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Soft Search Loans

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If you were looking online for information about soft search loans, we're glad you found us. In a few minutes, you'll have all the facts you need to know before making any loan application... or even searching for possibilities.

The more you know about the loan process, the easier you'll find it to understand how to go ahead and look for what you need.

Are you ready?

Let's find out more. We've lined up all the facts you need here.

What is a loan soft search?

You may have read about two kinds of searches when you're looking for a loan:

  1. A soft loan search
  2. A hard loan search

These are casual terms that describe which kind of search a lender may use at certain times. Gaining an understanding of them may begin to help you work out the searching and application process.

A soft search is also sometimes referred to as a smart search. We like that term - and we think you will too when you understand more about it.

An example of a smart search when looking for a personal loan

Let's say you are looking for a loan. The first thing you'll realise is that there are lots of possible loans on the market, offered by various sources and lenders. You'd be forgiven for feeling as if your head has begun spinning at the possibilities.

It's good in one sense to have so many loan products out there, but tougher in another, because you've got so many to choose from. They won't all be suitable for you or your financial situation and personal circumstances, for example.

Think smart casual!

A soft or smart search is a casual search, allowing you to compare various loans that might work for you. It's important to recognise that you aren't formally applying for any of these loans when trying this kind of search. Instead, you're considering the possibilities.

All searches do appear on your credit file. However, a soft search doesn't have any impact on your credit score.

What can lenders see?

Lenders cannot see any soft searches you may have done. That's another tick in the positive column for these searches as far as you and your credit score are concerned! They can only see hard searches other credit providers have made when you've applied for other loans or financial products in the past.

So, a soft search won't affect my credit score?

No, it won't, so you can comfortably use services that rely on this technique to explore the market and narrow the field of potential loans you could go for.

When you use our convenient form to explore the market for various loans, we guarantee that only the soft search method will be used (by our lenders) to help us find a relevant loan offer for you to consider.

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What's a hard search then?

This is performed by lenders when you decide to apply for a loan - whether it's a payday, short-term, instalment or personal loan. The soft search is similar to asking a lender which loans you stand the best chance of being accepted for if you applied.

The hard search only occurs when you've considered the possibilities, discovered a loan that could be ideal for you, and put in a proper application to the lender offering that loan.

The hard search leaves a trace other lenders can see

The hard search is a real application. This is the one that leaves a footprint or mark behind, affecting your credit score by dropping it by a few points.

So, it makes sense not to go down that route until you're sure you've narrowed the loan field to find something that might best fit your needs.

So, can I search for personal loans and protect my credit score?

Yes - that's the beauty of the soft search or check. Banks, building societies, and other lenders use certain pieces of information to let you know whether they might consider you for a specific loan. This might be a personal loan or unsecured loan, or perhaps even one of a selection of secured loans.

All reputable lenders are regulated by the Financial Conduct Authority (FCA), so they must adhere to all current regulations. We only work with such lenders, so you can trust our service if you decide to search for a loan with Loanza.

What if I have bad credit?

Bad credit makes using a soft search process even more important. You don't want to drop your score lower still by applying for a loan sooner than you should.

The smart search process ensures you'll be able to consider various loans and know which ones you are likely to be accepted for. This may include loans specifically aimed at those with poor credit.

Does this mean my credit score will definitely stay the same with a soft search?

Yes, and that's one of the reasons why it is vital to understand how it works. It allows you to look for various deals that may suit you, so you can compare loans and find one with reasonable terms.

If you went straight for an application, you may end up being rejected because it wasn't a good fit for you. This could mean unnecessarily dropping a few points from your score for no reason.

Furthermore, you'd then need to apply for a different loan if you did spot a better one elsewhere. That is going to drop more points from your credit level too. You don't want too many of those in quick succession either.

The soft search means this won't happen. That loan wouldn't appear in the results as it may not be ideal for you. So, even if your credit history is poor, you can protect it and only apply for a loan when you're ready and you've found the most suitable one for you.

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Do I need a regular income to look for a loan via a soft search?

You do need some kind of income, yes, although it may not need to come from employment. You'll see that our simple form contains all the questions we need to ask to be able to compare loans and bring you the most reasonable deals.

One of the questions relates to income, so enter your details there and we'll do the rest.

Can I do a soft search for debt consolidation loans?

Yes, you could look for personal loans for all kinds of reasons. A car purchase, paying off credit cards, doing some home improvements - these are all possibilities.

The soft search means you'll always be able to narrow the field before you apply.

Loanza could help you with soft search loans today

You can see how the terminology describes a search process rather than the actual loan. However, Loanza has the experience and connections you need that could make it simpler to look for a loan that works for you.

We are regulated by the Financial Conduct Authority as a credit broker. Compare loans with an eligibility score to see which lenders are the most likely to approve your loan. Compare personal loan offers with real interest rates (not just rep aprs), and choose the most competitive personal loan option today.

You're one form away from some answers

Complete our handy form - designed to be fast and simple to use - and we'll see which of the many dozens of lenders in our network could offer you an unsecured loan that is suitable for your personal circumstances.

And yes, our search involves lenders utilizing a soft search system, so your credit score is safe until you decide to formally apply for a deal that catches your attention.

Complete our form today

We've made sure our form is easy to use and understand. It takes only a couple of minutes to fill it in. Your credit score is safe, and personal loans are waiting. Compare loans with Loanza today.