We know that navigating the financial world can be confusing. Here are the answers to the five most common questions our users ask.
1. Will checking my options impact my credit score?
No. When you use our initial comparison tool, our partners perform what is known as a “soft credit pull.” This allows lenders to see if you meet their basic criteria without leaving any mark on your credit report or lowering your score. You can shop and compare with total peace of mind.
Note: If you choose a specific lender and proceed with a full application, that lender may perform a “hard pull” at that stage.
2. Is there a fee to use My Loan Options?
Our service is 100% free for users. We do not charge you any application fees, service fees, or “finder’s fees.” We are compensated by our network of lending partners, which allows us to provide you with high-quality comparison tools and resources at no cost to you.
3. Is My Loan Options a bank or a lender?
Neither. My Loan Options is a financial comparison hub. We don’t lend money directly or make credit decisions. Instead, we act as a bridge between you and a massive network of over 200 vetted institutional and private lenders. This gives you the power to see multiple offers in one place rather than applying to banks one by one.
4. How quickly can I receive my funds?
Speed is one of our top priorities. While every lender has a different process, many of our partners offer instant digital decisions. Once you are approved and sign your loan agreement, funds can often be deposited into your bank account as quickly as the next business day.
5. Can I get approved if I have fair or poor credit?
Yes. While traditional banks often have rigid “one-size-fits-all” rules, our network includes specialized lenders who focus on helping individuals with various credit backgrounds. Whether you are rebuilding your credit or have a “fair” score, we encourage you to check your options. Our system is designed to match you with the lenders most likely to approve your specific profile.
Still have questions? We’re here to help. Reach out to our team at support@myloanoptions.com.