Defining Legal Terms: Why Being “Pre-Approved” and “In Principle Approval” Won’t Guarantee a Loan, Credit Card Application, or Other Deals
Let’s say you’re in a bank applying for a home loan, a credit card, or any type of financial deal. Over the phone or prior to arrival, a banker informed you that you were approved in principle or pre-approved. But after you get there, you leave empty-handed despite thinking you were going to walk out …
