A preapproved is an arrangement between a creditor and a customer that establishes the maximum loan amount or credit limit the customer can borrow. Customers must still complete a formal application and may be required to provide additional documentation before the loan is funded. Once all requirements are met, the loan is typically disbursed within one business day. Preapprovals are not binding on either party, but they carry significant weight when it comes time to close on a loan.
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