Skip to Main Content

How Long Does It Take To Get a Personal Loan?

It depends on the lender, when you submit your application, and whether your application has any errors.

Author
By Anna Baluch

Written by

Anna Baluch

Writer

Anna Baluch is a personal finance freelance writer with years of experience writing for well-known media outlets in the business and personal finance space. Her work can be found on media outlets like The Balance, Freedom Debt Relief, LendingTree, Credit Karma, Nav, and RateGenius. She holds a bachelor's degree in marketing from Northwood University and an MBA from Roosevelt University.

Edited by Meredith Mangan

Written by

Meredith Mangan

Senior Editor

Meredith Mangan is Credible's Senior Editor for Personal Loans. Since 2011, she’s helped steer content creation in the areas of mortgages and loans, insurance, credit cards, and investing for major finance verticals, including Investopedia, Money Crashers, and The Balance.

Updated January 25, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

Read More

Featured

Credible takeaways

  • You could get a personal loan approved and funded the same day you apply.
  • Different lenders have different funding times, once your application is approved. 
  • Review each lender's minimum requirements for a personal loan and typical funding times before applying. 

If you’re in need of fast cash, a personal loan can help. 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.

To get your money as fast as possible, here’s what you should know.

2 loan phases

When you take out a personal loan, there are two phases to funding: approval time and time to fund. First, you must get approved for the loan. Your credit score and income play a large role in that, which is why it’s important to make sure you meet the lenders’ minimum requirements before applying. If you easily check all the lender’s boxes, your application could sail through underwriting. But if not, the lender might require more information from you, which takes time for you to submit and the lender to review.

Once you’ve been approved, you’ll need to wait for the lender to distribute the funds. How long this takes depends on the lender’s typical funding times. If you need money as soon as possible, choose a lender that offers fast personal loans. But even if you choose a lender with same-day funding (and get approved the day you apply), you still may not receive your money that day.

tip Icon

Tip

Increase your chances of getting money the same day you apply by submitting your application by the lender’s cutoff time for same-day funding.

Before you apply, check eligibility requirements and prequalify with multiple lenders. Prequalification gives you a sense of which loans you may qualify for and at what rates — most lenders offer it. It won’t hurt your credit, but is not an offer of credit. When you formally apply, the lender will conduct a hard credit pull, which can temporarily ding your credit score, and you’ll see final rates and terms once your application is approved.

Compare Personal Loans

Lender funding times

Banks, credit unions, and online lenders may have different loan processing times. Here’s how long it usually takes to get a personal loan based on lender type:

  • Banks: You may want to turn to a bank for a personal loan, especially if you already have an account there. Funding times for banks usually range from 1 to 7 business days once approved.
  • Credit unions: You might benefit from a personal loan from a credit union if you’re already a member of one. Like banks, credit unions typically fund loans 1 to 7 business days after approval.
  • Online lenders: Online lenders tend to offer the fastest funding times — with some, you can get money the same day you apply. If you need cash fast, an online lender may be the best option.
Lender
Time to Fund
Avant
As soon as the next business day upon approval
Discover
As soon as the next business day after approval
LendingPoint
As soon as the next business day upon approval
Lightstream
As soon as the same business day, provided you’ve been approved and accept the loan agreement by 2:30 p.m. ET, and complete the verification process
SoFi
As soon as the same business day upon approval (82% of typical applications signed before 7 p.m. ET were funded the same day)
Zable
As soon as the same business day upon approval, provided your loan is approved by 3:30 pm ET
Navy Federal
As soon as the same business day upon approval

Best fast loans

Advertiser Disclosure
4.24.2

Credible rating

Fixed (APR)

7.49% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.64.6

Credible rating

Fixed (APR)

8.49% - 17.99%

Loan Amounts

$600 to $50000

Min. Credit Score

760

Check Rates

on Credible’s website

View Details

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

550

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

-

Loan Amounts

$5000 to $35000

Min. Credit Score

710

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

3.23.2

Credible rating

Fixed (APR)

-

Loan Amounts

$1000 to $35000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

3.73.7

Credible rating

Fixed (APR)

14.30% - 35.99%

Loan Amounts

$3500 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Loan approval time

To get approved for a personal loan, you’ll need to fill out the lender’s application. You’ll need to provide basic information about yourself, such as your name, Social Security number, address, phone number, and annual income, as well as the loan’s purpose and information about your employment.

You should also be prepared to submit documents, like a driver’s license or passport that show proof of identity, plus tax forms, bank statements, or pay stubs to prove income. To avoid delays, be sure to complete your application thoroughly and check your work to make sure everything is accurate — a typo or other errors could delay approval and the delivery of funds.

Prequalify first

It’s also best to prequalify with lenders before you apply for a loan. This can help you gauge which lenders are more likely to approve your application and which aren’t, saving you valuable time if you need money now.

tip Icon

Tip

Prequalification is typically fast and easy — it can take less than 10 minutes, won’t hurt your credit, and can give you an idea of the rates and loan terms you’ll qualify for.

Once you know which lender you like best, it’s time to formally apply. At this point, the lender will perform a hard credit inquiry, which may temporarily ding your credit score by a few points. Then, the lender will review your application and get back to you with an approval decision.

Advertiser Disclosure
4.24.2

Credible rating

Fixed (APR)

7.49% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

View Details

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.64.6

Credible rating

Fixed (APR)

8.49% - 17.99%

Loan Amounts

$600 to $50000

Min. Credit Score

760

Check Rates

on Credible’s website

View Details

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

9.57% - 35.99%

Loan Amounts

$1000 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

550

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

-

Loan Amounts

$5000 to $35000

Min. Credit Score

710

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

11.72% - 17.99%

Loan Amounts

$3000 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

-

Loan Amounts

$20000 to $200000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

3.73.7

Credible rating

Fixed (APR)

14.30% - 35.99%

Loan Amounts

$3500 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

What to expect after loan approval

If you’re approved and accept your loan offer, the lender will disburse your funds. Depending on the lender, you may receive them that same day, the next business day, or within a few days. Most lenders will send the money directly to your account through direct deposit but some offer prepaid cards or checks.

Repayment will usually begin 30 days after you receive your loan funds — it can last anywhere from less than one year to more than 10, depending on the lender and what you intend to use loan funds for. But the quicker you pay off your loan balance, the less you’ll pay in interest over the life of your loan.

Just make sure your lender doesn’t charge a prepayment penalty. (Note that Credible lenders don’t charge prepayment penalties). Also, timely payments can improve your credit score while late or missed payments will hurt it.

Loan funding times FAQ

How does it take to get an emergency loan?

To get an emergency loan, find a lender that offers same-day funding and fill out an application in-person or online. Then, wait to get approved and funded. If you only need a small loan that you can pay back quickly — less than $1,000 — you might consider using a cash advance app or credit card cash advance. But stay away from payday loans. While they can get you same-day money, fees tend to be exorbitant, which is why some states have banned them.

How fast can I get a personal loan?

Depending on the lender, the day and time you apply, and your financial situation, you could get money the same day you apply, the next day, or within a few days. Personal loan lenders will usually let you know how quickly they can get you money on their website or in their FAQ.

What credit score do I need for personal loan approval?

Credit score requirements for personal loans vary by lender. With good to excellent credit you’ll generally have an easier time getting approved for a loan and securing a low rate. But some lenders cater to borrowers with fair credit, bad credit, or even no credit history.

Which bank has the easiest personal loan approval?

In general, banks have strict qualification requirements for personal loans. You may find it easier to get approved through an online lender, especially if you don’t have good credit. Avant, OneMain, Universal Credit, and Upstart — all Credible partners — each consider borrowers with FICO scores below 580.

How long does it take to get approved for a loan?

You could get approved for a personal loan the same day you apply, and in some cases, even get your money the same day. But how long it takes to get your loan approved depends on whether (and how easily) you meet the lender's requirements, and whether your application is error-free. Apply early in the day, make sure you meet or exceed the lender's minimum credit score and income requirements, and review your application to streamline the approval process and funding. 

Meet the expert:
Anna Baluch

Anna Baluch is a personal finance freelance writer with years of experience writing for well-known media outlets in the business and personal finance space. Her work can be found on media outlets like The Balance, Freedom Debt Relief, LendingTree, Credit Karma, Nav, and RateGenius. She holds a bachelor's degree in marketing from Northwood University and an MBA from Roosevelt University.