In your example you would simply say approved. The addition of the prefix pre has no meaning for words such as approve. It implies something that is done before approval. Therefore, pre-approved means not yet approved. You do find meaningless phrases like pre-approved and pre-booked used by marketers and advertisers but they cannot be recommended in good English.
While technically not correct according to dictionary definition, this does at least raise good points about ambiguity/inconsistency in English:
If it did not already have a pre-established meaning, then the pre- prefix here certainly could make the word mean "prior to approval", could it not? It's only the precedent set by those before us that makes it mean the other thing (that the dictionary says it actually means).