The offers youre being sent are a way for them to get more exposure and potentially more customers.

While we receive compensation when you click links to partners, they do not influence our content.

Though it might be tempting to apply right away, take a moment to carefully consider the offer.

What exactly is a preapproval letter A preapproved letter is a promotional form letter that a bank or other lender sends as a marketing tool to encourage you to apply for a loan.

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They typically contain a code you can enter online or a form for you to complete and send in.

Many state that youve already been preapproved for a specific amount, which can range anywhere from a few hundred dollars to a large loan worth thousands.

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Compare a mailed offer to online lenders Data updated regularly We update our data regularly, but information can change between updates.

Confirm details with the provider youre interested in before making a decision.

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Go to site View details Compare loading Fetching your data loading Load More Compare up to 4 providers Clear selection Compare Why do companies send out preapproved loan offers Preapproval letters are proven marketing tools designed to attract more borrowers.

For banks and credit unions that you have an existing relationship with, its an attempt to get more of your business.

It lets you know that the product exists and that you may be able to get a loan should you need it.

You can also receive letters from banks that youve never done business with or lenders youve never heard of.

These providers are likely attempting to raise brand awareness.