Quickly Apply for MyInstantOffer Pre-Approved Loans using Pre-Approval Code

If you have made a decision of applying for a loan using MyInstantOffer then the procedure is secure, simple and straightforward.

  1. Open LendingClub Mail Offer website to see the interest rate that you qualify for. However before checking he rate you will be required a pre-approval code from MyInstantOffer.

What is Pre-Approval Code? Pre-Approval Code is a code based on 12 digits which you will get from the website while you submit the application for the loan. Pre-Approved Loan Offer Letter

Once you have your hands on this pre-approval code then enter it in its designated place and move ahead with the application procedure. 

The net ask is to enter the following details to see if you can in fact get the MyInstantOffer personal loan or not.

  • The amount required and your credit score.
  • Applicant – whether you are applying individually or with a co-borrower.
  • Complete Name of the Borrower
  • Address of your Residential Address and Date of Birth
  • Social Security Number
  • Functional Email-Address to create your MyInstantOffer Account
  • Net Annual Income
  1. Then you need to finish the online application and complete the verification of your personal credentials you have entered.

Note: It is imperative that you only enter authentic contact details such as your valid email ID so that you are reachable when MyInstantOffer wishes to get in touch.

  1. You will now be shown the loan offers as per the information you have entered about yourself. Select the offer that is most suitable to you and fulfills your endeavors for which you have applied the loan.
  1. Now you need to wait until MyInstantOffer gets in touch with you but you can always access your account and see the progress of your application.
  1. When your loan application gets approved by the relevant investor the money will be sent to the bank account you have entered in the application within the span of a week.
increase your credit score

How to increase your credit score?

If you have checked the eligibility criteria to qualify for the loan and are disheartened because your credit score is too low and is now becoming a hindrance in accessing the MyInstantOffer Lending Club loan then no need to worry.

You can adopt the following 5 easy steps to increase your credit score and then easily apply for the loan:

1.     Always stay ahead of your payments

You must keep your payments within time to give a responsible impression to your lender that you are serious about making the payments back.

In fact the credit score you are given show how able you are to pay back your loan and for an investor or a lender a well maintained history of timely installments that you pay back is a green signal for him to sign off on your loan.

2.     Keep a strict check on your credit utilization rate

You must compare your credit limit with your balances to see you are not wasting a huge amount of available limit which if you are is a bad signal for the lender or the investor.

Remember that credit utilization is one of the major crux factors in determining your credit score.

3.     Do not wipe out the history of old debts

If you have borrowed any loans in the past such as a student loan or mortgage etc then you may be in a hurry to get them expunged from your credit report.

However, this is a wrong step you would take if you have paid of the previous debts with timely payments this will reflect positively on your credit history

4.     Try reaping the benefits from score-boosting programs

The worth and the age of your account are two major frontiers that assist investors and lenders in calculating your reliability regarding the loan repayment. So those who have a short credit history are at a disadvantage here!

5.     Wisely time your applications

Each time you submit an application for any credit line, there is a hard inquiry that is conducted on your account. This sort of hard inquiry for the time being decreases your credit score.

It is important you conduct a good detailed research on your chances of getting the loan approved before a hard inquiry is conducted and you submit another application for the loan elsewhere.

Also, it is smart to avoid submitting applications for many credit cards in a short span of time because this increases the number of inquiries done.

Borrowers Loan Hedging

What is the procedure for Borrowers to use the Lending Club?

For the borrowers, the following is the simple procedure that needs to be followed if they wish to get access to their loans:

  1. The potential borrower first needs to fill the online form that will ask for the borrower’s personal credentials:
    – The Name of the Applicant
    – The Residential Address of the Applicant
    – Social Security number
    – The Date of Birth of the Applicant
    – The Monthly Earnings
  2. The applicant will then be asked to define an amount for the loan which must lie in the range of $1,000 to $40,000 and then select the purpose for the loan for example for home renovations or to pay medical bills or for any other major reason. 
  3. The borrower will then be provided with rate offers and the Lending Club itself do a soft check on the applicant’s credit. The borrower will then be presented with the final offer which would include the principal loan amount, rate of interest, the exact repayment amount each month and all the terms and conditions of the loan.
  4. Lending Club also then assigns a grade for the risk for every borrower according to the rating on the credit, the exact amount of the loan to be assigned and other compulsions with it. The grades are already defined above.
  5. This specific “grade” that Lending Club assigns to every applicant will then gauge the offer which will be presented to the borrower by The Lending Club. The better this grade is the more weight-age will be given to the desired interest amount that the borrower will be given. Even the higher amounts of loans will be given to those who have a better grade.
  6. After the procedure above is done the borrower has the option to either accept or reject the presented offer of the bank. Then at this level, Lending Club will operate an in depth inquiry of the borrower’s credit score if the borrower accepts the given terms.
  7. The borrower should then link his respective bank account and other documents. The borrower will also be required to submit all the credentials that are asked for instance any governmental ID cards or taxation details. Lending Club will make use of these credentials to consider your application request.
  8. Then all there is left to do is get your required funds Get funds. Once your loan is approved and backed by investors, the money will be deposited into your bank account. The whole process usually takes 7 days (sometimes less and sometimes more)

What if the borrower wishes to cancel the loan?

What if you wish to reject your loan after it has been applied for and funds have been made available then the borrower will have 5 days for its cancellation.

The borrower needs to make a call to Lending Club as soon as possible and let the money stay in the registered and linked bank account and then the Lending Club will cash it back during 5 to 7 business days.

Important Cues that the borrower needs to remember

The borrower needs to make scheduled timely payments every month and the first payment would begin once a 30 day period has elapsed from when the loan is disbursed.

However, every borrower needs to know that Lending Club will be drawing payments every month on an automated basis from the bank account that the borrower has linked with Lending Club. Moreover, if the borrower wishes to pay any additional installments before time or pay off the entire loan once and for all then they can do so at any time.