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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.
A pre-approval is generally a written statement from a lender stating the lenderâs preliminary determination that a borrower would qualify for a particular loan amount under that lenderâs guidelines. The determination and loan amount are based on income and credit information.re-approval letters are subject to modification or cancellation if your financial situation or other conditions change. A pre-approval letter is not an offer to lend, a commitment to make a loan, or a guarantee of specific rates or terms. This online questionnaire is not an application for credit.