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Applying to the pre-approval process is an essential step to receiving personal loans, especially when you are a single mother and need emergency cash. While it could appear to be a bit of a dividing line but the process is distinct from being officially granted.

Pre-approval lets you look around for various lenders without damaging your score. However, this isn’t a promise you’ll be approved for personal loans. This is what you need to be aware of.

What is Personal Loan Pre-approval?

A pre-approval is the first step in obtaining approval for personal loans with a co-signer. “It’s important to do a pre-approval first, to be sure of what you’re doing,” says Trina Patel, Financial advice manager of Albert, an app for managing money.

If you are looking at loan options and requesting pre-approval, multiple lenders conduct an informal credit assessment that won’t affect your credit score. To qualify for a same-day personal loan online application before the cut-off time.

When you request a loan, it will result in the process of a hard credit check, which is a negative one, and will stay on your credit file for as long as two years.

The process of getting pre-approval is and should always be entirely absolutely free. In the process of pre-approval, the lender will look over your credit scores, credit history, and your income, and other financial assets.

The goal is “to determine whether you’ll be capable of repaying your loan,” Patel says.

If you are eligible for pre-approval, your lender will issue you an offer letter that includes the loan amount along with a rate and conditions. Suppose you decide to accept the personal loan offers.

In that case, you will need to complete the formal application procedure that requires you to submit documentation, including pay stubs and IDs, and a Social Security number.

Remember that pre-approval doesn’t constitute a guarantee. “It does not guarantee that you’ll be accepted,” says Tara Alderete, manager of learning and enterprise in Money Management International, which is a non-profit financial counseling and educational agency. “If you get an approval, but something happens in your credit or income], then you could yet be denied that credit,” says Alderete.

How To Apply For Pre-Approval Personal Loans

The general rule is to follow the procedure for applying for a pre-approval of a personal loan.

  1. Complete the formal loan application for pre-approval through a lender’s website:

    You’ll be asked about your earnings, employment status, and debt; however, you don’t have to submit any proof of income at this time.

  2. The lender will perform a soft credit pull

    that is to say: the lender will look at your credit report, including your monthly payment history, and determine if you’re a dependable borrower.

  3. You can get a pre-approval If you meet the criteria:

    If you’re eligible for pre-approval, lenders will offer personal loans that will contain the maximum amount it is willing to extend and the interest rate of any other loan term. In the event that you don’t get through the soft credit screening, the application will be rejected.

  4. Take a choice:

    You may choose to take the pre-approval or decline it. The lenders differ in the length of time a pre-approval will last, and the likelihood is that it won’t be longer than one month.

  5. Offer documentation:

    If you accept the offer, you’ll be required to submit documents that demonstrate your earnings, employment, or assets, along with personal details like your Social Security Number.

The procedure to apply for pre-approval seems simple. However, there are some points to remember when looking for and selecting an individual loan officer.


Shop Around

Don’t choose the first lender to offer you pre-approval. Explore other lenders and discover the different types of loans available.

We suggest seeking personal loan approval from credit unions, banks, as well as aggregators of lending (like LendingTree), peer-to-peer lenders (like LendingClub), and special lenders (like SoFi). Make sure you cast as wide an eye as you can.

There’s no limit on the number of pre-approvals you can apply for. Since pre-approval is a soft credit check, your credit won’t be affected by filling out more than one application.

“That’s what’s so appealing about the pre-approval method,” Alderete says. “You will have a clear picture of what the personal loan is going to be like without damaging your credit score.”

Read the fine print carefully and loan terms.

Review the offer thoroughly before you accept the offer. It is essential to ensure the amount of loan and the interest rate you want are in line with your needs. However, you’ll also review the other terms for the loan, including the origination fees.

(one-time cost to complete the loan, typically between 1 and 10 percent of the amount of the loan) and penalties for prepayment (a charge imposed on those who are borrowers to pay off the loan in advance).

“You must ensure you’re not subject to any of these penalties,” Patel says. “If you’re able to make your loan monthly payments sooner or put an extra amount towards your loan, the chances are you’ll be able to do so without having to pay more.”


Make Sure That The Pre-Approval is Expired Before You Take The Offer: Personal Loans

A pre-approval deal will not last for long. It’s impossible to apply for pre-approval for an individual loan and wait in the waiting room for a few months.

“You’ll have to make the decision swiftly generally within about a week or so,” Patel says. Loan providers are aware that financial conditions are subject to change, which is why lenders offer pre-approval loans which are usually quick-term solutions to assess the possibility of paying back the loan.

You can take out more cash than you’ll need

A person with a good credit score could be pre-approved for more than they initially requested. But even if you can get a higher amount of loan isn’t a guarantee that you must take the offer.

“If I had a plan to obtain a personal loan of ,000 to repair my home, I would not want to take anything more than that,” Alderete says. “That’s one of the problems people get through — they want $5,000 and are granted $10,000, and end up in greater debts than had planned.”


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I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.  I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.

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A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.