How long it takes to get a personal loan depends on the type of lender, but it usually ranges from the same day up to five business days. Online lenders are usually fastest for approval and funding the loan. Having your documents, checking your credit score and comparing multiple lenders could all speed up the process.
Key Takeaways
Some personal loan lenders will process your application and send your money on the same day you apply. However, it can sometimes can take a few days for the funds to become available in your bank account. Personal loans generally offer better interest rates than many other loans or credit cards.
This can take a few days. If you have an existing relationship with your bank, that relationship could make the process go faster. However, you may have to wait up to 7 business days to receive funds after loan approval, which itself can take up to 7 business days.
Funding. If approved, funding generally takes two to five business days, depending on how much of a loan you get and the type of lender you choose. Some online lenders promise same-day or next-day funding.
The money could hit your account the same day, or the following business day. However, if you apply for a loan from a bank you don't currently hold an account with, it could take around two to five business days for you to receive the funds.
Traditional fast cash methods include personal loans and cash advances. If you don't need money immediately, consider starting a side hustle or finding gig work. Asking to borrow money from a loved one is also an option, but make sure you have a repayment plan.
Some banks may send you the funds the same day you're approved. Others may take several business days. Timelines can differ depending on whether you've asked to receive the funds via direct deposit or check.
Once you are approved and have accepted the loan terms, the lender will typically deposit the funds into your account within a couple of business days.
Since most school's won't disburse your loan funds until the start of your term and possibly as long as 30 days after your first day of enrollment (if you are a first-year undergraduate or first-time borrower), you will not be able to count on those funds to cover a rent expense weeks before the start of your term.
If you take out a same-day loan, you may be able to access the money in your bank account as early as the same day you apply. But as with other personal loans, same-day loans may come with fees, such as origination fees, and you can expect to pay interest on the amount you borrow.
You may be able to get a personal loan without income verification if you pledge collateral, use a co-signer or have an excellent credit score. There are several ways to get approved for a personal loan with no proof of income, including applying with a co-signer and securing the loan with collateral.
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Before you apply for an emergency loan to obtain funds quickly, make sure you read the fine print so you know exactly what your costs will be.
Fortunately, getting approved for one and receiving the funds is typically a quick process. You could get money the same day you apply for a personal loan or within two five business days — depending on the lender and how long it takes to approve your application.
Most personal lenders will fund loans within a day or two after final approval, but it can take additional time before your bank posts the funds to your account.
Risks of taking out a personal loan can include high interest rates, prepayment fees, origination fees, damage to your credit score and an unmanageable debt burden.
Some lenders will allow you to get a loan even if you don't have a credit history, such as a no-credit-check loan or a starter card. Be sure to compare their terms, conditions and interest rates, as you could face some higher fees as a new credit card holder.
Most lenders send the funds to your account within one to three business days of approval. Your financial institution must also process the deposit before you gain access to it, however, which may also take several days. Some lenders offer same-day funding.
How long does a loan approval take? If you have correctly submitted all your information, the loan application takes takes 24-48 hours. Read more about the loan approval process.
Lenders typically consider various factors before approving a loan application. By focusing on building a good credit score, reducing debt, improving your debt-to-income ratio, and providing accurate documentation, you can enhance your eligibility for loan approval.
Quick Answer
You can get emergency money through a personal loan, credit card cash advance or payday loan. However, some of these options aren't ideal and can cost you a lot of money. You can also consider asking family or friends for money, using a 0% intro APR credit card or tapping into a HELOC.