It comes down to how much we know about you and how confident we are.
A pre-qualification happens right at the start. You share some basic details, and we give you a rough estimate. It's helpful, but it's based on limited information.
A pre-approval happens after you've submitted a full application and we've verified key details (like your credit). At this stage, we have a much clearer picture and are far more confident you'll be approved.
Think of it as a ladder. Pre-qualification is the first step, and pre-approval is a big step closer to the top.