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I received a letter in the mail indicating I have been pre approved for up to $25,000. Pre approval means just that..

not pre qualify. However when I entered the pre approval code on myinstantoffer.com, the results then said I have been declined. The last I checked, pre approval means just that. I am sure there has been a regulation violated and I will be very upset if there is an inquiry as a result.

Very misleading and down false documentation. This advertisement was absolutely false.

I will be looking further into this as this seems like a regulatory violation. Sounds like UDAAP violation to me!

Reason of review: Not as described/ advertised.

Monetary Loss: $25000.

Preferred solution: Let the company propose a solution.

Location: Buffalo, New York

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Kloee Gax

We use information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers, and send pre-approved loan offers based on those criteria.

Because several weeks pass between the pre-screening process and the application, when you respond to a pre-approved offer, it's important that you continue to meet the credit criteria that the offer was based on.

We verify this by requesting updated information from credit bureaus.

We also request additional information, such as income and employment status.

Both sets of information are used to determine if an applicant qualifies for a loan offer. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicantโ€™s current outstanding debt is too high relative to their income or that changes have occurred in their credit report since pre-screening.

The specific reasons why a loan application was declined are provided in an adverse action notice.

If you have a received an adverse action notice, you can again review it by logging into your Account Summary.

Please note that the pre-screening process and loan application don't impact your credit score, because neither action is reported to the credit bureaus as a hard credit inquiry. You are eligible to apply again for a loan via Lending Club thirty days after the date of the last application.

Guest

lol it just means you're preapproved to receive the offer. you see this ALL the time with credit card offers which I've gotten a number of and most I got declined on but a couple I didn't.

suck it up and stop whining and move on with your life, it's too short to complain about something so obvious to anyone with even 1/2 a brain cell still active.

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