Preapproval vs Prequalify: Whatâs the Difference?
Has this happened to you? Youâre thinking about getting a personal loan but havenât yet applied. Then you get a letter in the mail: âYouâre preapproved or prequalified for a personal loan!â What does that mean? Some lenders use âprequalifiedâ interchangeably with âpreapproved,â but they are different. Here, weâll discuss the distinction, and how to […]
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