How Long Do You Have To Wait To Get A Personal Loan?

A personal loan can help you get over a financial hump, cover an unexpected expense, pay down debt faster, or make a big-ticket purchase. And there are several types to choose from.

Whether you’re looking for debt consolidation loans, home improvement loans, medical loans, or wedding loans, there will be a similar process.

Although applications are often relatively simple, you should know what to expect beforehand to avoid any unpleasant surprises. See What is a Personal Loan?

How long it takes to get a personal loan

Most loan applications only take a few minutes to complete, and funding can be delivered electronically to your bank account within two to three days. But the exact timeline depends on the type of lender you work with.

Online Lender

Approval time: One to two business days.

Funding time: As soon as one to three business days.

Most lenders will fund your loan within one to three business days of approval. That means your application is submitted and all of the documents have been reviewed, which may take more than one day if there’s anything missing.

Next-day funding is commonly advertised — although this relies on when you apply and how your bank processes deposits. See Pros and Cons of Personal Loans.

Even if you are approved and funds are sent the next business day, you may not see the personal loan in your account for two or three more business days.

Credit Union

Approval time: One to three business days.

Funding time: Three or more business days.

Federal credit unions are the most common source of personal loans, but there are smaller local and regional credit unions that also offer them. Like with banks, funding is not as quick as online lenders.

Despite that, a credit union can still be relatively quick if you already have an account and can receive a direct deposit. Otherwise, picking up a check and signing loan documents in person can add a few days to the process. See What You Need For A Personal Loan.


Approval time: One to three business days.

Funding time: Three or more business days.

There are many banks that now offer personal loans with quick prequalification and funding. It generally takes longer than with an online lender, but you may have access to better interest rates — especially if you already have a checking or savings account.

However, banks take longer to process applications and fund loans. They also require better credit than online lenders, which will make it harder for you to

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