4 reasons why pre-approved loan offers are smart financing solutions

Pre-approved offers have grown in popularity in recent years. You can find such offers for loans and various other forms of credit, and they make the whole process much smoother. One of the main reasons for this advantage is the rise of fintech. As major financial players have started to embrace the advanced technology and innovation it has to offer, these pre-approved loan offers have become much more common. There are several reasons for this, one being that retail borrowers present less lending risk, and therefore such offers are more easily offered.

As a borrower, this is good news because it means access to credit has become much easier. You no longer have to go through long and tedious loan processes to get the funds you need. This is particularly handy when an urgent loan is needed, as is normally the case when dealing with emergencies. If borrowed for the right reasons, a pre-approved loan can be one of the best credit solutions out there. To learn more about why pre-approved offers are good financing options, read on.

Faster turnaround times

One of the main advantages of a pre-approved loan is that you don’t have to apply for a loan. Lenders usually extend these offers to their existing customers. These offers are based on your past transactions and history with the lender. Plus, the lenders already have your information on file, so you don’t have to submit any documents either. All of these factors combined result in faster turnaround times. In fact, some lenders guarantee same-day disbursement, allowing you to access funds within hours of using the offer.

Exclusive and often personalized conditions

Pre-approved offers are based on your existing relationship with the issuer and your financial profile. Lenders consider your current financial situation and credit profile before making an offer. This way, pre-approved offers will continue to be updated based on your financial profile. For example, if your credit score goes up, you can be pre-approved for a much higher penalty and with lower rates as well.

This is one of the main reasons to opt for such offers. In most cases, these conditions are personalized according to your profile and will be the best offers you can easily obtain. Plus, a pre-approved loan may be the most affordable short-term solution you could access. It comes in handy when you need instant affordable financing, whether it’s for a business expense, an emergency, or any other reason.

Increased flexibility and customization

Because these offers are personalized, you often have flexibility with certain loan terms. For example, you can choose a tenor that better matches your goals, or you can even get a higher sanction compared to other instant funding options. The flexibility you get with pre-approved loans can make all the difference and helps ensure the loan never becomes a burden.

Penalty without guarantee

Pre-approved offers are usually extended to unsecured offers like the personal loan. This means you don’t have to pledge any assets to the lender. You qualify based on your profile and just take advantage of the offer. Additionally, you can use the sanction as needed. There are no restrictions and it can help you meet any obligation.

These are the main reasons why pre-approved loan offers are a good idea for most borrowers. All of these benefits make it ideal for short-term goals. Plus, with the right lender, repayment is a breeze and you never have to worry about default.

In fact, a great option to consider is the Bajaj Finserv pre-approved personal loan. Get pre-approved deals up to Rs. 10 lakh and opt for a term between 24 and 60 months to enjoy hassle-free EMI. In addition, you benefit from a competitive interest rate and can have the penalty paid into your account in just 4 hours*.

Some Bajaj Finserv customers can avail this pre-approved loan by filling an application 100% online without submitting any documents. These customers can get the money in their accounts as early as 30 minutes*. Generally, this offer is only available to existing customers, so check your pre-approved offer first. With an offer, you usually don’t need to submit any additional documents, but in some cases you may be asked to share basic KYC information, a void check, and your bank account information. If necessary, you can download your documents in digital form and avoid travel to the branch. So, take advantage of your pre-approved loan offer and access instant funds.

*Terms and conditions of application

Disclaimer: This article is a paid publication and does not involve any journalistic/editorial involvement of the Hindustan Times. Hindustan Times does not endorse/endorse the content(s) of the article/advertisement and/or opinions expressed herein. Hindustan Times shall not be in any way responsible and/or liable in any way whatsoever for anything stated in the article and/or also with respect to the view(s), opinion(s) ), announcement(s), statement(s), affirmation(s) etc., stated/presented in the same.

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