being pre-approved for a personal loan

Theo_Dillon

If you would have posed this question 15 years ago, the answer would have been 'not very fast at all.' Thankfully, these days we have such great tools such as the Internet so it is much easier to find preapproved personal loans. Although these types of loans call themselves pre-approved, that wording is actually a bit false. Think about it. Who in their right mind would just pre-approve anyone and give them pre approved personal loans? Therefore, pre-approved, in this way, actually means that you are approved after a credit check has been conducted. It, however, may seem as though you are pre-approved because companies that offer this type of service are able to verify your information and tell you if you are approved in a relatively short amount of time. So although they do technically have to approve you, the time frame for this to happen is quite short which is what makes these types of loans beneficial........

LiamJ

Do you need a loan? If not don't get one!

Just because the bank say they might be willing to lend you some money is not a reason for you to borrow some and pay them interest.

If someone knocked on your front door and said you had been pre-approved for double glazing would you think 'great!' and buy double glazing from them?

Don't borrow money if you don't have a very good reason to!