I've recently applied for a personal loan with a lender and was approved, however I haven't signed and accepted the loan yet. Whilst it was being approved however i've found another lender which looks like they will be reasonably cheaper.
My question is if it's OK to instead apply through the second lender even though I was approved with the first? I was reading this article: https://creditmadesimple.com.au/does-taking-a-personal-loan-affect-your-credit-score/ which says that applying for personal loans can impact your credit score, so im concerned if I apply for the second loan I might be denied and then not be able to use the first lenders offer anymore.
Appreciate any advice!
Graham Doessel - CEO - MyCRA (Specialist Credit Repair) Lawyers (LPH)
Current Rating: 4.65 / 5
sorry for the delay over Christmas.
You are right to be worried as YES, every time you apply for credit, it lowers your credit score.
Feel free to call me and I can step you through getting your credit file (if you haven't moved on yet), or just pop over to www.FreeCreditRating.com.au for all of the instructions etc.
Have a great day Mark!!! :-)