasant, especially if you’ve been turned down before.

But here’s the thing: Getting a loan online is a completely different world. You can find out whether you’re likely to qualify without affecting your credit score.

It doesn’t hurt your credit to check rates. Really.

You’ve probably heard that applying for a loan can affect your credit—and that’s true, in certain situations.

If you make an application with a particular lender and that lender pulls your credit to make a lending decision, it’s recorded as a “hard” inquiry on your credit report. Hard inquiries do have a small impact on your credit score.

But not every inquiry is a hard inquiry that may potentially affect your credit. There are also “soft” inquiries that have no impact on your credit at all.

Soft inquiries take many forms—an employer requesting your credit score as part of a background check, for example, or you yourself requesting a copy of your credit report.

Online lending providers also use soft inquiries to pre-qualify you for a loan or credit card offer.

So when you use a service like Hearth to check your rates, only a soft inquiry is performed—and it doesn’t affect your credit score at all. You can learn more about hard and soft credit inquiries in this article.

Every lending partner has different standards—if you’ve been rejected by one, you may be approved by another.

Traditional banks and credit unions have pretty strict underwriting standards; they set a high bar to qualify for a loan. If your credit isn’t perfect, you’ll likely be turned down.

But in the world of online lending, it’s a completely different story. Online marketplace lenders aren’t bound by the same strict underwriting standards of brick-and-mortar banks. Online lenders tend to specialize in a particular type of loan—an auto loan or home improvement loan, for example—and each one sets its own approval standards.

That means you can often qualify for a marketplace loan even if you’ve been turned down by a traditional bank.

Want a real world example? Your bank probably needs to see very good or excellent credit (a score of 740 and up) to approve an unsecured loan. Some online lenders, on the other hand, will approve your loan even if you only have good or merely fair credit (a score in the 640 range).

Some may even go lower, if you’re willing to pay a high interest rate.

The great thing about using a service like Hearth is that you get access to a lot of different lending partners with one quick application—which means you have a much better chance of finding a lender to approve your loan.

Sometimes, a credit card program for people with bad credit can solve your home improvement problem.

Owning a home means you’ll eventually face an unexpected and urgent repair situation. Maybe your 15-year-old roof is starting to leak, or you discovered a dangerous crack in your chimney flue.

Whatever it is, it’s not always possible to be financially prepared for a needed repair—but that doesn’t mean you can safely postpone it.

That’s why some lenders specialize in home improvement credit cards for people who are still rebuilding their credit. The interest rates will be higher, but you’ll get access to the money you need to get urgent work done.

Keep in mind, it’s a good idea to have a payment plan mapped out to pay off your balance quickly before you apply—it’s all too easy to settle into the “minimum monthly payment” routine. Those lower minimum payments seem like a great idea, until you realize that compound interest month after month (and year after year) can double or even triple the cost of your home repair.

Click here to learn more about credit cards for home improvement.

If debt is dragging down your credit score, a debt management program can help.

It’s not hard to get caught up in an unmanageable debt cycle due to illness, unemployment, a new baby—any number of things can upset your budget and get you into financial trouble.

And once it starts, the debt cycle is hard to stop, dragging your credit score down in the process.

Companies like Freedom Debt Relief step into the gap and help you resolve your debt more quickly than you could manage on your own—an important first move in repairing bad credit. Freedom Debt Relief has helped over 450,000 people pay off $8 billion in debt since 2002, so chances are good they could help you resolve your debt, too.

Click here to learn more about Freedom Debt Relief.

There’s really no good reason not to try.

You wouldn’t be reading this if you didn’t have a home improvement project in mind—an urgent repair, a much-needed upgrade, or even a personal luxury like a hot tub or pool.

You probably even have a pretty good idea exactly how much you need to get the job done.

What you don’t know is whether you can get the money you need to do it.

We can help you answer that question in about a minute with our simple online application—so why not find out today?

Click here to check your eligibility without affecting your credit score.