> 
 > 
Pre-approved loans

How pre-approved loans work

We'll explain what this type of loan consists of and what its standard requirements are

In what situations grant usually the preapproved loans? Typically, people turn to banks when they need financing for a project or expense. That person have to confront to a study on the part of the company and gather a series of requirements that you requests the bank. However, there is also the possibility that a bank itself will offer its clients the opportunity to get money in the form of a loan, trusting their solvency as demonstrated over time as a customer of the bank. This is known as a pre-approved loan.

Pre-approved loans provide access to financing with the shortest wait time and hardly any documentation. This not means that the loan is 100% granted, but wants say that the bank considers that visibly gather all the requirements for the granting of that loan. Since banks have most of the customer's information, if a pre-approved loan is requested, wait time and paperwork will be minimal.

Is an impulse for undertake that project, trip, buy pieces of furniture or new studies, with the peace of mind of know that have many possibilities of access financing of a way fast and simple. But how do I know if my bank has pre-approved loans? The banking organization it communicate to your customers through some alert through your online or app banking, or through letter, email, text message, etc.

Requirements of a preapproved loan

What is normal is that the financial institutions offer these preapproved loans only to your customers, since take a time linked to the bank, and have been able to prove a certain solvency in the last period. Each institution establishes its own system for offering financing to its customers.

The people that have more possibilities of profit from a preapproved loan are anyone who, for example, have a salary paid in directly , not have overdrafts tacit in your accounts, have bills direct billing or use usually the cards of the bank. There is no universal formula. Each bank establishes its own requirements, but typically the more connected a customer is to the bank and the more solvency is demonstrated, the more likely it is that s/he will have access to this type of financing.

How pre-approved loans work