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Applying for a personal loan FAQ


You can search for loan offers with your Credit Karma account and sort by annual percentage rate, loan amount or monthly payment.

Does shopping for a personal loan on Credit Karma hurt my score?

Checking your credit reports and looking for offers on Credit Karma doesn’t affect your credit scores and we work hard to help you minimize risk while you’re shopping for the right financial product for you. 

But when you apply for a loan, the lender will pull your credit as part of the application process. This is known as a hard inquiry and will usually lower your credit scores by a few points. Generally speaking, hard inquiries stay on your credit reports for about two years.

Which personal loan is right for me?

As you review offers, please keep in mind that we can't know for sure if lenders will approve or decline applications. However, we do the best we can to help you narrow down your choices. For more information you can check out this article on What your Credit Karma Approval Odds Really Mean.

Some things to consider: Interest rates and other fees 

Interest rates and fees can make a big difference in how much you pay over the life of a loan, and they vary widely from lender to lender. Here are some things to consider:

  • Interest rates: Rates typically range from around 5% - 36%. In general, the better your credit, the lower your interest rate will be. And the longer your loan term, the more interest you’re likely to pay.
  • Origination fees: Some lenders charge a fee to cover the cost of processing the loan. Origination fees typically range from 1%- 6% of the loan amount.
  • Prepayment penalties: Some lenders charge a fee if you pay off your loan early because early repayment means that the lenders are missing out on some of the interest that they would have otherwise earned.

On Credit Karma, you can look for an offer that suits your financial goals. You may also find it helpful to see reviews other Credit Karma members have left about products you are considering. 

You may find it helpful to ask questions in our Credit Karma Community. Chances are someone else has faced the same issue you have, or has posed a similar question.

You may also want to read these articles for additional insight:

6 things you should know about personal loans
Should I get a personal loan?

I found a loan offer on Credit Karma and I want to apply!

Credit Karma shows you offers from companies we partner with, but we are not a lender. If you choose to apply for a financial product you found on Credit Karma, you’ll be taken directly to the lender’s website to continue the application process.

It’s not uncommon for lenders to ask for your bank account information during a personal loan application. This is so the funds can be electronically deposited directly into your bank account.

Sometimes it can take a week or two before a lender makes a decision. If you have additional questions or concerns regarding the application process, you may want to reach out to the lender directly for additional information.

What if my application is not approved?

If your application for a new personal loan gets denied, don’t panic. Though the hard inquiry necessary for the application may affect your credit scores, getting denied doesn’t further hurt them. The impact on your credit may be small and can improve over time.

What if I want to cancel?

If you chose to cancel, we recommend reaching out to the lender as soon as possible to ask for further information.

Please keep in mind that whether or not you choose to cancel, the lender will still have needed to check your credit, which can result in a hard inquiry.

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