Citi Pre Selected Loan

[ryder32244]

Hi all, 

My wife recieved a mailer that she was "Preselected to apply for a laon up to 23k. The intrest rate says no greater than X.

Curious as to what "Preselected" in Citi terms mean. 

I also have a few Citi Cards, but when I log in I dont have the same offer, so I dont think its an "everyone" type of offer but not sure. 

Thoughts?

[4sallypat]

PLOC is easier the obtain than an unsecured card from most lenders.

Credit cards are stringent compared to an installment loan because revolving debt is more difficult to predict and has a negative effect when utilization goes up.

Comparatively, an installment loan is better for the lender as it gives the borrower a set period and monthly that is fixed.

I'd say it's a good chance she will be approved but be prepared to give income proof, tax statements, identity verifiers, etc...

[ryder32244]

Thank you

[Remedios]

It means marketing.

I got that same offer but with misspelled first name even though I'm a Citi customer.

What that means is that CRA collected names, and you're getting marketing mailers. 

If you decide to apply, same criteria as any other loan would apply, this is not pre-qualification or pre-approval. 

[SouthJamaica]

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@ryder32244 wrote:

Hi all, 

My wife recieved a mailer that she was "Preselected to apply for a laon up to 23k. The intrest rate says no greater than X.

Curious as to what "Preselected" in Citi terms mean. 

I also have a few Citi Cards, but when I log in I dont have the same offer, so I dont think its an "everyone" type of offer but not sure. 

Thoughts?

---

Sorry to disappoint, but "preselected" means "nothing".

[FinStar]

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@Remedios wrote:

It means marketing.

I got that same offer but with misspelled first name even though I'm a Citi customer.

What that means is that CRA collected names, and you're getting marketing mailers. 

If you decide to apply, same criteria as any other loan would apply, this is not pre-qualification or pre-approval. 

---

Yup, got one in the mail today as well.

They're likely wanting to capture a decent segment of the PL market it appears.

[Remedios]

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@FinStar wrote:

---

@Remedios wrote:

It means marketing.

I got that same offer but with misspelled first name even though I'm a Citi customer.

What that means is that CRA collected names, and you're getting marketing mailers. 

If you decide to apply, same criteria as any other loan would apply, this is not pre-qualification or pre-approval. 

---

Yup, got one in the mail today as well.

They're likely wanting to capture a decent segment of the PL market it appears.

---

Thanks for letting me know I'm not special. Just so you know, my dogs think I am. 

That's good enough for me 

[FinStar]

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@Remedios wrote:

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@FinStar wrote:

---

@Remedios wrote:

It means marketing.

I got that same offer but with misspelled first name even though I'm a Citi customer.

What that means is that CRA collected names, and you're getting marketing mailers. 

If you decide to apply, same criteria as any other loan would apply, this is not pre-qualification or pre-approval. 

---

Yup, got one in the mail today as well.

They're likely wanting to capture a decent segment of the PL market it appears.

---

Thanks for letting me know I'm not special. Just so you know, my dogs think I am. 

That's good enough for me 

---

Well, I thought I was special, then I saw your post 😬.  I slipped into the "run of the mill" category.

But, Citi sent your doggies a pre-selected PL offer as well.  Go check 😂

[Remedios]

😮 

I bet they got approved, too. 

[Yasselife]

@4sallypat I thought personal loans[not vehicles]were harder than revolvers because credit cards give the Lender more control in case of financial difficulties; as raising apr, reducing limit and/or closing accounts if their algorithms detect any red flags. 
   Correct me if I'm wrong.