Glossary
What is Pre-Qualification?
Pre-qualification is an early estimate of whether you are likely to qualify for financing and roughly how much, based on basic information such as time in business, revenue, credit and industry. It often uses a soft credit pull, which does not affect your credit score. Pre-qualification is not an approval or a commitment to lend. Final terms depend on full underwriting, document review and verification of the information you provided.
Example
A business owner answers a short questionnaire and learns which loan types fit their profile before submitting full documents.
Related terms
Questions about an offer? Your advisor will explain every term.