Yusra3
VIP Contributor
When you need funds for a major expense, getting a personal loan approved and funded quickly is ideal. But how long does the process actually take? The timeline can vary considerably depending on the lender and loan type.
With many online lenders, you can get pre-approved for a personal loan in just a few minutes by providing basic information and having your credit pulled. If you accept the loan terms, you could receive the funds in your bank account in as little as 1-2 business days.
Personal loans from banks or credit unions may take a bit longer - between 3-7 business days from initial application to funding. That's because these lenders often have more stringent underwriting standards and may require you to provide supplemental documents.
For borrowers seeking a larger loan amount or those with lower credit scores, the underwriting process tends to take longer as well - up to 10 business days in some cases before final approval and disbursement.
No matter which route you pursue, comparing loan offers from multiple lenders can ensure you get the funds you need as efficiently as possible.
With many online lenders, you can get pre-approved for a personal loan in just a few minutes by providing basic information and having your credit pulled. If you accept the loan terms, you could receive the funds in your bank account in as little as 1-2 business days.
Personal loans from banks or credit unions may take a bit longer - between 3-7 business days from initial application to funding. That's because these lenders often have more stringent underwriting standards and may require you to provide supplemental documents.
For borrowers seeking a larger loan amount or those with lower credit scores, the underwriting process tends to take longer as well - up to 10 business days in some cases before final approval and disbursement.
No matter which route you pursue, comparing loan offers from multiple lenders can ensure you get the funds you need as efficiently as possible.
