How long does it take to get approved for a personal loan?
Many who just got personal loan approval—and some just thinking of applying—ask this question.
While the answer is usually straightforward, there are some outlier situations that could make this process confusing.
Here’s an answer to inform your next steps.
How Long Does It Take to Get Approved for a Personal Loan?
Usually, between 5 and 7 days, depending on which day of the week it is. Most banks can process a personal loan in about five business days. But if you apply on a weekend or in the middle of the week, there could be a few extra days tacked on.
This, of course, assumes that you’ve already committed to getting the loan and shopped around for the best deal. If not, the time frame could be much longer. And it’s definitely not advised to rush through or skip this initial step, either.
This guide from Bonsai finance can help you find the best personal loans if you have bad credit.
Online Lenders Versus In Person
You might be wondering if there’s a difference in time between in-person and online applications. Or you could be asking if personal loan requirements change.
Most big banks (and even credit unions) have convenient online options. You might be able to apply for and get approved on a personal loan in just a few business days.
Going in person (especially during the COVID-19 pandemic) may add a little wait time. You’ll likely have to schedule an appointment with a banker, which may take a day or two.
Tips for Getting a Personal Loan
Since you’re asking, “how long does it take to get approved for a personal loan?” a few tips might help you during the process.
Check your credit score before you apply. Eligibility isn’t too strict on personal loans, but your credit score could ultimately impact their decision. It’s a good bargaining tool to have since it will certainly impact the interest rate the bank or lender can offer you.
Gather all the information you need. Have things like your social security number, address, income, and other information on hand. This will save you time when you apply, especially if you’re trying to get personal loan approval at several places.
Don’t rush. Getting a personal loan doesn’t take long. Just make sure it’s in your best financial interest long-term before signing on the dotted line. It’s a simple bit of good judgment to never take money you can’t pay back.
Getting a Personal Loan
So, how long does it take to get approved for a personal loan?
About five to seven business days on average. You can expedite the process by having your information ready and applying online. But this is the timeframe you can expect.
For more finance tips, click around our blog. Good luck!