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There are many different types of loans that lenders may offer. Most loans have a specific purpose, like a home mortgage or auto loan. Personal loans, however, are fairly open-ended consumer lending products that can be used for a variety of purposes. So why would someone take out a personal loan? For starters, let’s better define a personal loan and what makes it unique and versatile.
When it comes to consumer lending products, there are many options available online with a variety of use cases. For those in need of access to cash that isn’t tied to one specific use (e.g., an auto loan or student loan), there are two main avenues to take that, while somewhat similar, differ in several key aspects. They are a personal line of credit and a personal loan.
When looking or applying for a personal loan, the terms “pre-approved” and “pre-qualified” are thrown around quite often. The question is, what do these terms mean? And furthermore, how do they differ from each other? In broad terms, pre-approval and pre-qualification are both methods lenders use to determine the likelihood an applicant will be ultimately approved for a loan, as well as the amount, rate, and other offer details.
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