Does Lemonade reimburse you if you cancel?
Submitting an initial loan rate inquiry on LendingClub involves a soft credit pull, which does not impact or lower your credit score. However, if you formally apply for a personal loan and the application is approved and funded, the formal hard credit inquiry will be recorded on your credit report, which can cause a temporary, minor dip in your credit score. Maintaining timely monthly loan repayments thereafter helps build a positive credit history, whereas missed payments will harm your credit score.
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