Soft Inquiry

by | Apr 19, 2025 | Terminologies

A soft inquiry happens when a borrower’s credit report is checked for reasons other than a loan application, such as for pre-approval offers or identity verification. Soft inquiries do not impact the borrower’s credit score.

Unsecured Loan

by | Apr 18, 2025 | Terminologies, Uncategorized

An unsecured loan does not require any collateral. Instead, the lender relies on the borrower’s creditworthiness and ability to repay. Since these loans are riskier for lenders, they tend to have higher interest rates.