We can apply to consumer loans , vehicle loans and housing loans through many different channels. We make these applications via SMS, internet banking and directly to the branch. When such applications are entered, a message will be sent to our phone. “Your loan application amounting to XX.XXX TL has been pre-approved. “What does this message mean?
The preliminary approval of the loan to which we apply does not mean that the loan has been fully approved. Your bank may ask you for additional information and documents to continue credit entry.
What is Credit Pre-Approval?
Before you go to the branch , your bank makes a preliminary assessment. For example , immediately after your application on the internet, you may receive a message stating that the loan has been pre-approved and you can be called to the branch. However, this SMS does not mean that the loan is approved . This preliminary assessment is based on your credit rating, credits, monthly payments and monthly income and is subject to evaluation.
If your loans are not paid on a regular basis, if you have problems paying on credit cards or different products of the bank, your bank will refuse this application directly during the preliminary assessment if you have not worked with the bank for a long time and do not have a regular monthly income. Another situation is that your monthly payments are high. If you already have monthly payments and a high risk, the bank may refuse this application.
What is Credit Approval Determined?
As we said, there are many reasons why the loan was rejected . Irregular payments, low credit ratings , and a high monthly risk may result in this credit being refused. Just because you’ve gotten pre-approval doesn’t mean it’s yours. In order to use a loan, you must provide the bank with the documents and all the information the bank requires. However, the approval you will receive after this stage is a definite approval. It is obvious that all credits that have been rejected in the pre-assessment section will continue to be rejected.
I got the pre-approval, but the credit does not come out
After obtaining prior approval , the reason for not being able to use the credit may be that the information on the bank channels is out of date. Therefore, your information needs to be up to date . If your income is lower than it appears in the bank and if such documents are requested after prior approval, the loan may be rejected as your new income will not cover the loan . Sometimes these situations can occur in mortgage loans.