Prequalification vs. Preapproval: What Changes Before You Apply for a Loan in the U.S.? Planning to apply for a loan in the United States? Before you start comparing interest rates or gathering documents, there are two key concepts you need to understand: prequalification and preapproval. Although they sound similar, these steps play very different roles … Continue reading Planning to Apply for a Loan in the US? Understand Prequalification and Preapproval First