Today we’re going all in with personal loans and how to get pre-approved for one. Life can throw some curveballs your way and a personal loan can sometimes be a great way to get caught up again.
What Exactly is a Personal Loan?
A personal loan is generally one that is unsecured, meaning there is no collateral for the loan. Why would you want to get pre-approval for that? One good reason to get pre- approval is so that you can shop around for the best interest rates. If you’re pre- approved for the loan, you’ll know all the terms of the loan, how many payments you’ll have to make, what the interest rate is, and that way you can compare between lenders to get the best deal.
Does a Pre-Approval Hurt Your Credit Score?
Pre-approval also does not affect your credit score because pre-approval does not require an actual pulling of your credit report for them to decide whether or not you qualify for that loan. Once you get pre-approvals, you’ll want to figure out what’s the smallest amount that you need to accomplish the goal that you have.
Where to Get a Personal Loan
The first place you may want to try and get a pre-approved loan would be with an institution that you already have a relationship with. For example, the bank where you already have a checking account or savings account. Or a credit union that you already have a vehicle loan with.
If the institution that you already have a relationship with is not able to give you a pre-approval, then you may want to check some other online sources. What source you go to also depends on the amount that you’re looking to get. If you go to Avant, they give pre-approved loans for between $2k and $35k dollars, along with Best Egg.
LendingPoint online, can give you a pre- approval for a loan between $2K-$25K dollars. Prosper also has the same range of loans that they make and they’re also online.
Sofi gives pre-approved loans for between $5K and $100K dollars. Payoff gives loans between $5K and $35K dollars, but they do not take joint applications.
FreedomPlus offers a pre-approved loan for between $7,500 and $45K dollars.
LendingClub can give you a pre-approved loan for up to $40k dollars.
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