Accepted in principle is a stepping stone to full approval of your loan. To apply for a Provident loan, you first need to complete a form online or over the phone. At this stage of the application checks are carried out to see whether any previous lending data is held about you. This helps inform the decision to lend to you.
At this point if the checks are successful, you will be given a decision of accepted in principle. This means your application will progress to the home visit stage, where an assessment of your income and outgoings will be carried out to ensure the loan is suitable, affordable and sustainable for you. An Agent will also check your proof of ID, address and income.