Credit checks that don’t affect your credit score
Understanding Soft Credit Checks
What Are Soft Credit Checks?
At PaydayCartel, we understand that credit checks can be a concern for many loan applicants. That’s why we’ve made a commitment to rarely perform credit checks, and when we do, we only use soft credit checks that have no impact on your credit rating.
Soft Credit Checks vs. Hard Credit Checks
There are two types of credit checks: soft checks and hard checks. Understanding the difference is important for anyone considering a loan application.
Soft Credit Checks: These are inquiries that don’t affect your credit score. They’re used for background checks, pre-approval processes, and account reviews. Soft checks are only visible to you on your credit report, not to other lenders. They don’t impact your credit score in any way.
Hard Credit Checks: These are inquiries that can affect your credit score. They’re typically used when you’re actively applying for credit, and they can cause a small, temporary drop in your credit score. Hard checks are visible to other lenders and can stay on your credit report for up to two years.
Our Commitment to Soft Credit Checks
At PaydayCartel, we rarely perform credit checks. When we do need to check your credit, we always use soft checks. This means you can apply with confidence, knowing that simply checking your loan options won’t affect your credit score.
This approach is particularly beneficial for individuals who may have concerns about their credit history or who want to shop around for the best loan options without worrying about multiple credit inquiries affecting their score.
Why We Use Soft Credit Checks
We use soft credit checks for several important reasons:
No Impact on Credit Score: Soft checks don’t affect your credit rating, so you can apply without worry
Transparency: We believe in being upfront about our credit check practices
Accessibility: We want to make loans accessible to people who need them
Customer Confidence: You can explore your options without fear of credit score impact
When Do We Perform Credit Checks?
We rarely perform credit checks. Our simple criteria and streamlined evaluation process mean that we can make most decisions without needing to check your credit. When we do perform a credit check, it’s always a soft check that won’t affect your credit score.
Our focus is on using our simple criteria to evaluate applications, rather than relying heavily on credit scores. This approach helps us approve many applicants who were turned down by other companies that rely more heavily on credit checks.
Benefits of Our Approach
Our commitment to rarely performing credit checks and using only soft checks when necessary provides several benefits:
You can apply without worrying about credit score impact
You can shop around and compare options freely
Your credit score won’t be affected by simply checking your loan options
We focus on your current situation rather than past credit history
More applicants can qualify using our simple criteria
How Soft Credit Checks Work
When we perform a soft credit check, we’re able to see basic information about your credit history without it affecting your credit score. This information helps us make informed decisions while still using our simple criteria as the primary evaluation method.
Soft credit checks are a standard practice in the financial industry for preliminary evaluations. They allow lenders to gather necessary information while protecting the applicant’s credit score from unnecessary impacts.
Your Credit Score Protection
We take your credit score protection seriously. By committing to rarely perform credit checks and using only soft checks when necessary, we ensure that applying for a loan with PaydayCartel won’t negatively impact your credit score.
This protection is important because it allows you to:
Explore your loan options freely
Compare different loan offers
Make informed decisions without credit score concerns
Apply with confidence
Industry-Leading Practices
Our approach to credit checks is part of our commitment to industry-leading practices. We believe in making loans accessible while maintaining responsible lending standards. Our rare use of credit checks and exclusive use of soft checks when necessary is one way we demonstrate this commitment.
This approach, combined with our simple criteria and fast approval process, helps us achieve industry-leading approval rates while protecting our customers’ credit scores.