Does Loal do a hard credit check?
The Loal app will ask you to input your details, such as name, address date of birth etc when you first register with the app. It will also do a soft search of your credit report to better understand your financial situation. This lets Loal tailor the support we can offer. A soft search does not leave a mark on your report and will not change your credit score.
If you decide to apply for a Loal Starter loan, after you’ve built your Loal Trust Score, the app will conduct what is known as a hard search on your credit file. This is a requirement to approve a loan. Doing a lot of searches in a short space of time may affect your credit score.
To help you maintain your credit score, Loal will only allow you to apply at set intervals so we do not add to many hard checks in a short period of time.
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