Loan servicer
The company that handles day-to-day loan management on behalf of the loan's owner: collecting payments, sending statements, processing payoffs, and (when needed) referring delinquent accounts to collection.
Full definition
The loan servicer is the entity you interact with after origination: where you make payments, get statements, request payoffs, and contact for hardship requests. The servicer may or may not be the same company as the original lender. Loans are frequently sold or transferred between owners, but the servicer often stays the same. If servicing changes, you receive a notice at least 15 days in advance, and your payment history is preserved.
- Written by
- Get Advance Loan Editorial Team
- Reviewed by
- Compliance Review
- Published
- January 15, 2026
- Last reviewed
- May 22, 2026
- Pre-qualificationA preliminary check that estimates the loan terms you might qualify for, based on a soft credit inquiry that does not affect your score.
- Pre-approvalA stronger lending check than pre-qualification, often involving a hard credit inquiry and a conditional commitment from the lender.
- UnderwritingThe lender's process of evaluating credit, income, identity, and risk before approving and pricing a loan.
- Co-signerA second person who agrees to repay your loan if you don't. A strong-credit co-signer can help you qualify or lower your APR.
- Co-applicantA second borrower who shares both the obligation to repay and access to the funds. Different from a co-signer.
- Promissory noteThe signed legal document in which a borrower promises to repay a loan according to specified terms. The promissory note is the loan's enforceable contract.
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