Pre Approval Flow

Pre Approval is a special flow that provides an indication of if a Loan Application might be approved, being a calculation that provides the customer with an indication of how much they could borrow given the type of object, loan amount and municipality. It is not binding, and a positive or negative answer is not a guarantee of the same outcome when applying for an effective loan, yet given that all factors and parameters remain the same for both, the loan is likely to have the same outcome.

Note that, authentication-wise, requests for this flow require a client credential access token, not a end-user credentials token, because the applicant for a loan might not be a customer of SBAB yet and therefore no way to authenticate to a non-existing end-user account.

Upon sending a Pre Approval request, the steps executed internally are roughly as follows:

• A Left to Live flow is executed with the parameters received
  • If a negative score is received, the Pre Approval is rejected and the application data is not stored
  • If a positive score is received, the flow continues
• The Pre Approval is submitted for further processing by our internal systems, asynchronously
• A response is immediately returned, including the current status of the application, which will be pre_approval_received

As of Q2 2022, cost of cars is included in the calculation, read more in the cost of cars section.

As the flow is asynchronous, it will take some time for the Pre Approval to be fully processed and approved or rejected, yet the time for this is usually between 30 seconds and one minute. It is the status endpoint that should be called to verify the progress.

Diagrams

Sequence diagram

Flowchart

Request fields

Most fo the fields provided as part of a pre approval application are about the customer situation, so arguably the field that presents the largest flexibility in the accepted values for the purpose of a successful response is the information about the collateral for the loan, named collateral_for_loan.

Note: familiarize yourself with the model of the request data for pre approvals in our Sandbox environment.

The monthly cost is then the approximate rent that the customer is willing/able to pay, and the collateral value is the maximum value that the customer is willing/able to pay for the object. Except for collateral for loan, a pre approval is very much like the loan application.

Data examples:

• Tenant-owned apartment:
  { ... "collateral_for_loan": { "type": "tenant-owned-apartment", "collateral_value": 4400000, "monthly_cost": 3000, "municipality": "Stockholm" }, ... }
• House or vacation house:
  { ... "collateral_for_loan":{ "type": "house", "collateral_value": 400000, "municipality":" Stockholm", "monthly_cost": 1500 }, ... }

Note that if the customer wants to update their pre approval with a different object or municipality it is best to cancel the old pre approval using the DELETE endpoint and create a new one.