P
Loans
Pre-Approval
Pre-approval is the lender saying 'yeah, you probably qualify for like R100,000' before you've jumped through all the hoops. It's not a promise — just a heads-up that you're probably going to get the loan. The real approval comes after they see all your documents.
Usage Examples
"Zanele got pre-approved for R75,000 from Nedbank. She felt confident going to the property agent because she actually had firepower, not just hopes and dreams."
"Bongani's pre-approval was only good for 30 days. He procrastinated and after that period he had to reapply, which hurt his credit score again. Don't sleep on it."
"Pre-approval usually uses a soft credit check that doesn't ding your score. The hard hit comes when you actually apply for real."