How Long Does It Take To Get A Loan


When you need money quickly, the length of time you have to wait to get a personal loan is important. You frequently can’t wait more than a few days to pay rent, arrange for your dog’s emergency surgery, or cover unforeseen auto maintenance expenses. Regretfully, there’s no universal solution; it varies based on the lender.

How long does it take to get a personal loan?

A personal loan’s funds normally arrive within a week, but depending on the type of lender and how quickly you complete the application process, your loan may be funded sooner.

Obtaining a personal loan involves three primary steps: the application process, loan approval, and loan disbursement.

  • Applying for a loan can take minutes. Many lenders let you pre-qualify online first to check rates. You will provide your financial and personal details, along with the reason for the loan and the amount you would like to borrow. If approved, you’ll submit a formal application.
  • Many lenders approve loans the same day, but if the lender needs more paperwork, it could take longer. To assess your creditworthiness, a hard credit check will be performed on you by the lender.
  • It may take a few days for the lender to transfer money to your bank account after you are approved.

Personal loan funding time by lender

Online lenders typically offer the quickest turnaround times, releasing funds in a matter of days. Loan processing times at banks and credit unions can be longer, particularly if you apply in person as opposed to online.

Lender type

Approval and funding time

Online lenders.

1-3 days.


Within a week.

Credit unions.

Within a week.

Personal loans from online lenders

Your best option for a quick loan is most likely to use an online lender. In a few days, many online lenders can review a loan application and release funds; some even provide same-day funding. Obtaining a loan online might be quicker than going in person to a bank or credit union to borrow money.

Personal loans from banks

Although it can take a week for banks to process a loan application and disburse funds, if you are an existing customer, some banks can approve and fund a loan more quickly. Many banks allow you to apply online, but to apply for or close a loan, you might need to visit your local bank in person.

For personal loans, banks normally require borrowers to have good credit scores (690 and above). However, they may provide customers with excellent credit with special discounts or lower interest rates.

Personal loans from credit unions

Like banks, credit unions may require up to seven days to process your loan application and transfer funds. For borrowers to apply for a personal loan, they must already be members.

Although many credit unions offer online loan applications, submitting an application in person may result in a longer processing time. Credit unions take into account an applicant’s membership history when evaluating a loan application, so they may be more likely to approve borrowers with fair or bad credit (scores below 690).

5 tips to get a personal loan fast

By avoiding mistakes that could cause your loan approval to be delayed, you can expedite the process of receiving your money.

Review your credit and finances

Although each lender has its own standards for granting personal loans, the main considerations for each lender are your income, debt, and credit history. Before applying, check your debt-to-income ratio and credit score to see how likely you are to be approved.

Some online lenders provide loans for people with bad credit, but if you think your score is too low to be approved, think about taking some time to improve your credit or pay off debt in order to improve your chances of being approved or receiving a better interest rate.

Before applying for a loan, check your credit reports and correct any mistakes that can lower your score.

Get pre-qualified

Without requiring a hard credit check, pre-qualifying for a personal loan allows you to see your potential approval rate, monthly payment amount, and annual percentage rate. Determine which offer is the best, pre-qualify for loans from a few lenders, and then submit a shorter, more formal application. Documents such as pay stubs, bank statements, or tax returns may need to be submitted in order for the accuracy of the information you submitted to be verified.

Gather necessary documents before you apply

When submitting an application for a personal loan, lenders usually request the following details:

  • Government-issued identification.
  • Proof of address.
  • Social Security number.
  • Income information.
  • Information about debts, if using the loan for debt consolidation.

Organize the required paperwork in advance to expedite the application process.

Apply online

Many lenders allow borrowers to apply for loans online. By doing this, you avoid having to visit the lender and wait for a loan officer to submit your application, which expedites the approval process.

If you experience difficulties applying for a loan online, get in touch with the lender’s customer support team by phone, email, or chat.

Avoid errors on your loan application

Inaccurate information on your loan application, including typos, can cause the approval process to drag on. Before submitting your application, make sure everything is correct so the lender won’t have to ask you to correct any errors.

Types of loans to avoid

While loans from pawnshops, payday lenders, and auto titles can offer quick cash, they can be challenging to repay on time due to their high costs and brief terms. Consumer advocates caution against using these quick-cash, no-credit-check loans.

Payday loans

With a payday loan, you can borrow a small sum of money—usually $500 or less—with the goal of paying back the loan and associated costs by your next payday. Typically, fees for a $100 loan are between $10 and $30, which means that over the course of a brief two-week period, the APR for this kind of loan rises to triple digits.

Pawnshop loans

When you apply for a pawnshop loan, you pledge a personal item as security for a loan that is based on an estimate of the item’s value. The costs differ, but borrowers may have to pay approximately 20200% APR. Those who cannot repay their loan risk losing their collateral.

Car title loans

When taking out auto title loans, borrowers pledge the title of their vehicle as security in return for a loan that is equal to a percentage of the vehicle’s market value. Financing fees can amount to approximately 300 percent annual percentage rate (APR), and you may lose your car if you are unable to make loan repayments on time.

Fast alternatives to personal loans

Here are some low- and no-interest fast-cash options to think about if you don’t qualify for a personal loan or need money even faster.

  • Sell belongings for quick cash. Listing your possessions for sale is simple with websites like OfferUp, Craigslist, and Facebook Marketplace if you need to make money quickly.
  • Take on a quick side gig. Make money doing low-barrier-to-entry side jobs like dog walking, food delivery, or TaskRabbit work.
  • Break up large bills with payment plans. Utility companies, billing agencies, and doctor’s offices might let you break up a big bill into smaller monthly installments with an interest-free payment plan.
  • Choose “buy now, pay later” options. Purchasing an expensive necessity, such as a computer, mattress, or appliance, can be less stressful when you take advantage of the buy now, pay later plans offered by many retailers. This option requires you to make a down payment now and recurring payments later.
  • Access part of your paycheck in advance. You can borrow up to a few hundred dollars through cash advance apps like Dave, EarnIn, and Empower, which you must return by your next payday. Usually, they charge fees or ask for tips in order to get quick access to cash.

how long does it take to get a loan


How long do loans take to get approved?

Lender typeApproval and funding timeOnline lenders. 1-3 days. Banks. Within a week. Credit unions. Within a week.

How fast can I get a loan?

You may receive money the same day you apply, the following day, or in a few days, depending on the lender, the day and time you apply, and your financial circumstances. Lenders of personal loans will typically inform you of their turnaround time on their website or in their frequently asked questions.

How long does it take to get a $1,000 loan?

What is the average turnaround time for a $1,000 loan approval? Most lenders can complete the application processing and approval process in a single day. You might see the money in your account the following day or up to a week later, depending on where the loan originates from.

How long does it take to take loan?

Getting the Personal Loan approved: After you submit the loan application and the required paperwork, the lender starts the approval process. The approval process may take two to three working days, depending on the lender you select; if necessary documentation is not submitted, the approval process may take longer.

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