About Preqly
AI Mortgage Pre-Approval
We use AI to give homebuyers a mortgage pre-approval in about 90 seconds. No paperwork. No credit check. Just a clear yes, early enough to act on.
Member FDIC · Equal Housing Lender · Licensed in all 50 states
Licensing & disclosuresPreqly at a glance
Who we are and what we do
Our mission
Making home ownership accessible
Traditional pre-approvals are slow. They need mountains of paperwork. And they leave buyers unsure what they can actually afford.
Preqly changes that. Our platform reads your bank data and sends a real pre-approval letter in under 90 seconds. You walk into a viewing already knowing your number.
Being clear
What we are, and what we are not
This affects who actually lends you the money, so it is worth saying plainly.
What we are
- A pre-approval platform
- Partnered with federally chartered banks and lenders
- Licensed in all 50 states
- Free for anyone getting a letter
What we are not
- Not a lender or a mortgage broker
- Not the company that funds your loan
- Not able to promise final approval
- Not something you are tied to afterwards
That last point matters. The letter is yours. Take it to any lender you want. Licensing and disclosures →
Your data
What happens when you connect an account
This is the part people worry about. Here is all of it.
Read-only
We can see your balance and transactions. That is how we confirm your income and savings. We cannot move money.
Encrypted
Your data is encrypted when it moves and when it is stored, to the same standard banks use.
You stay in control
You pick which accounts to connect. You can disconnect them once you have your letter.
Things we never do
- Move or withdraw money from your account
- Sell your data to anyone
- Check your credit before you ask us to
- Pass your details to lenders you did not pick
How this works
Who does what in a Preqly pre-approval
Three parties, and it is worth knowing which one does what.
Verification and the letter
We read the financial accounts you connect, confirm income and assets against them, and issue the pre-approval letter. We are a technology company. We do not lend money, we do not hold deposits, and we are not a mortgage broker.
The lending relationship
Our lending partner is a federally chartered bank, NMLS ID to be confirmed, Member FDIC and an Equal Housing Lender. If you go on to take a mortgage, the loan is theirs and so is the servicing relationship. Full licensing and disclosures.
The account connection
The link to your bank is read-only. It confirms what is there and cannot move money. No credit inquiry is run at the pre-approval stage, and financial data is never sold. How we handle your data.
Where we are
The company
Headquarters
Chicago, Illinois
Through our lending partner we operate across all 50 states.
Why it exists
One gap in home buying
A buyer walks into a viewing not knowing their number, and by the time a traditional lender has read their pay stubs the listing has gone.
Unchanged, not lowered
Verification against connected accounts closes that gap without relaxing anything. The checks are the same ones an underwriter runs.
Just as important
What we deliberately do not do
No credit inquiry to issue a letter
Your score is untouched at the pre-approval stage. A hard pull comes later, at full application.
No document uploads before anything is verified
Most competitors offering an instant letter still ask for paperwork first. We verify from connected accounts instead.
No selling of financial data
The bank connection is read-only and cannot move money. It confirms what is there, nothing more.
No taking an application we should not
Where a bank branch would serve someone better, we say so on the page rather than taking it anyway.
Questions
What people ask us
Is Preqly a lender?
No. We are not a lender or a mortgage broker. Your loan comes from one of our partner banks. Licensing and disclosures.
If it is free, how do you make money?
Our partner lenders pay us if you choose to work with one of them. You pay nothing, and you are not obliged to use a partner.
What do you do with my bank data?
We use it to confirm your income and savings. Nothing else. The connection is read-only, so money cannot be moved, and we never sell your data.
Can I use my letter with another lender?
Yes. The letter is yours. Take it to any lender you want, including one you found yourself.
Independent sources
- NMLS Consumer Access — verify our lending partner's licence