 TITLE: If I Get Approved for a Personal Loan, Do I Need to Accept It? CONTENT: Do I Have to Take the Loan I've Applied For?\n--------------------------------------------\nIf a lender has approved your application for a personal loan, you're not required to take it. This is an important distinction from credit cards, where your account is opened immediately upon approval.\nBut there are a couple of things to consider before you start submitting applications all over the place. For starters, some personal lenders may charge a nonrefundable application fee, which you won't get back if you decline the loan offer.\nMost major lenders don't charge this fee, though some of them opt for an origination fee that gets deducted from your loan disbursement if you accept. So if you come across one, it may be best to avoid applying unless you're confident that's the lender you're going to choose.\nThe second thing to consider is that almost every time you submit an official application for credit, it will trigger a hard inquiry on your credit report. Unlike a soft credit check, a hard credit check will affect your credit scores, usually knocking a few points off with each inquiry.\nThe more you apply, though, the negative effect of the hard inquiries can be compounded and make it more difficult to get approved. What's more, each hard inquiry stays on your credit report for two years. END