P
Loans
Pre-Approval
An initial indication from a lender that you are likely to qualify for a loan based on a preliminary assessment of your creditworthiness. Pre-approval is not a guarantee — the final decision depends on a full affordability assessment and document verification. It gives you a realistic idea of your borrowing capacity before committing.
Usage Examples
"He received a pre-approval for R80,000 from DirectAxis, subject to final document verification."
"Getting pre-approved before car shopping lets you negotiate with dealers as a cash buyer."
"Pre-approval typically involves a soft credit check that does not affect your credit score."