PreQing
PreQing, short for "pre-qualifying," is a process used in the financial industry to assess the creditworthiness of potential borrowers before extending credit. This process is typically employed by lenders, such as banks and credit unions, to determine whether an individual or business is likely to repay a loan. PreQing involves evaluating various factors, including credit history, income, employment status, and debt-to-income ratio. The goal is to minimize the risk of default and ensure that the lender's financial interests are protected.
The PreQing process can vary depending on the lender and the type of loan being sought. For
PreQing is an essential tool for lenders, as it helps them make informed decisions about whether to