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Compared to an auto loan or mortgage, a personal loan is unique in that it can fulfill a number of uses, beyond just funding a major expense. As a result, personal loans can be an attractive financing option for almost any kind of consumer, thanks to their versatile nature and convenient access. It’s true, the growth of online lending has made it easier than ever for people to get quick access to funds from accredited lenders. Before diving into the personal loan marketplace, however, it’s important to ask yourself some simple questions to better understand what your funding needs are.
Does age have an impact on credit scores? The short answer is yes. Data shows that different generations have distinct credit scores. Individual credit scores are used by financial institutions and lenders to determine eligibility for favorable rates and terms for financial products and services. For example, a higher credit score typically earns borrowers lower rates on personal loans.
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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