One of the reasons why people prefer a pre-approved personal loan offer over other loan products is its multiple advantages. The fact that these quick instant loans take less than a day to reach your bank is sufficient for anyone to hope to get a pre-approved loan. Add to this convenience the fact that you can spend them as you like without providing the lender with an explanation; it becomes an ideal financial solution to tide over any emergency.
With a pre-approved personal loan offer, you can accrue several other advantages too, namely minimal documentation at the time of processing the loan. Also, since lenders initiate this offer, it is probably the only opportunity wherein customers find themselves getting the upper hand in the negotiations. Therefore, you can bargain in the context of the interest rate and the repayment duration, which impact the monthly payments. Since these would have a long-term bearing on your finances, the benefits turn out to be substantial in the form of savings.
So, how do you get a pre-approved loan to accrue these benefits? Discussed as follows are some ways that can render you eligible for this personal loan offer –
Ascertain Your Credit Standing –
Before lenders open the pre-approved personal loan offer window, you can approach them and check if your credit history is sufficiently strong. This factor alone can be the make/break condition for getting a pre-approved loan since it forms the first aspect lenders consider. To this effect, not only should your credit score exceed the number specified by the lender, but your credit history also needs to be just as strong.
Therefore, to instant pre-approved loans, you must prepare beforehand by paying all the bills in time, not defaulting on the monthly payments, and ensuring that your debt to income ratio remains minimal over most of the year. Ask your lender to provide an overview of your credit report and begin working on aspects that need attention.
Set a Realistic Amount –
While you can take time to feel proud when lenders offer you the option of quick instant loans, do not get carried away at the time of mentioning the amount. After all, it is a loan you would need to repay the lender within the stipulated tenor. Hence, pick a realistic amount that would come in handy for you without disrupting your current investments or harming your finances in the long run.
A realistic loan amount also implies ease of repayment on your part and thus is more likely to be approved by the lender.
Arrange for all the Requisite Documentation –
Despite the documentation being much less than other loan offers, lenders still require specific inputs. They will ask you to submit proof of income and all the related papers, like salary slips over the past few months, nature of employment and the organization that employs you. Lenders might seek a few more documents like IT return statements if you are self-employed.
Proof of identity, address, age, and other personal details also come under scrutiny, and you must have all these documents ready while filling out the application form. These documents only need verification with the current database if you are an existing customer. But for a new customer, the process might take a little longer, owing to the KYC being conducted for the first time.
Compare and Negotiate –
At some point, all lenders offer a pre-approved personal loan. From your perspective as a customer, this implies that you have more than one option to get a pre-approved personal loan. So, take this opportunity to interact with several lenders in the market and identify the one that appears to be most compatible in terms, conditions, and processing fees.
Comparing the features and benefits of the quick instant loans offered by different lenders makes it possible to negotiate based on facts and get a better deal.
Final Thoughts
Do not be disheartened if you do not get a pre-approved loan the first time round. Lenders offer these quick instant loans occasionally, so you will likely come across another opportunity very soon. Meanwhile, ask the lender why your application was rejected and discuss what steps could be taken to ensure approval the next time.
Since a pre-approved personal loan offer can accrue many advantages both in the short run and in the long term, you can seek guidance from the lender and strengthen aspects related to your credit to be able to avail of it.
