How pre-approved loan differs from pre-qualified loan?
Do you know what pre-approved loan actually is? This loan is not being applied by individuals rather it is being offered by banks. These loans have got multiple forms and it is you who needs to decide which form to choose. You are absolutely free to choose the best form for yourself as the loan is being offered to you.
This loan has got the highest flexibility but for acquiring the same you have to maintain a genuine and healthy relation with your bank for a long time. These loans differ widely especially in terms of features and facilities from that of short term loans bad credit. In fact, people having poor-credit can never get the eligibility of availing these loans.
Is pre-approved loan different than pre-qualified loan?
There are many people who think that pre-approved loan is equivalent to pre-qualified loan but the reality is both are different from each other. There is a very thin line of difference in between them and the borrowers should understand the same before making application. Some commonest differences in between these loans are as follows:
Pre-approved loan is now successfully taking the place of pre-qualified one in the loan-market. Almost all popular banks of the era have introduced this loan-scheme in order to grab the eyeball of maximum customers.
The decision of fixing loan-amount ultimately remains in the hands of the lenders. It might happen that you are having same financial performances in multiple banks but only few of them are offering you this loan-scheme. This scheme has now become much popular than that of instalment loans for bad credit UK.
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