Why This 1 Common Issue for Business Loans Isn't Actually a Big Deal
When business owners are looking for affordable funding, such as loans, one question they ask more than any other is (and you probably guessed it), "Will this affect my credit?"
It's an understandable question. Most people know that a hard credit inquiry results in a temporary hit to your personal credit score. And no one likes being penalized just for reviewing their options.
But the extent to which business owners avoid hard pulls--multiple times a day, our team is told to avoid any loan product that will do a hard pull--may be actively hurting their bottom line.
Hard Pulls Versus Soft Pulls
There are two main types of credit inquiries.
A "soft pull" or...