noun
- plural of preapproval; preliminary approvals or authorizations granted before a formal application or full review process is completed
Usage: commonly used in finance and lending contexts; often refers to conditional approval for credit or loans
Examples
- The bank sent out preapprovals to qualified customers for home equity lines of credit.
- Many mortgage lenders offer preapprovals to help buyers understand their borrowing capacity.
- Credit card companies often mail preapprovals to customers with good credit scores.
- The preapprovals were contingent on verification of income and employment.
- She received multiple preapprovals from different lenders before choosing the best rate.