Your borrowing questions, answered.
Short, direct answers to the questions people ask before, during and after they borrow, grouped by topic so you can find what you need quickly.
- Grouped by topic. Applying, rates and fees, repayment, credit, and Lendli.
- Plain answers. A few sentences each, with no sales pitch.
- Links to go deeper. Our loan guides cover each topic in detail.
Written by the Lendli Editorial Team under our editorial policy. Last reviewed .
Check your loan options
Tell us what you need and see what lenders may offer you.
- 1Choose an amount
- 2Add your details
- 3Review offers
Submitting this form shares your information with third-party lenders or lending networks so they can respond. Lendli is not a lender. See our advertiser disclosure and privacy policy.
Questions by topic
Choose a topic or scroll through them all.
Applying
What do I need to apply for a loan?
Most lenders ask for a government-issued ID, your Social Security number or ITIN, proof of income such as pay stubs or tax returns, and your bank account details for funding.
How many lenders should I compare?
Comparing at least three offers is a good habit. Prequalification with soft credit checks lets you do this without affecting your score.
Can I apply with a co-borrower?
Many lenders allow a joint application. Both people share responsibility for the loan, and both credit histories are reviewed.
Why was my application denied?
The lender must tell you the main reasons or how to request them in an adverse action notice. Common reasons include credit history, income or a high debt-to-income ratio.
Rates and fees
Why is my offered rate higher than the advertised rate?
Advertised rates usually go to borrowers with the strongest credit and income. Your rate reflects the lender's view of your risk, the loan amount and the term.
Is a lower monthly payment always better?
No. A longer term lowers the payment but usually raises the total interest you pay. Compare the total of payments as well.
What is a late fee and how much can it be?
A charge for paying after the due date or grace period. The amount is set in your loan agreement and may be limited by state law.
Repayment
What happens if I miss a payment?
You may be charged a late fee, and once a payment is 30 days late it is usually reported to the credit bureaus. Contact the lender early; many offer hardship options.
Can I change my payment due date?
Some lenders let you move your due date once or more during the loan. Ask your lender or check your online account.
Does paying extra go toward principal?
It depends on the lender. Ask that extra amounts be applied to principal so they reduce the balance and future interest.
Credit
Will paying off a loan early hurt my credit?
Closing an installment loan can cause a small, temporary change, but paying off debt is generally positive for your finances and credit over time.
How long does a hard inquiry affect my score?
Hard inquiries stay on your report for two years, and FICO Scores only consider those from the last twelve months.
Using Lendli
Is Lendli a lender?
No. Lendli explains borrowing, offers free tools, and connects people who submit our form with third-party lenders or lending networks.
Does it cost anything to use Lendli?
Our guides and calculators are free, and there is no charge to submit a loan request.
How is Lendli paid?
Lendli may be compensated by lending partners. Details are in our advertiser disclosure.
Still have a question?
Our guides go further on every topic here.
Ready when you are
Start a request whenever you are ready; there is no obligation.