How Long Does It Take To Get a Personal Loan?

How long it takes to get a personal loan mainly depends on the type of lender you work with and their lending policies and procedures. However, some lenders have timelines you can take note of.

Traditional lenders typically take one to five business days to disburse funds after loan approval, which can also take a few days, depending on the lender.

Larger U.S. banks typically take longer to approve personal loans because they have strict eligibility requirements that necessitate detailed documentation and a thorough review process.

Credit unions, on the other hand, typically have less strict requirements and may also offer better interest rates as they usually serve a particular group of people.

Online lenders offer much faster processing and loan payout timelines. Most online lenders will pay out loan proceeds by the next business day.

In fact, some of the fastest payday loan providers can pay out in just a few hours—though we don’t recommend getting one unless you can pay the astronomically high charges by the due date.

When it comes to loans, you may not have control over how quickly the lender pays out. However, you can speed up the loan process by making sure your credit score is accessible and your application is accurate.

Tip: consider getting pre-approved to expedite your loan’s approval process.

Find the best personal loans today with our LoanFinder™️ tool, then get approved, and get funds as fast as the next business day.