What Does "Pre-Qualified" Mean To You?
I often get letters through the post from various financial institutions wanting me to take out business loans or credit cards. They offer me amounts up to £500,000 ($629,000) at really low interest rates and include stories of how someone got one of their loans and now they are making millions a year.
As part of the "If ... Then" post I made some time ago, I have got rid of a lot of stuff (none of it mine) and sorted good stuff from rubbish that others stashed and dashed a long time ago. This is my decluttering to get the room the way I want it. It's not fully clear yet but I got a large table up into it and I am now sorting my post from the last few months. Most of it is just filing stuff because I know what is important when the post arrives and deal with that immediately (Hint: anything with Inland Revenue or Companies House). The junk is also got rid of immediately, so what I am doing at the moment is sorting statements that must be kept for 6 or 7 years and shredding that junk mail that has names and addresses on it! I need the filing cabinet for filing the statement and I decided I had done enough decluttering to warrant buying it. I had hoped it would be here today but no such luck. Hope it will be here tomorrow.
Any way, to get back to the point, some of the letters are being "American filed", that is binned or shredded. (I don't know whether this term is used in the USA LOL.) These are the ones from loan companies that want me to take out huge loans. Sorting this stuff is not mentally challenging and I find it hard not to read some parts of the letters. One phrase caught my eye, "You are pre-qualified for this offer". Now what does that mean? I wondered how I could be pre-qualified. Were they really prepared to let me have unlimited amounts of the green stuff because they knew what a great person I am?
If you have read Alice in Wonderland (Lewis Carroll) you will probably remember Humpty Dumpty, the large talking egg. One of his quotes that I have always loved is "When I use a word, it means just what I choose it to mean — neither more nor less." The word "pre-qualified" in the junk mail letter had a little asterisk beside it and that led to some tiny writing much further down the page. This defined "pre-qualified" as follows (direct quote):
"Pre-qualified" refers to our selecting your business for a potential funding solution. This does not automatically imply you will receive an approval limit. limits will be provided once you permit [company] to conduct a quotation search in order to assess your business."
So, what does pre-qualified" mean? In Humpty Dumpty speak it seems that it means "we picked your name out of a hat in order to send you junk mail to make us money. And if you bite, we will find a company to take you on (a quotation search) and they will pay us money for finding a new prospect. You might get turned down (does not automatically imply) and even if you get accepted, you might not get the low rate of interest because we only have to (by law) offer it to a few people, not necessarily you"!
They really must be living in Wonderland if they think I am going to take them up on this Humpty Dumpty offer!
Image Credit » https://pixabay.com/photos/humpty-dumpty-hot-air-balloon-3109758/