In most countries, you can easily use an eligibility checker to affirm whether you qualify for lending in that particular country. The loan checker is explicitly designed for loan applicants to enable them to check their eligibility status. With this service available, you have no reason to visit the bank or a specific lender to assess whether you qualify for a loan from them.
The eligibility checker can look at the following factors when determining eligibility, whether you are seeking a personal loan, home loan, or maybe an education loan.
•Your credit score
•Your current age
•Your minimum salary requirement
•Your requested loan amount
•Your prior work experience and the employment status
After all, these have been assessed; the checker will generate a score for you that will determine whether you will be granted loans. In as much as the checker will show where you are in terms of credit ratings, it does not guarantee that you will secure a loan.
That’s because every lender will have other criteria requirements to assess your ability to pay back the loan. By making good use of the checker, an applicant is relieved from applying to the lender, which could otherwise destroy their reputation if the score is poor.
The distinction between Soft Search and Hard Search
Before a lender grants you a loan, they will typically conduct two types of credit checks. The two include:
•Soft search check
•Hard search check
Soft Credit Check
With this type of examination, the applicant is safe since the credit report does not generate negative markers, which could adversely affect the credit score. Applicants that have a poor score can easily assess their eligibility without having to submit a loan application, which could bring consequences on their score.
Hard Credit Check
Upon doing a hard search, the results will be displayed on the credit report. In case you have submitted several applications in a short time, then the chances are high that lenders will come across this information. They will, therefore, deduce that you rely on credit a lot.
Benefits of the Loan Eligibility Checker
Saves on Time
The applicant can assess the best loans that they qualify for according to their current financial situation. As an applicant, you can check the distinct interest rates and repayment cycles offered without having to talk to a lender personally. By this, you are going to save a lot of time in decision making and even have time to do other essential things.
Protecting your Credit Score
In case you have tried to apply for loans from different lenders a couple of times, and the applications were rejected, be sure that will negatively affect your score. So by first checking your eligibility on the eligibility checker using the soft search, your credit score will not be impacted.
Eligibility for a loan can be checked, mostly using an eligibility checker. It is safer as your credit score is not going to be affected rather than sending loan applications and getting rejected often. By checking your eligibility, you can determine interest rates, among other things that the lenders may be asking of the loan.