How To Prequalify for a Personal Loan: Tips & Tricks

In this video, you will learn how to prequalify for a personal loan. This step will help you lock in on the best personal loan interest rate, terms, and lowest fees.
Getting prequalified for a personal loan is a preliminary step in your loan approval process. Not only does it give lenders an insight into your creditworthiness, but it also gives you a snapshot of the loan you might receive when you’re finally approved. However, getting prequalified for a personal loan doesn’t guarantee you a loan or the terms stated in the loan estimate.
While getting prequalified by a lender isn’t necessarily required, it gives you a ballpark estimate of the loan amount you’ll be receiving if approved.
We’d like to provide you with a step-by-step strategy to help you prequalify for a personal loan.
The process of getting prequalified for a personal loan will vary by lenders, but it often boils down to the steps we will cover.
Timestamps:
0:00 Personal Loan Prequalification Intro
0:35 Is Getting Prequalified Required for a Personal Loan?
0:45 How to Get Prequalified for a Personal Loan
0:57 Step 1: Check Your Credit Score
1:25 Step 2: Make Sure You Can Afford a Personal Loan
1:56 Step 3: Find a Lender that Offers Pre-Qualification
2:24 Step 4: Compare Lenders
2:59 Step 5: Prequalify with the Lender You Choose
3:45 What Do You Do If Your Personal Loan is Denied?
4:06 Consider Other Financing Options
4:26 Personal Loan Prequalification Recap
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[@drew2484]

Great overview! Thanks for the insight!

[@simplemoneylyfe]

Thank you for your support!