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Applying Does NOT Affect Your Credit Score

Credit Check

Credit Check is a process where a creditor or a lender looks at the information from your credit score, in order to understand your financial behavior. They do not need your permission to check your credit report as this generally takes place when you have applied for a loan from a lender.

Your credit report is a summary of your credit history, in which all the past credit information such as your earlier loan repayments, your current balance of credits, etc. are recorded.

Types of Credit Check

1. Hard credit checks In this kind of credit check, the lender examines your credit report and based on that information they take a decision whether to extend their offer for credit to you. Generally, banks or any other financing companies run a hard credit check on every individual, who has applied for a loan.

2. Soft credit check This kind of credit checks are done by lenders to decide how good your application would be without examining your credit history. The soft searches do not affect your credit score since these are not visible to other lenders or companies.

Importance of Soft Credit Check

When you are applying for a lot of loans in a short span of time and there has been a number of hard credit checks, it tends to lower your credit score as you will start looking risky to a potential lender. However, in case of a soft credit check, it is not true as there is no limit on how many times you had soft credit checks, it will leave no traces on your credit report.

How Can You Avoid Hard Credit Check?

There are a few ways by which you can avoid a credit check such as:

  • Do not apply for a loan if you know you will not be able to qualify for that.
  • You can apply to lenders that dont run a hard credit check like installment loans.
  • Educate yourself to make good credit decisions.

References:

1. TransUnion https://www.transunion.com/blog/credit-advice/the-difference-between-hard-and-soft-credit-inquiries

2. Experian https://www.experian.co.uk/consumer/guides/searches-and-credit-checks.html

3. USNews.com https://creditcards.usnews.com/articles/difference-between-hard-and-soft-credit-inquiries

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Applying Does NOT Affect Your Credit Score

We are registered with Utah's Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to support@cashamericatoday.com.

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