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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.

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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.

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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.

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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

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