Can I apply for two loans at once?

mariat

Would applying for two loans at the same time, in case one of them doesn't accept me, affect my credit score and chance of being offered one of them? I've checked my eligibility and have a good chance of being accepted, and have a very good credit score. Also I'd like the option of choosing between two interest rates if possible. This is the first time I've applied for a personal loan so haven't a clue how it all works. 

TadleyBaggie

You don't have a credit score, or rather you don't have a credit score that anyone else can see. If you apply for two loans at the same time, both will almost certainly do a hard search. The one that does in second might get spooked by the other one...or they might not. 

Superhoopza

Doing them in close succession, i.e. within the same hour means you'll more likely than not get them both evaluated based on your credit history. The second application would not be impacted by the first, i.e. the first won't report the hard check in time to impact the second application, if done soon enough after the first.

fergie_

Some lenders will offer a 'soft check' which won't impact at all. This would be your best route.

However, if you apply for 2 close together they are unlikely to impact each other, but will mark your record when they catch up.