{"id":121816,"date":"2017-05-17T09:23:44","date_gmt":"2017-05-17T16:23:44","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=121816"},"modified":"2026-08-04T16:21:24","modified_gmt":"2026-08-04T15:21:24","slug":"personal-loan-pre-approval","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/personal-loan-pre-approval","title":{"rendered":"How to get “pre-approved” for a personal loan"},"content":{"rendered":"

What does loan pre-approval mean?<\/h3>

When you initially apply for a personal loan<\/a>, your application generally won\u2019t be approved immediately. Pre-approval is the intermediate step between applying for a loan and being fully approved and having your loan funded. Pre-approvals are also available with many other types of loans<\/a>, car loans<\/a>, mortgages<\/a> and even credit cards<\/a>.<\/p>

Most lenders, including the AA, offer online \u201celigibility checkers\u201d that will end with either a pre-approval offer or a denial based on your basic financial situation. If you\u2019ve been pre-approved, the lender will then invite you to submit the actual loan application. The lender will then perform a full credit check, and although it\u2019s not common, pre-approvals can become rejections at that point.<\/p>

Pre-approved loans can also refer to any unsolicited offer you receive from a lender in the post or via email. These are used to encourage potential customers who may not have previously considered borrowing to apply for a loan.<\/p>

You\u2019ll then generally have a couple of months to submit a full application<\/a>, but will need to meet all of the lender\u2019s requirements. Even if you receive a pre-approval notice, you still may not qualify for a loan if your application fails to satisfy the loan eligibility criteria.<\/p><\/div><\/div><\/div>

How does the pre-approval process work?<\/h3>

You can find out if you\u2019ll be eligible for a pre-approved loan by completing the following steps:<\/p>

  1. Find a lender<\/a>.<\/li>
  2. Fill out an \u201celigibility checker\u201d form.<\/li>
  3. Wait while the lender reviews your application. This process is usually automated.<\/li>
  4. Receive your pre-approval decision.<\/li>
  5. Complete the official application.<\/li><\/ol>

    Alternatively, a good \u201cmatching service\u201d can check your eligibility with multiple lenders in a matter of minutes.<\/p>

    It\u2019s worth noting that in many cases, pre-approval takes place online within just a few minutes. This is because the lender and its underwriting team haven\u2019t evaluated your application yet and are using software to analyse the information you supply. On-the-spot pre-approvals are often nothing more than indications that you may qualify for a loan.<\/p>

    If you\u2019ve received a letter from a lender that says you\u2019re pre-approved, then this process doesn\u2019t apply to you. The lender has used information available to them to determine that you may be eligible for one of their products.<\/p>

    Your lender will likely contact you to confirm the information you\u2019ve submitted if you\u2019re pre-approved for a loan. Be sure everything is accurate. At this point, your lender may take a day or 2 to fully underwrite your loan application, but you may still be denied. If you do receive an official approval, review your contract carefully and decide if you still want to move forward with the loan.<\/p><\/div><\/div><\/div>

    Compare personal loans with online pre-approval<\/h3>
    Table: sorted by representative APR, promoted deals first<\/div>
    \n
    \n <\/div>\n
    \n
    \n
    <\/div>\n <\/div>\n
    \n
    \n
    \n <\/div>\n
    \n
    \n
    <\/div>\n <\/div>\n
    \n