Question 1

Will checking my rate affect my credit score?

Accepted Answer

No. The Lending Group and our lending partners use a soft credit pull only to show you personalized offers — zero impact on your credit score and no hard inquiry to qualify. A hard pull, if any, is done only by the specific funding lender you choose at closing.

Question 2

How fast can I get the funds?

Accepted Answer

Most approved borrowers receive funds in their bank account 1–3 business days after signing their loan agreement. Same-day and next-day funding is available for many customers, depending on the lender and your bank.

Question 3

What credit score do I need to qualify?

Accepted Answer

We work with borrowers starting at a 580 FICO for many loan types, and 620+ for the best-rate consolidation and home-improvement products. Your rate and approval depend on a combination of credit, income, and debt-to-income ratio.

Question 4

Are there any fees?

Accepted Answer

Qualifying products in our network charge no origination fees, no prepayment penalties, and no late fees. Always review the specific loan agreement so you know exactly what you're signing.

Question 5

Can I pay off the loan early?

Accepted Answer

Yes — every loan in our network allows early payoff without penalty. Any extra payments go directly to principal and reduce your total interest cost.

Question 6

What states do you lend in?

Accepted Answer

The Lending Group serves borrowers in all 50 U.S. states and Washington, D.C. Availability of specific products and rates varies slightly by state.

Question 7

Can I use the loan for any purpose?

Accepted Answer

Personal loans can be used for almost anything — debt consolidation, home improvement, medical bills, weddings, moving, emergencies, and more. They cannot be used for post-secondary education tuition, investments in securities, or illegal activities.

Question 8

Is my information secure?

Accepted Answer

Yes. We use bank-grade 256-bit SSL encryption end-to-end and never sell your personal information. Your data is used only to match you with lending partners and process your application.

Question 9

How much can I borrow?

Accepted Answer

Personal loans in our network range from $2,500 to $50,000. HELOC options range from $30,000 to $500,000. The amount you qualify for depends on income, credit, and (for HELOC) home equity.

Question 10

How long are the loan terms?

Accepted Answer

Personal loan terms typically run 24 to 84 months. HELOC draw periods run up to 10 years with repayment periods up to 20 years. Longer terms mean lower monthly payments but more total interest.

Question 11

What documents will I need?

Accepted Answer

For most applications: government-issued ID, Social Security number, current address, employer and income information, and your bank routing and account numbers for direct deposit. Some lenders may request pay stubs or bank statements.

Question 12

Does The Lending Group actually lend the money?

Accepted Answer

The Lending Group operates a network of vetted U.S. lending partners. We match you with the best offers from those partners — the loan itself is originated and funded by the lending partner you select.

Question 13

Will I be contacted by multiple lenders?

Accepted Answer

You may receive offers from multiple partners in our network so you can compare. You can opt out of further contact at any time, and we do not sell your information to unrelated third parties.

Question 14

Can I apply with a co-borrower or co-signer?

Accepted Answer

Some lenders in our network accept joint applications or co-signers, which can help borrowers with limited credit history qualify at a better rate. The co-signer becomes legally responsible for the loan.

Question 15

What is the difference between a personal loan and a HELOC?

Accepted Answer

A personal loan is unsecured (no collateral), has a fixed rate and term, and funds in 1–3 business days. A HELOC uses your home as collateral, often has a variable rate, offers a revolving draw period, and takes 2–6 weeks to close but at a much lower rate.

Question 16

What happens if I miss a payment?

Accepted Answer

Contact your lender immediately — most lenders in our network offer a grace period and hardship options. A payment 30+ days late will be reported to the credit bureaus and can significantly hurt your score. Set up autopay to avoid this.

Question 17

Can I refinance my personal loan later?

Accepted Answer

Yes. If your credit improves or rates drop, you can refinance an existing personal loan by applying for a new one and using the proceeds to pay off the original. There is never a prepayment penalty.

Question 18

Do you check my income?

Accepted Answer

Yes. Lenders verify income either through a soft data connection to your bank or payroll provider, or by requesting recent pay stubs or bank statements. Stated income alone is not enough.

Question 19

What is APR and why does it matter more than the interest rate?

Accepted Answer

APR (Annual Percentage Rate) includes both the interest rate and any lender fees expressed as an annual figure. It's the true cost of borrowing and the number to compare across offers. Our network's qualifying products have no origination fee, so APR equals the interest rate.

Question 20

Can self-employed or 1099 borrowers qualify?

Accepted Answer

Yes. Many lenders in our network accept 1099 income, self-employment income, and side-hustle income. You'll typically need 1–2 years of tax returns or bank statements showing consistent deposits.

Question 21

Will applying for a personal loan hurt my mortgage approval?

Accepted Answer

If you're within 6 months of applying for a mortgage, wait to take out a personal loan. New tradelines and hard inquiries can complicate mortgage underwriting. If your mortgage is more than 6 months away, a well-managed personal loan actually helps by lowering DTI and improving credit mix.

Question 22

What credit bureau do you pull?

Accepted Answer

The soft pull used to qualify you may hit any of the three major bureaus (Experian, Equifax, TransUnion) and has no score impact. Neither The Lending Group nor our lending partners run a hard inquiry to qualify. If the funding lender you choose does a hard pull at closing, they typically pull only one bureau to minimize inquiry impact.

Question 23

Can I still qualify with a recent bankruptcy?

Accepted Answer

It depends on the type and how recent. Chapter 7 typically requires 2+ years since discharge; Chapter 13 may qualify sooner. Rates will be higher and loan amounts smaller until your credit rebuilds.

Question 24

Are personal loans tax deductible?

Accepted Answer

Personal loan interest is generally not tax deductible when the loan is used for personal purposes. Interest on a HELOC used for home improvements to your primary residence may be deductible — consult a tax professional.

Personal loan questions, answered.

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