How can you get Avant personal loan pre-approval?

Most personal loans offer online approval as nine of the 10 largest banks and credit unions with personal loans give applicants the ability to apply online and check their approval status online. If approved, borrowers will also be notified via email, whether they apply online or at a branch location. In addition, lenders such as Avant, SoFi and Prosper don’t have physical branches, so they handle everything online.… read full answer

When you apply online for a personal loan, you may receive a decision instantly. If you don’t, you should get a decision in fewer than 7 business days. In rare cases, it could take a few weeks. After you’re approved, it will usually take 1-7 business days to receive your funds. If you’re not approved for a personal loan right away, you should be able to check your approval status online at any time.

Lenders Offering Personal Loans with Online Approval

Before you apply for a personal loan online, make sure to see if the lender lets you check for pre-qualification. This will allow you to find out your chances of getting approved before you apply. While not everyone who is pre-qualified will get approved, most people should. And pre-qualification has no effect on your credit score, unlike an actual application which will cause a temporary dip in your score.

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.… read full answer

Credit Score for Personal Loan Approval by Lender

*According to multiple third-party sources.

Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.

But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.

The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.

If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

You can check your credit score for free on WalletHub. You’ll also get personalized advice for how to improve your score. The best way to estimate your odds of approval for a personal loan is to check to see if you’re pre-qualified for any offers before submitting an official application.

The best way to get a personal loan is to apply online for an unsecured loan with the lowest interest rates you can find after thoroughly comparing your options. An unsecured loan does not require collateral, which makes the process less risky for you. The lender can’t immediately take possession of your property if you default. And applying online is the best method because it generally provides the quickest decisions.… read full answer

But the best way to get a personal loan starts with checking your credit standing as well as checking for pre-qualification from lenders. This will increase your chances of finding the best loan with high approval odds.

Best way to get a personal loan:

1. Check your credit. You can check your credit score for free on WalletHub. You should also check your credit report for errors. As long as you have at least a 600 credit score, you should be able to qualify for an unsecured personal loan and won’t have to put down collateral.
2. Compare terms. You can use WalletHub’s personal loan comparison tool to narrow down your options by credit score required, loan amount, your location and more.
3. Check for pre-qualification. Once you’ve narrowed your options, check if you’re pre-qualified using WalletHub’s free pre-qualification tool. Pre-qualification doesn’t affect your credit, and it gives you an idea of which loans you’ll likely be approved for and what your rates might be.
4. Select the best offers. You’ll want to pick a personal loan with low interest rates and a manageable payoff period. It’s best to choose one with no origination fee as well.
5. Apply online. You may be able to apply for a personal loan in person, by phone or by mail, depending on the lender. But applying online usually allows for the fastest decision – sometimes in minutes.
6. Wait for your funds. It will generally take 1 - 7 business days to get approved for a personal loan and another 1 - 7 to get it funded.

For people with bad credit, the best way to get a personal loan is actually to get a co-signer. The lender will consider the co-signer’s credit when making an approval decision. This makes it possible for people with poor credit scores to get unsecured personal loans.