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What does it mean to be 'pre approved' for a loan. Pre approved means that the lender (it could be your bank or credit card company or any other company that you had an account with) already have your details, and provided those details are correct, they will lend you a certain amount.
DEFINITION of 'Pre-Approval'. An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend.