How Long Does It Take to Get a Personal Loan?

One of the biggest advantages of personal loans is speed. Compared to mortgages, auto loans, or home equity loans, personal loans can often be approved and funded quickly. However, the exact timeline varies widely depending on the lender, your financial profile, and how prepared you are during the application process.

This guide breaks down every stage of the personal loan timeline, from initial research to final funding, and explains what can speed things up—or slow them down.

Overview of the personal loan timeline

Getting a personal loan typically involves four stages: research, application, approval, and funding. Some borrowers complete this process in a single day, while others may wait a week or longer.

Research and comparison stage

Before applying, borrowers often compare lenders, rates, and terms. This stage can take minutes or days, depending on how thorough you are.

Prequalification time frame

Prequalification usually takes just a few minutes and involves a soft credit check. It provides estimated loan terms without affecting your credit score.

Completing the application

Filling out a full application may take 10–30 minutes if you have your documents ready. Missing information can slow this step down.

Credit and underwriting review

During underwriting, lenders verify your credit, income, and debt. Some online lenders approve applications instantly, while others take one to three business days.

Income and document verification delays

Applications that require manual document review often take longer. Self-employed borrowers may experience additional delays.

Approval vs conditional approval

Some approvals are conditional, meaning funding depends on submitting additional documents or clarifications.

Funding timeline after approval

Once approved, funds may be deposited the same day, next business day, or within several business days depending on the lender.

Bank vs online lender timelines

Online lenders typically fund faster than traditional banks, which may require in-person steps or longer processing times.

How credit score affects timing

Strong credit profiles are often approved faster, while lower scores may trigger additional review.

Loan amount and complexity

Larger loan amounts or secured loans may take longer due to additional verification requirements.

Weekends and holidays

Applications submitted on weekends or holidays are often processed the next business day.

How to speed up the process

• Gather documents in advance
• Apply during business hours
• Respond quickly to lender requests
• Use direct deposit funding

Common causes of delays

• Incomplete applications
• Income verification issues
• Bank account mismatches
• High debt-to-income ratio

Emergency funding options

Some lenders advertise same-day funding, but borrowers should still confirm fees, rates, and repayment terms carefully.

When waiting may be a good idea

If rushing leads to unfavorable terms, taking extra time to improve credit or compare lenders may save money long-term.

Frequently asked questions

Can I get a loan the same day?Some lenders offer same-day funding.

Why is my application taking so long?Manual review or missing documents are common causes.

Does faster funding mean higher cost?Not always, but fees may apply.