Short Answer: No, Prequalification Uses a Soft Pull
OppLoans prequalification and initial application, common for bad credit lenders, use a soft credit inquiry, which does not affect your credit score in any way. You can check your rate, see your preliminary loan offer, and decline without any impact on your credit report.
This is different from many traditional bank loans that reject bad credit applicants outright, which perform a hard credit inquiry at application. Soft-pull prequalification is one of the genuine advantages of applying with OppLoans.
Soft Pull vs Hard Pull: What's the Difference
A soft inquiry is a background check on your credit that occurs without your credit report showing a formal application. Common examples: employer background checks, insurance quotes, pre-approved credit card offers, and 'check your rate' tools like OppLoans'.
A hard inquiry is a formal credit application. Each hard inquiry drops your FICO score by 5-10 points and stays on your report for 24 months (though its scoring impact fades after 12 months). Multiple hard inquiries in a short window compound this effect.
When Does OppLoans Do a Hard Pull?
OppLoans performs a hard credit inquiry only after you have (1) accepted the loan offer and (2) e-signed the final loan documents. Some state-specific bank partners also perform their own hard pull at funding.
This means you have a genuine 'no obligation' window: you can prequalify, see your terms, and decline — all without a hard inquiry.
What Prequalification Checks
Even though it's a soft pull, prequalification is a real underwriting decision. OppLoans reviews: your credit report from at least one bureau, income and employment via your bank account connection, address verification, and existing debt obligations.
The preliminary APR and loan amount you see reflect this underwriting review. In most cases, the final approval matches the preliminary offer — but final terms can shift slightly if bank verification reveals income differences from what you stated.
How to Prequalify Without Risk
You can safely prequalify with multiple lenders in the same day without hurting your credit — as long as each uses a soft pull. Most bad-credit lenders (OppLoans, NetCredit, Upstart, LendingClub, MoneyLion) offer soft-pull prequalification.
Best practice: prequalify with 3-5 lenders on the same day. Compare offers side-by-side. Choose the best APR + term combination for your situation. Only then complete the full application on the one you want — that's when a single hard inquiry occurs.
Bottom Line
OppLoans prequalification is genuinely no-risk for your credit. Take advantage of this by prequalifying with multiple lenders before committing to any single one. The soft-pull period is your leverage — use it to comparison-shop until you find the best terms you're eligible for.