Yes, LoanMe does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
LoanMe's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether LoanMe does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include OppLoans and Integra Credit.
To apply for a LoanMe personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a LoanMe Personal Loan
Check for pre-qualification.Pre-qualification is a way to check your approval odds and potential rates before...
LoanMe does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. Although there isn't a specified LoanMe credit score requirement, LoanMe will consider people who have bad credit, according to customer service. Most other lenders' credit score requirements for personal loans range from at least 585 to 700.
Keep in mind that LoanMe will look at more than just your credit score when evaluating your application...
It takes 1 to 2 business days to get money from a LoanMe personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.
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