FairKash+ Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
When you apply for a pre-approved loan, the lender typically conducts a “soft” credit inquiry to assess your creditworthiness. This soft credit check does not have a significant impact on your credit score. Here’s how it works:
Soft Credit Inquiry: A soft credit inquiry, also known as a soft pull or soft credit check, is a type of credit inquiry that does not affect your credit score. Lenders use it to obtain a basic overview of your credit history without leaving a mark on your credit report.
No Credit Score Impact: When you apply for a pre-approved loan and the lender performs a soft credit check, it does not result in a decrease in your credit score. These inquiries are not visible to other creditors and are only visible to you when you review your own credit report.
Decision-Making Process: Lenders use the information from the soft credit inquiry to determine whether you meet their initial criteria for the loan, such as your creditworthiness and financial stability. If you meet these criteria, you may receive a pre-approval offer.
Hard Credit Check: It’s important to note that a pre-approval is not a guarantee that you will be approved for the loan. When you formally apply for the loan and the lender conducts a “hard” credit inquiry, your credit score may be affected. A hard credit check can lead to a temporary decrease in your credit score by a few points.
Multiple Pre-Approvals: If you’re shopping around for loans and obtain multiple pre-approval offers within a short time frame (typically 14-45 days, depending on the credit scoring model), the credit bureaus may recognize these inquiries as a single inquiry. This allows you to compare loan offers without significantly impacting your credit score.
In summary, getting a pre-approved loan generally has little to no impact on your credit score because it involves a soft credit inquiry. However, when you decide to move forward with a specific loan offer and submit a formal loan application, the lender will likely conduct a hard credit inquiry, which may result in a temporary reduction in your credit score. It’s important to be selective when applying for loans and to limit the number of hard credit checks you initiate to minimize the impact on your credit.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
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Contact：+254 796383534
