Yes, LendKey performs a hard credit check as part of the loan application process. When you apply for a loan with LendKey, they will request your consent to conduct a hard inquiry on your credit report.
A hard credit inquiry is a standard practice among lenders when evaluating loan applications. It allows them to assess your creditworthiness and review your credit history, including factors such as your credit score, payment history, and outstanding debts. This information helps lenders determine the terms and conditions they can offer you, such as interest rates and loan amounts.
It’s important to note that a hard credit check can have a temporary impact on your credit score, typically resulting in a small decrease of a few points. However, the impact is usually minimal and short-lived, and your credit score should recover over time as you make timely payments and maintain a positive credit history.
When considering a loan application, it’s advisable to limit the number of credit inquiries within a short period. Multiple inquiries for the same purpose, such as shopping around for the best loan offer, are often treated as a single inquiry and have a limited impact on your credit score.
If you have concerns about the impact of a hard credit check or want more specific information about LendKey’s credit evaluation process, it’s recommended to reach out to LendKey directly and speak with their loan specialists.