Probably if you work with a financial institution through the internet, when you check your accounts it is likely that on your computer screen you will see the following message: “you have a pre-agreed loan”.
The pre-granted loan
Although the normal thing is that we are the clients that we go to a financial institution to request a loan today many financial entities contact us and they preconcend us a loan.
The normal thing is that these loans are only offered to those customers with a solid financial position and low risk of default. Among the characteristics that must be fulfilled in order for a bank to grant you one of these loans, the following stand out:
- Be a client of that entity . The loans are only granted to the clients of that particular financial institution. To analyze whether a client can be granted this type of loan, the risk of each case is analyzed through scoring.
- Have an economic profile with little risk . The normal thing is that financial institutions only grant this type of loans to those customers whose risk of default is truly low. Likewise, the amount of capital offered depends on the economic capacity of the client in said bank.
- Capital may be used for any type of expense . One of the most interesting features of pre-granted loans is that capital can be used to cover any type of expense. There is no requirement that money be used for one purpose or another.
- Ease of procedures . Perhaps one of the main advantages of a pre-granted loan is the one that is congratulated when carrying out the procedures to be able to enjoy the capital. Do not forget that the bank has previously studied the level of risk of the client and therefore does not need to perform the study again. In other words, if this type of loan is accepted, liquidity will be available in the current account in a very short time.
- Relatively high interests . Perhaps one of the main problems of this type of loans are high interest rates. As a general rule, all loans that involve giving a quantity of succulent capital without the need for too many studies or explanations are usually accompanied by high interest rates. In addition, many times this type of loans require to accept some type of insurance, which is another cost overrun.
Can it be interesting to accept a pre-granted loan?
The truth is that unless there is an imminent need to obtain capital in a very short period of time, these loans, like microcredits, are not worth it due to high interest rates. Being loans that are normally granted to people who do not need them, the most common is that their hiring is not interesting for the client.
However, they can be a good way out if, at any given time, we face the need to obtain immediate capital. The speed in the concession will be really fast and since it is a loan with your own financial entity you will not have to offer any extra information to be able to formalize it.