When you really need access to cash, every minute of waiting can feel like an eternity. Fortunately, you can get a personal loan on the same day you apply — without resorting to predatory payday loans. You just have to know where to look.
Getting approved for a personal loan can be a quick and easy process, but the exact timeline varies depending on the lender, your credit, and how accurately you complete the application. Here’s what to expect when applying for a personal loan, along with tips to speed up the process.
Overview of the Personal Loan Approval Process
There are three main steps when getting a personal loan:
Application
Applying only takes a few minutes. You will need to show proof of who you are and your income, as well as personal documents like your ID and bank statements. Online applications are fastest.
Approval
Approval can take anywhere from instant to a few days Online lenders using automated underwriting often provide instant pre-approval Final approval requires verifying your info. Manual underwriting by a lender employee takes 1-3 days.
Funding
Once approved, getting the money takes one to five days. Online lenders and banks where you already have an account are the fastest, often the same day. Checks take longer than direct deposit.
So in total, the typical timeline is:
- Application: <30 minutes
- Approval: Instant to 3 days
- Funding: 1-5 days
The total time from applying to getting funds is usually 2-7 days.
Timeline by Lender Type
It only takes minutes to get approved for an online loan, and you can get the money in as little as one day. Some even offer instant approval and same-day funding.
It can take banks one to three days to approve loans and three days to fund them. Existing bank customers may get faster processing.
Credit unions take 1-3 days to approve and 3+ days to fund, like banks. You need to be a member first before applying.
Tips to Get Approved Fast
Here are some tips to speed up the approval process:
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Check your credit score – Know your score so you can target lenders likely to approve you
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Gather documents – Have income proof, ID, and other required paperwork ready
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Apply online – Online applications are faster than in-person applications
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Compare lenders – See if you pre-qualify so you only formally apply to likely approvers
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Provide accurate info – Mistakes on your application can slow things down
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Watch out for errors – Fix any issues on your credit report before applying
Avoid Dangerous Fast Loans
Getting a personal loan is usually the best option when you need funds fast. However, payday loans and car title loans promise instant cash but have 300-400% APRs on average. Avoid these predatory lending options if possible.
The Bottom Line
With an online lender, you could get approved and receive funds within 1-2 days after a quick application. Just make sure to provide accurate information to avoid delays. While payday loans are faster, a personal loan is a much safer option thanks to reasonable interest rates and terms.
Credit unions
Credit unions are very similar to banks when it comes to a personal loan, except that you have to be a member, and the requirements for membership will vary. As with banks, it can take up to five business days to get the funds deposited into your account, though this will vary depending on the credit union. And if you’re not already a member of the credit union, you’ll need to join first, which can also take some time.
Gather required documentation beforehand
Even if your lender offers fast application processing, it won’t be able to start until it gets your requested documents and information.
The requirements will depend on the lender, but you’ll usually need to have the following on hand:
- A copy of your Social Security card or driver’s license
- Name and contact information of your employer
- Proof of income (through documents like recent pay stubs, bank statements or W2s or last year’s tax return)
- The amount you pay each month for your mortgage or rent
- Information about where you want the funds sent, with your account number or your creditor’s details
How To Get Approved For A Personal Loan | NerdWallet
FAQ
How long does it take to get approved for a personal loan?
Some online lenders can approve your loan and send the money to you the same day you send it in. Banks and credit unions can take longer, depending on whether you already have an account. What are some alternative loan options if I can’t get approved for a personal loan?.
How long does it take to get a personal loan online?
Financial institutions will usually give out personal loans online within a few hours, as long as the lender is sure the person will be able to pay back the loan. Another significant advantage of choosing personal loan providers is the freedom to choose the term of loan.
How long does a personal loan take to process?
The loan’s terms, tenure, prepayment policy, and withdrawal amount all affect how much you pay in EMIs. It takes much less time to process a personal loan than a home loan, but it still takes three to four weeks for a home loan. Most of the time, everything is finished in a single day, and the money is transferred to the bank the following day.
How long does it take to receive a personal loan once approved?
You can expect to receive money from a bank loan within a week, though some banks will approve and fund a loan more quickly if you’re an existing customer.May 19, 2025
How long does it take to approve a personal loan?
With many lenders, you can get approved 48 hours and receive your funds as soon as the next business day after approval. Having all the essential documents ready to go will help prevent delays. These days, the process of applying for a personal loan is quick and hassle-free.
How much would a $8000 loan cost per month?
$5,000 | $8,000 | |
---|---|---|
24 mos. | $267 | $427 |
36 mos. | $199 | $318 |
48 mos. | $166 | $265 |
60 mos. | $147 | $235 |
Is it hard to get accepted for a personal loan?
Bottom line. It’s not difficult to apply for a personal loan. The process is typically simple and quick, and depending on the lender, you can get the funds …