IPA: /ˌpriːəˈpruːvd/
KK: /priˈæpruːvd/
Something that has been accepted or authorized beforehand.
The bank offered a preapproved loan to eligible customers.
Preapproved → It is formed from "pre-" (meaning before) and "approved" (from Latin "approbare", meaning to test or prove). The word "preapproved" means something that has been approved beforehand.
Think of something that has been 'approved' ('approbare') 'before' ('pre-') — that's why preapproved means it has already received approval.