Prequalification is a lender's preliminary estimate of the rate, term, and amount you may be approved for — based on a soft credit check and a few self-reported financial details. It does not affect your credit score and is not a guaranteed approval.
How it works
You enter basic info (income, employment, loan purpose, amount), the lender runs a soft pull, and within seconds you see estimated offers. Comparison platforms like Kreditify skip that step entirely and list multiple lenders side by side so you can compare before you apply.
From prequalification to funded loan
When you accept an offer, the lender runs a hard credit pull and verifies income and identity (usually by linking a bank account or uploading pay stubs). Final terms can differ from the estimate if verification surfaces something the soft pull missed.
Frequently asked questions
Does prequalification guarantee I'll be approved?
No. It's a strong indicator but not a commitment. Final approval depends on hard-pull verification of credit, income, and identity.