A pre-qualification is a less detailed process, and you can usually get one quicker than a pre-approval. A pre-qualification can sometimes happen in minutes over the phone or in seconds online. But, the pre-approval process can still be fairly fast. Some lenders promise pre-approval letters (similar to pre-qualification letters) with quick turnaround times of a day or two. But others could take a couple of weeks to get back to you, especially if your financial situation is more complicated.