Beware of "Pre-Approved" Loans

January being the long month that it is I thought that I would do some research on loans. I went to Loan Finder and entered the details. I then received a call from Capfin telling me that on the basis of the information they had "pre-approved" a loan. Someone called, I sat through a 30 minute phone call with a ****y little agent. Again I had been "pre-approved". I then sent them the necessary documents and received an sms to say that they had passed the test. This morning I know they phoned to check employment. They brag that they offer a 48 hour turnaround. I also received an SMS from Bayport where I was also pre-approved. Then without even completing the form I was declined. Some company called Bruma Finance declined up front - at least they were honest. Direct Axis declined on a loan i did not apply for. I think that this "pre-approval" is the bait to get people to part with information. Once you have the information you can decline and collate a whole data base of ID's, Bank Accounts, Cell phone Numbers, Pay dates and the like. I am waiting to see the results from Capfin - despite all of the nasty reviews on Hello Peter they may just suprise me. This whole process should be regulated under the FSB but resembles more a feeding frenzy of sharks in gray suits.