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How much time does it take to get a personal loan?


If life has surprises in store for you, it’s helpful to know where you can get the money quickly and how long it takes to get a loan from multiple sources. Cash can help pay for repairs, finance medical care, or solve other problems. So what should you expect if you apply for a loan and are in a hurry?

Lenders can be divided into two broad categories: online lenders and traditional banks or credit unions. Prices may vary within each group. Therefore, it is important to ask the lenders how long they will have to wait before starting the application process.

Although each lender may have their own process, the following is an overview of what to expect when considering a personal loan from an online lender or a traditional bank or credit union. However, the time it takes you to get a personal loan may depend on your particular financial situation.

Online lender

Online lenders generally have a quick and easy application process, but funds can take a few days to reach your bank account. If you have limited time to browse and complete the applications, but can wait a few days for the money to reach your account, an online lender can be a great option. The time it takes to get the money ultimately depends on several factors: how long it takes to complete an application, how long it takes the lender to review your application and how quickly the money is sent to you after approval the bank account is transferred.


Application time

Many online lenders take just a few minutes to apply for a loan. You provide basic information, such as your social security number and income information, and receive a preliminary offer. If you continue, lenders will review your information and assess your request.


Approval time

Online lenders usually take several days to approve a loan application. For example, Upstart estimates that the exam time is three to four days. Prosper expects this in approximately five business days.

Funding after approval

After approval, lenders often transfer the proceeds of your loan to your bank account. This process can also take several days, depending on holidays, how quickly your bank settles your account and other factors. Upstart may be able to finance your bank account the next working day after accepting your loan offer.

Banks and credit unions

You can also take out loans from banks and credit unions (or their online colleagues). These institutions can sometimes finance your loan in one day, although the rate varies from bank to bank. If you have access to more than one bank, ask each one how long it takes to get a loan and choose the best one.

Application time

Depending on your lender, you can fill out an online form, use an old-style paper application, or complete the application with a bank representative. When you do something on paper, there is no immediate review of the data, so you can easily send an incomplete request. In addition, the form can ask many questions that do not seem relevant. Please take the time to complete the application, whether or not you have fully completed it. This can speed up the process.


Approval time

With some lenders, you can receive money the same day you apply. It is an advantage if you need money quickly. However, be aware that some banks may take several business days to review your request. You must secure the information you provide to the lender and the bank will verify your credit rating. This process takes some time but can be completed in one business day, provided that employees have the opportunity to process your request.

Funding after approval

The bank may be able to deposit funds into your account the same day it is approved. Some may take a working day while others may take longer.

Gather information

Lenders may need to verify your identity and financial information when you review your application. The sooner you provide this information, the faster you can proceed. Find out the documents and details your lender needs to be able to make a full application. Examples can be:

  • A valid driver’s license or passport number
  • The total amount of income from all sources.
  • Proof of income, e.g. For example, a payslip or information about your employer
  • Information on your monthly expenses

Check your balance

Problems with your credit report can reduce your score and cause rejection, and sometimes these problems are just mistakes. You can correct credit report errors, but it can take several weeks or months. You should, therefore, check your balance before applying for a loan.

Choose the right lender

Choose a lender who can provide funds if necessary. Research, call or chat online with customer service representatives to find out how long it takes to get a loan. Also, choose a lender that you think will be eligible. Some lenders prefer applicants with higher credit scores, while others are willing to work with borrowers with less than perfect loans.



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