How Do I Get Pre-Approved For A Personal Loan?

– Hi, this is attorney Marie Martin of Martin ad Hedervare PLLC. And today’s topic is how do I get pre-approved for 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. 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. 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 your, 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. And what source you go to also depends on the amount that you’re looking to get. If you go to Avant, A-V-A-N-T, they give pre-approved loans
for between two and $35,000. So does BestEgg. Also Lending Point online can give you a pre-approval for a loan
between two and 25,000. Prosper also has the same
range of loans that they make, on their also online. SoFi gives pre-approved loans for between five and $100,000. Pay Off gives loans
between five and $35,000 but they do not take joint applications. Freedom Plus can give you a pre-approved loan for between 7500 and $40,000. And Lending Club can give you a pre-approved loan for up to $40,000. If you have any questions or any comments send us an email at [email protected]

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