How Long Does It Take To Get A Personal Loan

If you need some extra cash, a personal loan may be the answer. Personal loans come in all shapes and sizes and can be used for a variety of purposes, such as debt consolidation, home repairs, or medical expenses. They can also help you build your credit score.

But how long does it take to get a personal loan? There’s no one answer to this question since the time it takes to get a personal loan depends on a variety of factors, such as your credit score and the lender you choose.

But in general, you can expect the process to take anywhere from a few days to two weeks. So if you need some quick cash, a personal loan may be the solution for you. Keep reading to learn more about how to get a personal loan and what you need to know before you apply.


How Long It Takes to Get a Personal Loan at a Glance


Several things go into how long it takes to get a personal loan. It can depend on where you apply for one and what documents you bring along with you when doing so.

You can expect to wait anywhere from a day to several weeks. It typically takes between one and five days for your bank or credit union to give you an answer after you apply for a personal loan. However, it’s important to remember that not all lenders operate at the same speed.

Here’s a more detailed look at how long it takes to get a personal loan:


Online Lenders


Personal loans are taken to fulfill any urgent financial needs. These loans are disbursed usually within 24 hours of your application being accepted. However, it may vary depending on the lender’s requirements and norms set by them for processing your request.

But overall, the entire process takes not more than a week to ten days which includes submission of all documents by you, verification of these documents, and then finally release of your fund into your bank account.

Some lenders require you to only submit your documents whereas others need proof of residence, proof of income, and other such documents which will take more time than usual. They also rely heavily on electronic verification which makes it easier for them to process your application as fast as possible.

But if anything goes wrong, it may take up to ten days to complete the entire procedure which includes processing of your loan and the actual amount being released into your account. Thus, it is advisable not to wait until the last minute to submit all documents required by lenders, or else you might end up losing a lot of time.

This period may seem long but it will serve its purpose of ensuring that you get sanctioned funds without any hiccups or loopholes at a later stage.




The time it takes for a personal loan to get approved depends on the type of loan you are applying for, your credit score, and other factors like income, job stability, and debt.

Standard bank loans through banks take around two weeks (14 business days) to get approved or rejected; if you apply for an unsecured personal loan, it could be easily be done within 24 hours.

However, with secured loans like auto financing, it can take longer since additional verifications are needed. The same goes for borrowers who have not been working long enough.

Trusts also play a role in determining how much lending power an applicant has; however once that is all determined then depending on the circumstances the application could either be processed quickly or take more time.

Banks tend to get many personal loan applications daily, so they have set times during the day when their representatives are available to answer calls and help applicants in processing their requests. This can be a determining factor for people who would want a quick approval process.

On the other hand, it also depends on who is responding to your queries, what product you are applying for, and if you have everything needed to aid them in getting your application approved quickly.


Credit Union


It takes an average of about a week to get a personal loan from a credit union. Many things can influence the time it takes for you to receive your money, however.

The most important thing you can do when applying is making sure you have all of your information ready for the lender before they ask for it. The last thing you want is to delay getting your money by having to go back and forth with them to receive all of the pieces they need.

When filling out the application, make sure that you provide everything necessary for approval. In addition, be honest with yourself on whether or not this is something you really need right now or if it is simply a luxury item that would be better off being bought another day.

Credit unions are different than banks in that they do not run your credit until you accept the loan. If you take too long to accept it, you could be hurting your chances of getting the money at all by keeping them from running it again or extending their cut-off date for accepting an application.

Credit unions offer personal loans to people who qualify using membership requirements, so if you’re not already a member of one then you will need to look around to see which ones are near your location and acceptance qualifications.

For example, some require membership through another family member while others only require a direct deposit with their credit union for a certain amount of time before making an application.




There are many places to get a loan. Most people automatically think of the bank but there are other avenues you can go down like online lenders. You must do your research for each option before enrolling.

Each place has its timeline so make sure you keep track of the last time you spoke to them about your application(s). Make sure they have all the right information if they need it for any reason because this will cause fewer delays in the process.

Remember not to rush your decision or sign on with just anyone who rings you up at home or calls you on the phone, be patient and always ask questions when talking to these lenders because if they don’t have answers for you then you should try someone else.