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If you don’t have the cash saved in the bank to cover a major cost, taking out a personal loan could be a good idea.
It usually takes one and seven business days to get a personal loan — though this will depend on which type of lender you work with.
Here’s how long it typically takes to get a personal loan:
- Online lenders: Less than 5 business days
- Banks: 1-7 business days
- Credit unions: 1-7 business days
- Payday loans, pawn shop loans, and car title loans: Can be same day
- What you need to apply
Online lenders: Less than 5 business days
If you need money quickly, an online lender could be a good option. The process to take out a loan takes place entirely online, making it convenient to get a personal loan. The application itself should only take a few minutes to complete, and you can expect to get a decision on your status within a couple of business days or more, depending on the lender.
Some lenders send money even faster — for example, Lightstream might fund your loan as soon as the same business day.
Be sure to consider as many lenders as possible before taking out a personal loan. This way, you can find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
| Lender | Time to fund |
|---|---|
| Achieve | Within 24-72 hours if approved |
| Avant | Next business day (if approved by 4:30 p.m. CT on a weekday) |
| Axos Bank | Within 2 business days |
| Best Egg | The next business day, but in most cases, 1 to 3 business days after verification |
| Discover Personal Loans | As soon as next business-day after acceptance |
| Happy Money | 3 to 5 business days after verification |
| Lending Club | A few business days |
| LendingPoint | Next business day |
| LightStream | Next business day (if approved by 2:30 p.m. EST) |
| One Main Financial | Same day after approval |
| PenFed Credit Union | Depending on the method (Direct Deposit, Check), as early as the next day. |
| Prosper | 1 to 3 business days |
| SoFi | Within a few business days |
| Universal Credit | Within 1 day, once approved |
| Upgrade | Within 1 to 4 business days of clearing necessary verifications |
| Upstart | Funds are sent within 1 business day, but availability of funds depends on the financial institution. |
| Zable | The very same day (if the request is approved before 3:30 p.m. ET on a business day). |
With online lenders, you can often apply for preapproval to check your rates before submitting a full application and undergoing a hard credit inquiry. This way, you can shop around before choosing a lender.
If you have less-stellar-credit or a significant amount of debt, you might not qualify for the lowest interest rates.
Check Out:
Banks: 1-7 business days
If you already have a checking or savings account with a bank, you might be interested in applying for a loan through that same institution.
Personal loans from banks typically take one to seven days to fund, depending on the bank and whether you have an account with them. For example, TD Bank funds your loan as soon as one business day.
Some banks allow you to apply online, while others require you to apply in person at a local branch. The lender will review your information, including your income and credit score, before making a decision on your loan application.
You might also qualify for interest rates discounts if you have an existing relationship with the bank.
If you do your banking with any of these institutions, you’ll need to find another lender.
Here are some popular banks that offer personal loans. Note that these lenders are not partnered with Credible, so you won’t easily be able to compare your rates all at once.
| Lender | Time to fund |
|---|---|
| Citibank |
|
| U.S. Bank | Within 1 to 4 business days once the loan closes |
| TD Bank | 1 business day |
Learn More: Small Loans
Credit unions: 1-7 business days
As nonprofit organizations, credit unions often offer lower interest rates than traditional banks. This could make them a good option for a personal loan.
Credit unions also sometimes have less stringent requirements, which means it might be easier to qualify for a personal loan through a credit union compared to other lenders.
Each credit union has its own set of membership eligibility requirements, so be sure to research which credit unions you might qualify to join.
Like banks, the disbursement time for a personal loan from a credit union can range from one to seven business days. However, there are some credit unions that are especially fast.
For example, Alliant Credit Union and Navy Federal Credit Union both typically deposit the money into your account the same day you’re approved.
Here are a few credit unions that offer personal loans. Note that these lenders are not partnered with Credible, so you won’t easily be able to compare your rates all at once.
| Lender | Time to fund |
|---|---|
| Alliant Credit Union | Same-day deposit |
| First Tech Federal Credit Union | Funds are available the same business day if approved within 24 hours |
| Navy Federal Credit Union | For most cases, same business day |
Check Out: Short-Term Loans
Payday loans, pawn shop loans, and car title loans: Can be same day
If you need money as soon as possible, payday, pawn shop, or car title loan lenders can usually give you cash on the spot. But this convenience comes at a hefty price. You could lose your collateral (such as a car) if you can’t pay these loans back.
Here are the average interest rates you can expect from these types of loans:
- Payday loans: 300% to 500%
- Pawn shop loans: 12% to 240% (or higher)
- Car title loans: 300%
Also keep in mind that these lenders that provide these types of loans can also be predatory in nature.
A payday loan, pawn shop loan, or car title loan should be a last resort if you need quick cash. A same-day personal loan or even a credit card could be a much less costly choice in the long run.
If you’re considering a personal loan, use our personal loan calculator below to estimate how much you’ll pay for it over time.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Learn More: Cash-Advance Loans
What you need to apply for a loan
To ensure the application process goes as quickly as possible, it’s a good idea to prepare ahead of time. Lenders will ask you for basic information, which often includes the following:
- Name
- Social Security number
- Address
- Phone number
- Proof of identity (such as a driver’s license or passport)
- Annual income
- Proof of income (such as a pay stub or W-2 form)
How to qualify for a personal loan
You’ll qualify for a personal loan, you’ll generally need at least good credit (670 and above). However, there are some lenders — such as Avant and LendingPoint — that are willing to work with borrowers who have poor or fair credit.
Keep in mind that you’ll need good to excellent credit to qualify for the best interest rates.
Not all lenders allow cosigners, but some — such as LendingClub and SoFi — do, which could improve your chances of getting approved. Even if you don’t need a cosigner to qualify, having a cosigner might help you get a lower interest rate.
Lenders also consider your debt-to-income ratio, the amount owed in debts compared to how much income you have. Borrowers with high DTI ratios are generally considered a greater risk because it means you probably won’t be able to cover a new monthly payment.
If you decide to take out a personal loan, be sure to consider as many lenders as possible to find the right loan for you. With Credible, you can easily compare your prequalified rates from multiple lenders in two minutes after filling out a single form.
Plus, all of Credible’s partner lenders are online, meaning the application and funding process will be quick and simple.
Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
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Jared Hughes has contributed to the reporting of this article.
