I have a fairly decent rising credit score of 660 and wanted to consolidate a few bills, so when I received a letter stating I was prequalified to receive a loan, I decided to try it.
I was a little hesitant at first because I try not to let places pull my credit score unless I'm more than likely going to be approved. So when the web page stated that I could get pre-approved without affecting my credit, I was all in.
Once I was pre-approved, an agent telephoned me to complete the deal and stated that they needed permission to run the credit and that of course, it will show up on my report as a hard inquiry. I gave my consent because according to the website, I was already pre-approved.
The agent returned on the phone to state it was not approved and does not state why, but that they will send me a letter, to which I can write a correspondence to ask why.
Needless to say, I was extremely disappointed, not because the loan did not go through, but because I felt like I was misled into applying for the loan and received a hard inquiry in the process.
Bottom Line: No, I would not recommend this to a friend
38 people found it helpfulLink to this Review
Thank you for taking the time to post a review. We truly understand your disappointment in not being approved for a loan. Loan approval is a decision that combines many different factors.