Understanding Soft Credit Checks
Learn how we protect your credit score while processing your loan application.
What Are Soft Credit Checks?
At TwentyLoans, we understand that protecting your credit score is important. That’s why we rarely do credit checks, and when we do them, which is not common, we do soft checks that don’t have any impact on your credit rating.
Soft Credit Checks vs. Hard Credit Checks
Soft Credit Checks
Soft credit checks, also known as soft inquiries, are credit checks that don’t affect your credit score. These checks are visible to you on your credit report, but they don’t impact your credit rating in any way. Soft checks are typically used for:
Pre-qualification purposes
Background checks
Checking your own credit
Pre-approved offers
Hard Credit Checks
Hard credit checks, also known as hard inquiries, are credit checks that can impact your credit score. These occur when you apply for credit, and they can lower your score by a few points. Hard checks stay on your credit report for up to two years.
Why This Matters
Many borrowers are concerned about credit checks because they worry about:
Lowering their credit score
Having too many inquiries on their credit report
Being denied based on credit history
Long-term impact on their credit rating
At TwentyLoans, we address all these concerns. We rarely do credit checks, and when we do, we use soft checks that don’t impact your credit score. This means you can apply without worrying about credit score damage.
Our Credit Check Policy
At TwentyLoans, we have a unique approach to credit checks:
We Rarely Do Credit Checks
Unlike many other lenders, we rarely do credit checks. This means that in most cases, we don’t check your credit at all when processing your application. This is part of our commitment to making loans accessible to more people.
When We Do Check, We Use Soft Checks
When we do credit checks, which is not common, we do soft checks that don’t have any impact on your credit rating. This means you can apply with confidence, knowing that your credit score won’t be affected.
How Our Process Works
Here’s how credit checks fit into our loan process:
You complete our simple application form (most users finish in 3 minutes)
We review your application using our simple criteria
In most cases, we don’t check your credit at all
If we do check your credit (which is rare), we use a soft check that doesn’t impact your score
We make a decision quickly – usually within 30 minutes
Benefits of Our Approach
No Credit Score Impact
Since we rarely do credit checks, and when we do, we use soft checks, your credit score won’t be affected by applying with us. This is a significant advantage over many other lenders.
Apply with Confidence
You can apply for a loan with TwentyLoans without worrying about damaging your credit score. This peace of mind is important, especially if you’re working on improving your credit.
More Opportunities
Because we rarely do credit checks and use soft checks when we do, more people can qualify for loans. This aligns with our commitment to industry-leading approval rates.
Common Questions About Credit Checks
Will applying for a loan hurt my credit score?
No. We rarely do credit checks, and when we do them, which is not common, we do soft checks that don’t have any impact on your credit rating.
How often do you check credit?
We rarely do credit checks. In most cases, we don’t check your credit at all when processing your application.
What if I have bad credit?
Since we rarely do credit checks and use soft checks when we do, your credit history is less of a factor. We have industry-leading approval rates, and many users who don’t get approved by other companies come to us and find success.
Can I check my own credit before applying?
Yes, you can check your own credit anytime. Checking your own credit is always a soft check and won’t impact your score.
Industry Leading Approval Rates
Our approach to credit checks is one reason we have industry-leading approval rates. By rarely doing credit checks and using soft checks when we do, we make loans accessible to more borrowers. Many users who don’t get approved by other companies come to us and find success.