Preapproval and pre-qualifying are just the steps to getting qualified for a loan. While these two words may sound very similar, they have a tiny difference in meaning. In simple words, pre-qualifying is the first step in qualifying for a loan, while preapproval is the second. Your pre-qualifying ability for a loan can be checked even online within just a few minutes. In contrast, it generally takes a few days to receive the confirmation for getting pre-approved for a (mortgage) loan.