how long does it take to get a personal loan
How long does it take to get a personal loan?
Quick scoop: many personal loans are approved in a few minutes to a few business days, and funding often arrives within 1 to 7 business days after approval. Some lenders can fund the same day, while banks and credit unions may take longer depending on their review process.
[1][3][5][9]Typical timeline
The process usually has two parts: approval and funding. Online lenders can sometimes give an instant or same-day decision, while traditional banks and credit unions often take about 1 to 7 business days for approval and disbursement.
[3][7][9][1]| Stage | Typical time |
|---|---|
| Application | Less than 30 minutes |
| Approval | Minutes to 1–3 business days, sometimes up to a week |
| Funding | Same day to 1–7 business days |
What affects the speed
- Lender type: online lenders are usually faster than banks and credit unions. [7][9][1]
- Your documents: missing income, identity, or bank details can slow things down. [5][1]
- Credit review: some lenders use automated underwriting for quicker decisions, while others need manual review. [3][5]
- Extra checks: co-borrowers, collateral, or verification requests can add time. [1][3]
How to speed it up
- Gather pay stubs, ID, and bank info before applying. [5]
- Prequalify first if the lender offers it. [1][3]
- Apply online instead of in person when possible. [9][5]
- Choose direct deposit for funding rather than a mailed check. [3][1]
If you need money fast, look for lenders that advertise same-day or next-day funding, but always compare the APR, fees, and repayment terms too.[9][1][3]
Bottom line: for most borrowers, getting a personal loan takes about 1 day to 1 week from application to money in hand, though it can be faster with some online lenders.
[7][9][1][3]TL;DR: approval can be instant or take a few days; funding is often same day to one week; faster loans usually come from online lenders with complete paperwork.
[5][9][1][3]