Finance Glossary
Pre-Approval
An indication from a lender — based on an initial soft search and basic information — that you are likely to be approved for a loan. Pre-approval is not a guarantee of credit, as a full affordability check and hard credit search are still required before a formal offer is made. It is a useful tool for assessing your options without impacting your credit score.
Related terms
Soft Search
A type of credit check that does not leave a visible mark on…
Hard Search
A full credit check that leaves a visible footprint on your …
Creditworthiness
A lender's overall assessment of how likely a borrower is to…
Affordability Check
An assessment carried out by a lender to determine whether a…
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