Pre-approval percentages explained

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UPDATE: Aro no longer uses pre-approval but may give you an indication of your chance of acceptance with a lender when you check your eligibility. Please bear in mind that any pre-approved finance option or chance of acceptance indication will be subject to final lender checks and it does not guarantee acceptance. If you proceed with a lender, the lender may carry out a hard credit search to complete their final checks.

When you check your eligibility, we let you know how likely it is that you’ll be approved for a loan or credit card in your search results. We do this by adding pre-approval percentages to your options to give you a good indication if your application will be accepted should you proceed. To help give you a better idea of what you’re looking at when you check your finance options, we’ve outlined what each of these pre-approval percentages mean below.

100% pre-approved

What is a pre-approved loan offer? If you’re 100% pre-approved for a loan or credit card, this means that, subject to passing fraud checks, you’ll almost definitely be approved for that finance product if you decide to apply.

However, there is a small caveat. Although the chance is small, if something you’ve entered into our eligibility check is incorrect or the application is suspected to be fraudulent, it is possible that your application could be declined.

  • Most likely to be approved offer.
  • Based on the information you’ve told us, you should be approved for this loan or credit card if you apply.

90% – 99% chance of approval

This means that you’re very likely to be approved for a loan or credit card based on what you’ve told us. Usually, the lender will need to do a few final checks on their side to fully approve your application.

  • Very likely to be approved for this offer if you apply.

80% – 89% chance of approval

If you fall into this bracket, there is still a good chance you’ll be approved for the finance product you’re after. However, there is a slight risk you’ll be declined if you proceed. The lender will usually need to do a few extra checks to make their decision.

  • Likely to be approved for this offer.

Below 80% chance of approval

If your offer is below 80% chance of being approved, it’s less likely that your application will be approved if you decide to proceed to the lender.

Although in some cases it is more likely to be approved than not, it’s worth weighing up whether you want to risk having a declined application recorded on your credit file. You may want to check if there are any easy ways you can improve your credit score first before you go ahead and apply.

Not sure how you can improve your credit score? Check out our five easy ways to give your credit score a boost.

What if there is no pre-approval percentage?

Not all lenders are able to make a pre-approval judgement based on our soft search eligibility check. This means that we can’t add a pre-approval percentage to your result. In this case, it’s best to weigh up whether the option is right for you based on the rest of the information you have available to you.

Just remember, it’s always best to consider all your options and make sure it’s the right choice for you. Want to check if you have any loan options? Check your eligibility now – it won’t harm your credit score.

For more information about how pre-approval works, check out our guide, What is a pre-approved loan offer?

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