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The loan approval process at Contoso is designed to be transparent and straightforward. It typically consists of several key stages: pre-qualification, application, underwriting, and final approval. Initially, you may want to get pre-qualified, which involves sharing basic financial information to get an estimate of how much you may be able to borrow. This step can save time when you formally apply for a loan. After pre-qualification, you’ll complete a loan application, providing detailed information about your finances, employment history, and the purpose of the loan. Once submitted, your application enters the underwriting phase, where a loan officer reviews your financial background, credit score, and any collateral if applicable. This process assesses your ability to repay the loan. During underwriting, the lender may request additional documentation or clarification. Once underwriting is complete, you will receive a final approval or denial. If approved, the terms and conditions will be outlined, and you can proceed to closing. Understanding this process helps you prepare better and improves your chances of securing the loan you need.