Pre Approved Personal Loans - MyInstantOffer

Pre Approved Personal Loans – Are They Legit or a Scam?

What are Pre Approved Personal Loans?

Pre Approved personal loans are personal loans that are issued to people that have been pre qualified based on their credit score. 

It is really that simple. Lenders are able to review your credit scores and history through the big 3 credit bureaus. 

When you meet the criteria for a personal loan you will usually get some type of pre approved personal loan offer in the mail. 

This will normally have a promotional code on the offer letter that you will input into the website they direct you to use.

Are Pre Approved Personal Loans Legit or a Scam?

Pre Approved personal loans are generally a legitimate offer for a personal loan. It is not a guarantee that you will get a personal loan. It only was sent to you because at the time of the credit evaluation you met the minimum criteria.

If your credit situation has changed or if there is something they find during the actual loan application you could still be denied. 

When you receive your pre approved personal loans offer letter you will see the amount they are willing to loan you.  Many will say up to $40,000 or even as high as $100,000 based on your credit history and score.

There are lots of lenders out there sending these pre approved offer letters for personal loans to you in the mail. Just be smart and use one of the better companies that issue these types of personal loans.

Examples of Lenders Who Send Pre Approved Personal Loan Offers

I have personally gotten a few of these pre approved personal loans in the mail with offer letters.

Below are some actual examples are companies: 

OnDeck – I receive a couple offers a month from OnDeck for small business loans.  They are a legitimate lender and screen small businesses and send out pre approved offer letters for loans.

Lending Club – MyInstantOffer is another pre approved offer letter that I have received in the mail for peer-to-peer loans. Lending Club is a peer-to-peer lender who matches individual investors with borrowers.

Prosper – The Prosper Offer letter is another promo code type peer-to-peer loan. They are a competitor with Lending Club. 

These are just some of the bigger lenders who send out the pre approved personal loans offer letters to thousands of potential customers.

How Online Lenders are Different Than Banks

When you receive a pre approved offer in the mail it is generally from an online lender. These online lenders are much different than applying for a loan at a bank or credit union.

Online lenders like Lending Club  Prosper or OnDeck all have one thing in common. They utilize online lending platforms to reduce their overhead. This reduced overhead can be passed onto their customers in the form of lower interest rates on the personal loans they issue.

Most banks have employees and many locations that can run up costs. Many banks do not even issue personal loans and focus more on mortgages and auto loans or credit cards. 

When you receive your promotional offer letter they will send you to a website to apply online. 

This is normally a much faster process of getting a personal loan. No more going into a bank or credit union and filling out paperwork or working with a loan officer. This type of personal loan can be completely done 100% online.

Other Online Personal Loan Options

It can be a smart idea to compare online personal loans. This can be complicated as you would have to apply online over each website to get a rate quote. 

Applying for multiple loans can take time and effort to get to the best interest rate on a loan.

A good solution is to utilize a lending network like or Credible  These lending networks allow you to just fill out one simple form and then they match you to the best lender with the lowest rate for you to review. 

It saves you time and money and is a great way to get a personal loan online. Many times you can have the cash you need on a personal loan deposited directly in your checking account within a couple of days.

So next time you get a pre approved personal loan in the mail you will understand why you got it and all of your personal loan options available.

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