The time it takes to get a personal loan varies depending on the lender. The shortest time to get a personal loan is between 1 to 5 business days, while the longest can be up to 30 business days.
Many factors determine the time it takes for someone to get a personal loan, such as creditworthiness (credit score/history, income, collateral, and employment history) and the accuracy of the information provided in the loan application.
You stand a chance to have a faster loan request approval and funding if you have a good credit score.
It is important to note that loan request approval and funding have different timeframes. While loans request approval can take between 1 - 5 business days or more, funding takes between 1 -3 business days.
How Long It Takes to Get a Personal Loan by Loan Platforms
|
Loan Platform |
Time to Get Personal Loan Approval |
Time To Get Funds |
|
48 hours |
24 hours |
|
|
1 - 3 days |
1 business day |
|
|
12- 24 hours |
Within 48 hours |
|
|
1 - 5 days |
Within 72 hours |
|
|
7 days or less |
1-3 business days |
|
|
Up to 3 business days |
2 business days |
|
|
2 - 4 business days (can be less) |
Within 5 days |
|
|
2 - 5days |
48 hours |
|
|
Under 48 hours |
12 - 24 hours |
|
|
1 business day |
1 business day |
|
|
5 business days or less |
2 days or less |
How to Get a Personal Loan Faster?
Here are steps to help you get a personal loan faster.
-
Check your credit report to ensure there is no error. Rectify any noticed error before applying for a personal loan.
-
Check if you qualify for a loan by entering your information in the qualification form provided by the lender.
-
Fill out the application form and submit any document needed.
-
Carefully check through your application for errors before submitting it.
Final Thoughts
Some platforms can get you various loan offers instantly after you submit the application. It is advisable to peruse and compare different offers before choosing one.