Pre-granted credits: what they are and who gives them
With the arrival of the holidays, or other dates indicated in the calendar, there are bank customers who receive a notification informing them that they have at their disposal a certain amount that they can access quickly and comfortably just by making a couple of steps. It is what is known as pre-granted credits. They are designed for customers without defaults in their financial history and who need money for an unforeseen event, to pay for a trip, to face a small home renovation or the purchase of an appliance.
What happens when a client requests a normal loan?
In the case of preconceived loans, it is the entity itself that offers them. But not to anyone. In order for banks to offer their customers a preconceived loan, they must meet a series of requirements. The ones that most financial institutions usually demand are, in broad strokes, the following:
- Take time linked to the entity.
- Have an impeccable credit history.
- Not having discovered the credit card.
- Have your payroll, several receipts or have bank cards.
- Availability of liquidity.
In summary, they are offered to clients that the entities consider model and that they suppose will not have problems to return them.
The amount offered is usually customized for each client according to the studies that the bank has on its financial history. The interest rate is usually around 10%, that is to say higher than that of a normal loan, although, like the amount and the term to return it, it depends on each client.
The one that is pre-granted does not mean that the bank finally gives the loan to the client. It may happen that once the application has been studied, the entity denies it if in recent months the client has had trouble in dealing with some payments or if the liquidity of his account has decreased.
Given the possibility of contracting a pre-granted loan, it is convenient to have clear the pros and cons before.
Advantages of pre-granted credits
- The client has the necessary amount in a short period of time.
- The procedures to obtain them are easy since the bank has a previous study of the client. Sometimes you can hire from the entity’s website or from ATMs.
- They have no purpose. The money can be used for whatever the client wants.
Disadvantages of pre-granted credits
- You have to be a client of the entity.
- They have more interest than normal loans.
- They are not granted to people with liquidity problems.
- Customers who do not have a good credit history are excluded, that is, they have been late in paying their credits or bills.
- It can be denied at the last moment even if it is the entity itself that has offered it.
If you need quick money to deal with an unforeseen event and your bank does not offer you a pre-granted loan, one option is to go to MoneyHold Finance, where you can get it in a simple way. In addition, you will not have to meet many of the requirements requested by financial institutions to grant this type of credit.