How to Pre-qualify for a Personal Loan Online

Receiving pre-qualification for a personal loan online can be done quickly without affecting your credit at Acorn Finance.

Pre-qualify for a personal loan within minutes by simply submitting one application and receive multiple competitive and personalized loan offers.

Next, compare the offers and pick the one that works the best for you!

Keep reading to learn more about personal loans and the ins and outs of obtaining one.

Why get pre-qualified for a personal loan?

Getting pre-qualified for a personal loan can set you up for success while aiding you in better financial planning. To help you better understand, let’s compare a personal loan to an auto loan.

When buying a car it’s necessary to be pre-qualified to ensure you can pay for the vehicle you purchase. It’s also necessary to know your pre-qualified terms and interest rate to calculate an accurate payment. Otherwise, you may select a vehicle that you cannot afford.

Getting pre-qualified for a personal loan can show you how much you can spend, what terms are available, and what your interest rate is. These factors can help you budget and spend accordingly.

Whether you are considering diving into a home remodel, or thinking about adding a pool to your home with new landscaping that requires additional financing, Acorn Finance can help you get the perfect personal loan at the payment terms you need.

Does getting pre-qualified impact my credit score?

Submitting your application through Acorn Finance allows you to receive multiple personalized personal loan offers within seconds without affecting your credit score. After submitting one application you can receive pre-qualifications from multiple lenders offering competitive terms.

Once you select the pre-qualified offer you want to proceed with the lender may do a hard pull on your credit or request certain financial documents.

In most cases, credit is not impacted by one hard pull. However, if you get denied multiple times or keep allowing your credit to be pulled it may impact your score. 

Can I get a personal loan with bad or no credit?

Acorn Finance offers personal loans for all credit types. Having bad or no credit may create challenges during the qualification or approval process but Acorn Finance encourages you to apply.

Using Acorn Finance’s platform you have access to many lenders that specialize in a variety of credit types.

How To pre-qualify for a personal loan in 3 simple steps:

Acorn Finance is a reliable and top-rated company that provides personal loans. Take advantage of affordable payment options and free services while saving tons of time. Get pre-qualified for a personal loan in just 3 simple steps. 

Three steps to get pre-qualified for a personal loan with Acorn Finance:

  1. Complete and submit a short loan application online
  2. Receive multiple pre-qualified offers
  3. Get connected with lenders to obtain your pre-qualified loan

Pre-qualified vs Pre-approved for a personal loan

Being pre-qualified vs pre-approved for a personal loan is not the same thing. In most cases, during the pre-qualifying process you submit an application with the required information.

After submitting, you may receive an approval contingent upon providing certain documents. It’s important to answer application questions honestly to avoid complications with your pre-approval.

Once you have submitted all requested documents and or answered any additional questions you should receive your final pre-approval. In some cases, the lender may not ask for any supporting documents and just issue your final pre-approval.

Receiving your pre-approval means you are ready to borrow funds!

Example of pre-qualification vs pre-approval

A relevant real life example of a pre-qualification vs pre-approval could be a job interview vs an offer letter. Receiving a job interview usually means a company has reviewed your resume and feels you are qualified for their position. While receiving an offer letter means they have not only reviewed your resume but have confirmed that you are qualified for the position.

What happens after applying for personal loan pre-qualification?

After applying for a personal loan pre-qualification you may be asked to submit certain financial documents. Once any requested items have been submitted and reviewed you should receive a final pre-approval as long as no discrepancies are detected. 

Can you be denied a personal loan after being pre-qualified?

Yes, you can be denied a personal loan after being pre-qualified. Let’s say that you submit your annual income as $75,000 on your application.

However, when the lender requests pay stubs or tax returns, they realize your annual income is actually only $60,000. The lender will detect the discrepancy which could cause you to be denied after being pre-qualified. 

Are there ways to increase your chances of being pre-qualified?

One of the best ways to increase your chance of being pre-qualified is to submit accurate information. During the application process you should invest your time into ensuring the information is accurate and can be proven with supporting documents, if needed. 

Closing thoughts

In conclusion, Acorn Finance is a secure place to discover the best personal loan options. Remember to submit accurate and honest information on your application to increase your chances of approval.

On approved loans, you can borrow up to $100,000 and take as long as 12 years to pay it back (loan duration varies by lender and by the purpose of the loan).

Searching for the best personal loan? Apply online today! 

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