In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. For a general loan a lender, via public or proprietary information, feels that a potential borrower is ...

Does prequalified mean approved?

What Does it Mean to be Pre-Qualified? Being pre-qualified means a lender has decided you will likely be approved for a loan up to a certain amount, based on your current financial situation. To get pre-qualified, you simply tell a lender your level of income, assets, and debt.

Is it bad to pre qualify?

Prequalification is typically considered a soft inquiry, and it won't hurt your credit all on its own. In fact, it can be a helpful tool for lowering your risk of being rejected for a new credit card.