A system and method of expedited credit approval and lending for an applicant initially pre-qualifies the applicant using an input device to obtain predetermined applicant identification information and transmits the applicant identification information to the credit and loan processor computer which verifies the applicant identification without pulling credit. If verified, applicant answers predetermined prescreen question to initially pre-qualify the applicant and the applicant's answer is compared to a predetermined lender/dealer criteria for the prescreen question to determine whether to continue with the loan application if the applicant's answer meets the predetermined lender/dealer criteria or end the loan application if the predetermined lender/dealer criteria is not met, before pulling credit. The source or transaction originator is notified of the decision. The credit and loan processor software program continues to pre-qualify the applicant using stated debt to income ratio for a selected loan type and if pre-qualified, then processes full credit.