Upon receiving personal loan offers, you can either accept or decline. There is no obligation to accept personal loan offers. However, for every personal loan you apply for, there is a hard credit check and if you decline and apply again another credit search will be performed. Thus, rejecting the offer could hurt your credit scores and negatively affect your chances of qualifying for another loan in the future.
Some personal lenders will charge a non-refundable loan application fee and you can't get back the money if you decline the offer. Next time you reapply for a personal loan, you will again pay the loan application fees.
Fortunately, you can avoid turning down credit offers by getting a personal loan pre-qualification to know your loan eligibility. Credit pre-qualification tools help you know the rates to expect if your loan application is approved.
Where Can I Get the Personal Loan Pre-qualification Tool?
Most personal loan lenders have free credit pre-qualification tools for applicants to get quotes before submitting loan applications. Check with your preferred lender. Alternatively, online loan pre-qualification tools and calculators help you get a personal loan estimate. Moreover, most pre-qualification tools have no impact on your credit scores. So, you can get your loan estimates from time to time.
Conclusion
Lenders will not force you to accept the credit offers they send to you. However, declining the loans you had applied for could negatively impact your credit scores. Try getting a loan estimate by pre-qualifying yourself to avoid declining loan offers. The loan pre-qualification tools will get you a loan estimate and your credit eligibility quickly.