What does it mean to “prequalify” for a loan or a credit card?
If you requested a loan or credit card through our website, it is likely that you received a notification that you’ve been prequalified. This would be presented at the end of the request process or through an email afterwards. The best way to think of this is as a “soft yes”, with a few final steps to complete.
This prequalification comes from the information that you provided when you requested the loan or credit card. It may also include a “soft” credit check that the lender or credit card company requested. By using your request to connect with hundreds of lenders, we are able to find you a lender who can provide an immediate prequalification, pending your submissions of any required documentation.
I’ve been prequalified for a loan or a credit card. Now what?
If you’ve received a message that you were prequalified with a lender or credit card company, the next step is to complete the request on their website. If you didn’t receive an email, then check your spam folder, to make sure it wasn’t accidentally filtered out. Follow the directions on their website, and make sure you provide any documentation required.
I didn’t get prequalified. What can I do?
If you didn’t get a notice saying you were prequalified, then please don’t request again. This won’t hurt your credit score, but it also won’t help you get a loan or credit card. The best approach at this point is to take another look at your finances, and figure out how you can improve your situation. This can be by borrowing money from friends or family, or conserving cash to pay off some of your bills. Take a look at some of the advice on our website, as you will find a lot of good information on how you can improve your situation.