No, the prequalified rates on your Sparrow Dashboard are not offers of credit. By submitting your profile you are evaluating options from our partner lenders. Once you choose the option you’d like to move forward with, you will be asked to provide some additional information.

At that point, the lender will evaluate your application using their specific criteria and conduct a hard credit check (depending on the lender) to confirm your eligibility for their loan product. If your eligibility is confirmed, you will receive an offer from the lender. Then, you will review whether that option is right for you (remember to read the lender’s terms of service, disclosures and other information provided carefully).

If you still like what you see, you can choose to move forward with the offer and provide the lender with the documentation they request (e.g., verification of school enrollment, identification verification, etc.) Then, once everything is in order, you will sign a promissory note, and the lender will let you know when and how your funds will be disbursed.

Note: Lenders will decide to extend you credit based on whether you still meet the criteria used to prequalify you, your ability or inability to provide the documentation requested, or based on any other applicable criteria. Lenders also reserve the right to change or withdraw prequalified rates at any time.