When you maintain a clean track record on your existing loans, you always get a chance to get pre-approved loan offers from your financial institutions. For individuals with a good credit score and a smooth track record of existing loan repayment, loan providers offer pre-approved personal loans. It is one of the best ways to have instant funds credited to your account without going through the approval and documentation process. Pre-approved loans are given to individuals only with existing financial relationships with the institution. Therefore, if you need the best personal loan pre-approved, you need to meet the following eligibility criteria:
What is a pre-approved loan?
A pre-approved instant
personal loan is one that has already been approved by the financial
institution due to your smooth repayment history and clean track record. There
is no need to go for an eligibility check or go through the documentation
process and wait for the approval. You will be offered a pre-approved loan and,
upon accepting the same, you will get the funds credited to your bank account
instantly within a few hours. It will be a flexible form of loan and can be used for
anything, and the rate of interest will always be affordable.
How do you get a pre-approved loan?
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A pre-approved loan is only
given to individuals with a clean track record of past loan repayment history.
If you have a smooth repayment history on your existing loans or past loans,
you will get a pre-approved loan because you have shown responsible repayment
behaviour and activities to the financial institution. Considering that, there
is no risk in offering a pre-approved loan with an instant cash requirement
credited to your bank account. Therefore, you need to have a clean track record
in order to appeal a pre-approved loan offer.
●
To get a pre-approved loan, you
need to have an existing financial relationship with the loan provider. If you
have any credit relationship in terms of loans or credit cards with the loan
provider, you are eligible for a pre-approved loan.
●
A healthy credit score is
always important to get pre-approved offers from financial institutions. When
you maintain a clean track record, eventually you will get a high credit score,
which makes borrowing easier for you. If you want to avail the benefit of a
pre-approved personal loan, make sure you do not delay any payment or miss any
loan repayment or credit card bills. Know more about "Tricky
Situations" where an Instant Loan can Save the Day!
Wrapping up
Get the best personal loan by using the personal loan calculator and comparing all the loan providers
of instant personal loans online.
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