Pre-Approval and Application Process
Getting a personal loan starts with an initial eligibility assessment. Lenders typically look for applicants with a reliable source of income, a qualifying credit score, and a history of responsible borrowing. Many people request recent pay stubs, tax returns, or proof of residency to verify their information.
Pre-qualification is a helpful first step: this “soft inquiry” of your credit allows you to get an idea of the terms you might receive, without impacting your score. Pre-approval, on the other hand, usually involves a closer examination of your finances and may require a “hard inquiry,” which is slightly more impactful but shows your borrowing intent.
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