👉 Pre-approved is a process in which a loan or credit card application is reviewed and approved by a lender before it can be processed. It involves submitting all necessary documentation, such as income statements, employment history, and other financial information, to prove that the applicant's creditworthiness is strong enough for them to qualify for the loan or credit card they are applying for. In some cases, preapproved loans may require additional paperwork or documents from the lender after approval has been granted.
