Guide to pre-approved personal loans

Compare personal loans that offer pre-approval

• Pre-approved Personal Loans
• Pre-approved Car Loans

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Product	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $615.26	Go to siteMore Info Compare	loading Fetching your data...
MONEYME Personal Loans Variable3 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.74% to 25.49%	Comp. Rate (p.a.) 8.13% to 26.88%	Application Fee $395 - $495	Monthly Fee $10	Monthly Repayment $640.39	Homeowners can unlock lower interest rates (depending on your credit score).	Go to siteMore Info Compare	loading Fetching your data...
Plenti Personal Loan Fixed1 - 7 Years $5,000 - $65,000	Interest Rate (p.a.) 6.57% to 24.09%	Comp. Rate (p.a.) 6.57% to 24.99%	Application Fee $0 - $595	Monthly Fee $0	Monthly Repayment $631.87	Go to siteMore Info Compare	loading Fetching your data...
Plenti Variable Rate Personal Loan Variable1 - 7 Years $5,000 - $65,000	Interest Rate (p.a.) 6.57% to 24.09%	Comp. Rate (p.a.) 6.57% to 24.99%	Application Fee $0 - $595	Monthly Fee $0	Monthly Repayment $631.87	Go to siteMore Info Compare	loading Fetching your data...
IMB Secured Personal Loan Fixed1 - 7 Years $2,000 - $75,000	Interest Rate (p.a.) 6.84%	Comp. Rate (p.a.) 7.19%	Application Fee $250	Monthly Fee $0	Monthly Repayment $623.78	ContinueMore Info Compare	loading Fetching your data...
Australian Military Bank Fixed Rate Personal Loan Fixed1 - 7 Years $4,000 - $75,000	Interest Rate (p.a.) 8.95% to 14.70%	Comp. Rate (p.a.) 9.85% to 16.12%	Application Fee $150	Monthly Fee $10	Monthly Repayment $650.30	ContinueMore Info Compare	loading Fetching your data...
RACQ Bank Personal Loan Variable1 - 5 Years $3,000 - $60,000	Interest Rate (p.a.) 9.99%	Comp. Rate (p.a.) 10.16%	Application Fee $0	Monthly Fee $0	Monthly Repayment $645.25	ContinueMore Info Compare	loading Fetching your data...
RACV Personal Loan Fixed1 - 7 Years $5,000 - $30,000	Interest Rate (p.a.) 10.69% to 15.89%	Comp. Rate (p.a.) 11.42% to 16.66%	Application Fee $499	Monthly Fee $0	Monthly Repayment $668.11	ContinueMore Info Compare	loading Fetching your data...

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	ContinueMore Info Compare	Borrow up to $125,000, pay no account-keeping fees and repay with fixed repayments while having the ability to repay early.

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How do pre-approved personal loans work?

Pre-approval is a conditional form of approval for personal loans. Conditions vary from lender to lender, but they usually last for 3 to 6 months.

Based on a partial application lenders can give you an indication as to whether you're likely to be approved when you do apply based on your eligibility.

In some cases, pre-approval can give customers an indication of what their repayments might be as well as what interest rate they can qualify for.

A pre-approval does not mean you will definitely be approved for the loan. When it comes to completing the full application you may provide additional information that means you no longer fit the lender's criteria.

Why would I need a pre-approval for a personal loan?

Getting a pre-approval for a personal loan means applicants can know how much they'll be able to borrow. This helps if you're shopping around for something and don't want to commit to more than you can spend.

A common type of loan pre-approval is for the purchase of a vehicle: also known as a pre-approved car loan. Certain lenders may agree to provide you with a loan amount based on your eligibility but will only release the funds when you actually purchase the vehicle.

This prevents borrowers from using the funds for any ulterior purpose. You may need to meet certain conditions to secure the loan. For example, you may need to purchase a vehicle of a certain value. A lender may also choose to transfer the funds to the car dealer directly and not to your bank account.

Another reason for pre-approval is where you want to get started on the application but need to wait for supporting documentation.

Which lenders offer personal loan pre-approval?

Lender	Pre-approval?	More information
ANZ		More
Australian Military Bank		More
Bank of Melbourne		More
BankSA		More
CommBank		More
Gateway Bank		More
Great Southern Bank		More
IMB		More
loans.com.au		More
MoneyMe		More
NAB		More
Plenti		More
RACQ		More
RACV		More
St.George		More
Westpac		More

What types of personal loan pre-approvals are there?

• Conditional approval for existing customers. Banks tend to have large amounts of data on their customers, enabling them to pre-approve people for their products. Your bank may notify you of these pre-approvals by email or post or by advertised products that appear on your online banking page.
• Self-sought pre-approval. Many lenders offer pre-approval with personal loans, especially car loans, to help borrowers check how much they can borrow without submitting a formal application. Pre-approved loans give you a good indication of how much you will need to repay.
• Bad credit pre-approval. Bad credit borrowers can also receive pre-approval from lenders. Loan applications may negatively affect your credit rating further, so pre-approval to borrowers already suffering from a poor credit history might find this process beneficial. However, be sure to check the nature of these offers prior to accepting, as several less-than-reputable lenders operate in this space.

Our expert says: Beware unsolicited pre-approval

"Banks and lenders will often reach out to their customers to tell them they've been pre-approved for credit based on their existing information about them.

Very often they do this without knowing if this customer is in the market for a loan, but sometimes they will reach out to customers who are nearing the end of an existing personal loan to offer them more. There are 2 things you should do in either situation:

1. Think about whether you actually need finance or if you're simply enticed by the offer of it.
2. If you are in the market for a personal loan, never jump at the first offer. Compare your loan options elsewhere to make sure you get the best terms and cost available."

Rebecca Pike

Senior Money Writer

How to apply for a personal loan pre-approval

If you have received communication from your current bank about being pre-approved for a personal loan, you won't need to apply. Your bank has already used the information it has about you to determine your eligibility. You may need to follow up to clarify the amount you have been pre-approved for though.

Otherwise, your application process will look something like this:

1. Fill out a preliminary loan application and provide the relevant documents as directed by your lender.
2. The lender will review the documents provided in the preliminary assessment.
3. The lender provides a quote, highlighting the amount it's willing to provide, along with the interest rate you're likely to be charged on the loan.

In many cases, pre-approvals take place online within just a few minutes. This is because it may be an automated process, and the lender and its credit assessment team/insurer has not evaluated the pre-approval manually.

Remember that it is not a formal loan approval. For this reason, the lender is under no obligation to approve your loan once you submit the completed application. Be aware that on-the-spot approvals are often nothing more than indications.

What documents do you need to submit to the lender to obtain pre-approval?

Pre-approval processes will vary from lender to lender. Some lenders may require the following:

• A completed and signed application form
• Identification documents
• Proof of employment and/or income (for example, payslips, tax returns, etc)
• Proof of expenses
• Details of assets, liabilities and debts (for example, credit cards, loans, etc)

Please note that some lenders may check your credit file prior to pre-approval, and some may not.

What are the conditions I need to meet to be pre-approved for a personal loan?

Lenders can provide pre-approvals based on the following conditions:

• Your personal and financial details have been verified.
• Your financial details ascertain that you are able to pay back the loan.
• You've provided the lender with all the relevant information required in order to verify deposits, securities, assets, income and liabilities.

Why might I be declined for a pre-approval?

Meeting the above conditions does not guarantee pre-approval for a personal loan. Lenders may decline applications for any of the following reasons:

• You haven't supplied the proper documents for validating your income.
• You have a low credit rating or there are defaults on your credit history.
• There are numerous enquiries on your credit file.
• There have been changes in your personal circumstances (for example, a change of job).
• There have been changes in the policies of the lender after offering the pre-approval.
• The interest rate has increased, making you no longer eligible.
• Your pre-approval has expired.

Things to watch out for

• Pre-approvals are often marketing tools used by banks and other lenders. While they can give you access to credit that you may need, they can also encourage you to take out unnecessary loans and trap you into debt.
• Having pre-approval does not mean that a lender will readily give you the funds that you require. Lenders often have an approval process that is much more rigorous than a pre-approval process. If you don't clear the formal personal loan approval process, you could potentially find yourself in a sticky situation, with a black mark on your credit history. Always do your own research, and consider your personal circumstances carefully before submitting a formal loan application.

Frequently Asked Questions

• Does pre-approval guarantee a personal loan?

  No, pre-approval does not guarantee that your personal loan will be approved. Final approval depends on a more thorough assessment of your financial situation, including your credit score and income.

• Is it safe to take a pre-approved personal loan?

  It's always important for you to thoroughly review the loan terms, interest rates and the fees before committing to any financial product. Always ensure that the loan aligns with your financial needs and repayment capability.

• Can you be denied a personal loan after pre-approval?

  Yes, you can be denied a personal loan after pre-approval if your financial situation changes; if there are errors or inaccuracies in your application; or if your creditworthiness does not meet the lender's criteria. For instance, your loan might be rejected if your job changes between pre-approval and final approval and the lender was not informed of this change, but discovers it when assessing your application.

• What is the easiest loan to get approved for Australia?

  Payday loans and certain types of personal loans with less stringent criteria are often easier to get approved for, especially for those with lower credit scores. However, these loans come with much higher interest rates and often charge hefty fees. These should typically be considered after all other options have been exhausted and only in an emergency.

• How long does it take to get preapproved for a personal loan?

  The time to get pre-approved for a personal loan can range from a few minutes to several days, depending on the lender and the complexity of your financial profile.

• What credit score is needed for a personal loan?

  The credit score needed for a personal loan varies by lender, but generally, a score of 600 or above is preferred. Higher credit scores increase your chances of approval and may lead to better interest rates.

• How do banks and lenders identify customers they need to target with offers of credit?

  Banks and lenders possess a lot of information about their customers. Banks are businesses, and they use this knowledge to promote their various products and services for you to purchase.

  If you have an account with a particular bank, it will often be aware of everything from your earnings to your expenses as well as your interests and spending habits. Based on this information, it will be very easy for the bank to make enticing offers to catch your attention. This is the reason that banks often send mail-outs, emails or even phone calls regarding new products and conditional approvals to their customers.

• Why should I get pre-approval for a personal loan?

  Whether or not you should consider pre-approval for a personal loan depends on your situation and what certainty you want. If you're using a personal loan to buy a vehicle, having a pre-approval helps you know you are likely to get the finance for it as well as the price range to shop for. Very often if you're getting a car loan, the lender will conditionally approve you until you have the vehicle details.

  Pre-approval doesn't mean you're guaranteed to be approved for the personal loan though. So you might prefer to get the full approval before you shop.

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Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 210 Finder guides across topics including:

• Banking
• Personal finance
• Investing