Does prequalification mean I will get the loan?
No. Prequalification is an estimate based on limited information. Final terms depend on a full review by the lender, which may include a hard credit pull and verification of income and employment.
Glossary
Prequalification
An initial assessment of a borrower's eligibility based on basic information, typically using a soft credit pull. It does not guarantee final loan approval.
In depth
Understanding Prequalification
Prequalification lets you check potential rate ranges and loan amounts without committing to a formal application or triggering a hard credit inquiry. Actual terms may differ once a lender performs a full review. Harbor Lenders uses a soft check approach so you can check options with no impact to your credit score.
FAQs
Common questions
Does prequalification hurt my credit score?
Checking options through Harbor Lenders does not require a hard credit pull. Your score will not be impacted at the prequalification stage.
Related terms
See also
Soft Credit Pull
A credit check that does not affect your credit score. Soft pulls are used for pre-qualification, background checks, and personal credit reviews.
Read more →Hard Credit Pull
A credit inquiry initiated by a lender with your permission, typically when you formally apply for credit. Hard pulls appear on your credit report and can temporarily lower your score by a few points.
Read more →Credit Score
A three-digit number (typically 300–850) that summarizes a borrower's credit history and predicts the likelihood of repaying debt. Higher scores indicate lower risk to lenders.
Read more →Personal Loan
An unsecured installment loan that can be used for almost any purpose. Repaid in fixed monthly payments over a set term.
Read more →Ready to check your options?
One secure request. No hard credit pull. No cost to check.