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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.
The term 'instant' is a slight misnomer. Even if you get approved right away you will still have to wait 7 to 10 days to receive your new credit card through the post. Although most card companies do genuinely offer instant approval, some will only give a decision in principle.orewarned is forearmed, as they say, so the next time you apply for a credit card you should check the card provider's application criteria first (you can do this via our credit card comparison tables) and ensure that you are eligible.