How Long Does It Take To Get Approved For A Personal Loan?

When unforeseen occurrences occur, it helps to know where you can get money quickly, namely, by taking a loan.

People tend to ask; How long does it take to get approved for a personal loan from various sources?

For example, cash can help you pay for repairs, support health care, or solve other problems. So, what should you expect if you are in a hurry to apply for a loan?

Lenders fall into two broad categories: online lenders and traditional banks or credit unions.

Speed ​​may vary from one party to another, so it is important to ask credit providers how long you can wait before you begin the application process and how long it will take.

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How Long Does It Take To Get Approved For A Personal Loan?

While every lender may have his procedure, below is a summary of what you can expect when considering a personal loan from an online lender, traditional bank, or credit union. However, the time it takes to secure a personal loan may depend on your financial situation.

Online Sources (Lenders)

Online lenders usually have a quick and easy deposit process, but getting money to your bank account can take a few days.

If you have limited time to buy and complete applications but can wait a few days for the money to arrive in your account, an online lender may be the best choice.

The time it takes to get money finally depends on a few things:

  • How long does it take to complete the application?
  • How long does it take for the lender to review your application?
  • How fast does the money flow into your bank account after approval?

Application Time

For most online lenders, applying for a loan only takes a few minutes. First, you provide basic information, such as your Social Security number and information about your income, and you get a first-grade rating. Then, lenders verify your information and analyze your application if you decide to proceed.

Check: What To Do If Your Loan Was Denied

Authorization Time

It usually takes online lenders a few days to approve a loan application. For example, Upstart estimates three to four days of the review period. Others might expect to do so in about five business days.

Lenders review your credit history and other details when deciding whether to grant you a loan; this process takes time.


Once approved, lenders often transfer your loan to your bank account. Also, that process can take a few days, depending on the bank holidays, how quickly your bank removes the deposit from your account and other features.

Upstart may back up your bank account one business day after receiving your loan offer.

LendingClub simply states that the transfer may take a few days. You can check with your bank to ensure the money has been deposited and is free to spend.

Banks And Credit Unions

You can also get a loan from banks and credit unions. These institutions can sometimes provide you with your loan within one day, even though the rate varies from bank to bank.

If you can afford to go to many banks, ask each one how long it takes to get a loan and then choose the best one.

Quick Tip: You can visit the branch and apply in person at local banks and credit unions. This would be great if you could get an appointment right away and get the money immediately.

But if it takes days to meet with a bank manager or get an application, you may not have at that time. Therefore, applying online at home will probably be easier.

Application Time

Depending on your lender, you may fill out an online form, apply using a paper application that is not fashionable these days or fill out an application through a representative from the bank.

If you fill out something on paper, there is no quick data validation, so it is easy to send an incomplete request.

Also, the form can ask a lot of questions that seem insignificant. Take your time to complete the application no matter what it takes to make sure it is complete. This can help speed up the process.

Read also: Recourse vs. Non-Recourse Loans

Authorization Time

For some lenders, you may receive a loan on the same day you apply. That’s a benefit if you need money fast, but remember that some banks take a few business days to review your application.

You will need to make a backup copy of the information you provide to the lender, and the bank will review your credit history.

That process takes time but can be completed within one business day, assuming the staff can complete your request.

Post-Permission Support

The bank may support your account on the date you are authorized. Some may take one business day, while others may take longer.

Quick Approval Tips

To help get things moving faster, prepare before you apply, and choose your creditors wisely.

Collect Information

When reviewing your application, lenders may be required to verify your identity and financial details.

The sooner you provide that information, the sooner they can move forward with the application.

Find out what documents and details your credit provider needs to verify a complete application. Examples may include:

  • Valid driver’s license or passport number
  • Total revenue from all sources
  • Proof of income, such as salary or information about your employer
  • Information about your monthly expenses

Check Your Credit

Problems with your credit report can reduce your score and lead to rejection; sometimes, those problems are just mistakes.

You can correct the credit report errors, but that can take weeks or months, so pay off your debt once before applying for another loan.

Read also: Is It A Good Idea To Co-Sign A Loan?

Choose The Right Lender

Choose a lender who can provide support if you need it. Search, call, or chat online with customer service representatives.

You could ask them; how long does it take to get approved for a personal loan? The replies often come with full instructions.

Also, choose a lender who you believe will be worthy of your assistance. For example, some lenders prefer applicants with high credit scores, while others are willing to work with lenders with less.

Apply Early

Remember that lenders must spend time reviewing your application, verifying the details, and financing your loan.

So especially if you are trying to get money as quickly as possible, it is wise to apply early. Online lenders may have more people simultaneously, which may cause delays, so do it quickly.

Complete The Process

Make sure your request is complete and accurate. Errors or questions may cause further delays. If you are unsure how to answer a question, contact your lender and ask.


If speed is important, you may pay more. The fastest loans available can have high rates and costs. While you may be able to solve a problem quickly with products such as a payday loan, beware of borrowing money that will be difficult to repay and cause financial problems.

So to answer your question, how long does it take to get approved for a personal loan? It depends on the credit organization.

However, this process may take time without a good credit record and approved documentation.

Try confirming your monthly income to match the loan amount. Try using different credit rates to determine how much your payments may vary.

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