When a customer applies for a loan at MoneyCo, he or she goes through a credit pre-analysis that considers various factors regarding their financial situation. Having a clean name, for example, is the first requirement to be pre-approved, but not the only one considered.
There are also those who believe that high score is a key factor to be pre-approved, but this is just one of the data taken into consideration. To be pre-approved on a loan application the customer must meet certain requirements set by the institution’s credit policy. As a result, your order may be approved in one place and disapproved in another.
But what does it mean to be pre-approved at MoneyCo?
When a customer is pre-approved with MoneyCo it means that within the credit policy their details were considered satisfactory for us to follow the analysis to possibly release the loan. That is, when a customer has pre-approved credit in MoneyCo, he then goes to the phase of sending supporting documentation.
This phase is essential for checking the data initially reported on the site and for verifying the financial commitment of that customer. This phase also helps us prevent fraudsters from misusing third party data. This is why we ask, for example, to send a selfie with your ID.
“I sent the documents, but my request was declined”
Pre-approval does not guarantee approval of the loan application. It is possible that in the submission phase of documentation our credit analysis team will find that we are unable to serve you or that we cannot offer a credit solution that will not compromise your financial health. Therefore, it is possible that a customer who has been pre-approved may be denied at another stage of the process.
I was pre-approved but I don’t have proof of income / residence
Verifying your data is an important step within credit analysis. You can also leave a comment here on the blog with your question.