I applied for a ￡13,500 loan from sainsburys and got approved in principle. Does this mean I will get declined after a few days or what? I have a good credit rating 4/5.

I earn ￡18,500 a year and my monthly outgoings are only a quarter of my monthly income.

"in principle" is an odd term, sounds like it's a preliminary approval contingent on deeper investigation not turning up any negatives.

That means they have approved the loan subject to further enquiries. I expect they are checking your credit rating, address and citizenship. Sounds like it will go ahead to me.

They check your credit rating and will require proof of earnings.

So should be OK, but don't mentally spend it yet.

"in principle" just means the numbers look OK. If their enquiries throw up something they don't like "in principle" counts for precisely zero.