FAQ
Frequently Asked Questions
What is QCU: Borrow & Lend?
QCU offers a platform that allows you to compare financial products from multiple providers side by side. We are not a lender, bank, or credit card issuer. Instead, we work with leading financial service providers to present a variety of competitive options, helping you choose the best financial product for your needs. Comparing rates on QCU is completely free and will not affect your credit score.
What rates and terms can I qualify for?
Since QCU provides prequalified rates, the simplest way to determine what terms you may qualify for is by completing our quick prequalification form. You'll instantly find out if you prequalify with any of our partner lenders. There's no obligation or risk, and you can securely compare prequalified rates in one convenient location.
How do you protect my personal information?
Your data is encrypted and protected using Transport Layer Security (TLS), the same protocol used by major banks and financial institutions. We never share your personal information without your consent.
Will checking rates affect my credit score?
Checking rates will not affect your credit score. We use a soft credit inquiry to show personalized prequalified rates for loan products on our site, and this type of inquiry has no impact on your score.
However, if you choose to proceed with a loan product and complete an application with a lender through your Dashboard, a hard credit inquiry will be performed, which may affect your score. The same process applies when applying for a credit card, where the issuer will conduct a hard credit check.
Will multiple credit inquiries lower my score?
During the prequalification process, we use a soft credit inquiry, which does not affect your credit score.
If you choose to proceed with a specific lender from your Dashboard, you authorize that lender to perform a hard credit inquiry to assess your creditworthiness. A hard inquiry may typically lower your credit score by up to 5 points.
FICO, the leading credit score provider, treats multiple inquiries for the same type of financial product within a certain shopping window (usually 30 days or less) as a single inquiry. This process, called "rate shopping," means that if you apply for loans with multiple lenders within 30 days, it will generally count as only one inquiry.
FICO explains more about this in their guide, "How do FICO scores consider student loan shopping," under Credit Basics – Credit Checks & Inquiries.