How long does it take to get a personal loan?
With good to excellent credit, most borrowers get the money about 2 to 5 business days after the lender receives their completed application and documents: 1 to 3 business days for underwriting and final approval, then 24 to 48 business hours for funding. Higher-risk applicants should plan on about 6 to 9 business days.
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Loan terms from 2 to 60 months. Rates vary depending on the lender, your credit and your state. Maximum APR is 35.99%.
What happens after you pre-qualify?
- Get your offers. After one application and a soft credit pull, your pre-qualified offers are emailed to you.
- Choose your lender. Pick the offer you want to move forward with.
- Complete the lender's application. Finish that lender's online application and upload any documents it asks for, such as pay stubs, bank statements or ID. Your completed file then goes to the lender's underwriting department.
- Underwriting and final approval. The lender runs a hard credit check, verifies your income and anything else it needs, and makes sure you can afford the payment. It then notifies you of its decision.
- Funding. Once you're approved, most lenders release the funds within 24 to 48 business hours, sending the money directly to your bank account.
How long does underwriting take?
| Credit profile | Final approval after a complete file | Funds after approval | Typical total |
|---|---|---|---|
| Good to excellent credit | 1 to 3 business days | 24 to 48 business hours | About 2 to 5 business days |
| Fair or poor credit (higher risk) | Up to 5 to 7 business days | 24 to 48 business hours | About 6 to 9 business days |
Why does approval take longer for some applicants?
- Higher-risk applications get a closer review, because the lender wants to be sure you can afford the payment.
- The clock starts when the lender receives your completed file. Missing documents pause it.
- Business days don't include weekends or bank holidays.
How can you get funded faster?
- Upload every document the lender asks for right away, and make sure your income documents match what you entered.
- Watch your email and phone for questions from the lender, and answer them quickly.
- Double-check your bank account and routing numbers before you submit.
- Finish the lender's application early in the week, so underwriting isn't paused by a weekend.
The timeline at a glance
Typical timing once the lender receives your completed application and documents. Each lender sets its own process.
- MinutesPre-qualifyOne application and a soft credit pull. Your pre-qualified offers are emailed to you.
- Your paceChoose your lenderPick the offer you want, then complete that lender's application and upload any documents it requests.
- 1 to 3 business daysUnderwriting and final approvalThe lender runs a hard credit check and verifies your income. Higher-risk applicants: up to 5 to 7 business days.
- 24 to 48 business hoursGet fundedAfter approval, most lenders send the money directly to your bank account.
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Common questions
How long does personal loan approval take?
After the lender receives your completed application and documents, final approval typically takes 1 to 3 business days with good to excellent credit, or up to 5 to 7 business days for higher-risk applicants.
When will I get the money after I'm approved?
Most lenders release the funds within 24 to 48 business hours of final approval, sending the money directly to your bank account.
Why does the lender run a hard credit check after I pre-qualified?
Pre-qualifying uses a soft credit pull that doesn't affect your score. Final approval requires the lender to verify your credit with a hard inquiry, along with your income and other details.
What documents will the lender ask for?
It varies by lender. Common requests are pay stubs or other proof of income, bank statements, a photo ID and proof of address.
Why is my approval taking longer than 3 business days?
Higher-risk applications can take up to 5 to 7 business days, and missing documents or unanswered lender questions add time. Contact the lender to check whether it needs anything from you.
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