What is the difference between a Lead and a Proposal?

We often speak about leads and proposals, but it might be hard to visualize where they differ exactly. They start off the same but end differently.

To recap, a lead (in this context) is a draft application, while a proposal is a finance application sent to a lender.

A lead can be described as an application that isn't finalised and sent to a lender. A proposal is a lead that is completed and sent to a lender.

This handy infographic shows their similarities and the point at which they diverge.