What does pre-approval mean and how long does it last?
Posted: Tue Feb 18, 2025 10:37 am
The general trend in the lending sector is to speed up decision-making. Additional competitive advantages are gained by banks that automate data processing processes and organize their work in such a way as to minimize the waiting time for the client. Therefore, the final approval of loans in 5-10 minutes has long ceased to be something supernatural - many borrowers spend no more than an hour on their complete registration.
Preliminary approval is the lender's initial decision. It is not final, but it significantly increases the borrower's chances of receiving a loan. The decision cannot be called a formality - even when submitting online applications, some bank clients are rejected. This may happen due to a high financial burden, delays in current obligations, and other reasons. Preliminary approval indicates that you can continue with the application.
Usually, this requires providing a set of documents. Depending on the financial institution's policy, this can be done remotely or by visiting the nearest office. Once specialists check the documents, they will make a final decision and formulate an individual offer for the borrower. In particular, they will calculate the maximum available loan limit, set the interest rate and payment procedure.
Important: Pre-approval indicates that the borrower has credit tongliao mobile number database potential. But it requires additional actions. To complete the procedure, follow the bank's instructions. If necessary, contact customer support to get answers to your questions.
How can a borrower find out about the approval of an application?
Banks usually have no problem informing clients about a positive decision. After all, it is in their interests to issue a loan to a potentially reliable borrower. But sometimes the notification is delayed. If you have already submitted an application and sent all the necessary documents to the bank, then the following will help you track the status of your application:
Online banking – applications submitted via a mobile application or personal account are usually reflected here.
Customer support – call the bank or write to a specialist in the chat. The employee will most likely be able to check the status of the application and inform you of its current status.
Email – if you provided this address when applying, the approval notification may be sent there.
Preliminary approval is the lender's initial decision. It is not final, but it significantly increases the borrower's chances of receiving a loan. The decision cannot be called a formality - even when submitting online applications, some bank clients are rejected. This may happen due to a high financial burden, delays in current obligations, and other reasons. Preliminary approval indicates that you can continue with the application.
Usually, this requires providing a set of documents. Depending on the financial institution's policy, this can be done remotely or by visiting the nearest office. Once specialists check the documents, they will make a final decision and formulate an individual offer for the borrower. In particular, they will calculate the maximum available loan limit, set the interest rate and payment procedure.
Important: Pre-approval indicates that the borrower has credit tongliao mobile number database potential. But it requires additional actions. To complete the procedure, follow the bank's instructions. If necessary, contact customer support to get answers to your questions.
How can a borrower find out about the approval of an application?
Banks usually have no problem informing clients about a positive decision. After all, it is in their interests to issue a loan to a potentially reliable borrower. But sometimes the notification is delayed. If you have already submitted an application and sent all the necessary documents to the bank, then the following will help you track the status of your application:
Online banking – applications submitted via a mobile application or personal account are usually reflected here.
Customer support – call the bank or write to a specialist in the chat. The employee will most likely be able to check the status of the application and inform you of its current status.
Email – if you provided this address when applying, the approval notification may be sent there.