How Long Does It Take to Get a Loan?
Updated
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If you need a debt consolidation loan, encounter an expensive emergency, or have some remodeling to do around the house, you may wonder how fast you can get a personal loan. Getting a personal loan is simpler and faster than getting a mortgage or small business loan. Still, the time it takes from loan approval to funding depends on the lender and how well you have prepared to apply.
Read on to learn more about how long it takes to get a loan and tips for faster loan approval.
It's possible to get a personal loan in one to ten business days. That's in ideal circumstances -- if you have a strong credit score and steady employment history. If your case is a little more complicated, it could take longer. For this reason, a lender will likely take more time to verify your financial history if you are self-employed or get paid sporadically.
Here's how long it takes to get a loan from some of the lenders on our experts' list of best personal loans:
Avant
Pre-approval: Same-day
Days to get funds deposited after final approval: 1
Upstart
Pre-approval: Same-day
Days to get funds deposited after final approval: 1
Discover Personal Loan
Pre-approval: Same-day (for most borrowers)
Days to get funds deposited after final approval: 1
Pre-approval: Same-day
Days to get funds deposited after final approval: 2
Approval: 3-7 days
Days to get funds deposited after final approval: 3-6
Current as of Jan. 20, 2021
Even if you're in a hurry, do yourself the favor of comparing multiple lenders. Taking time to shop around can save you money, because not all personal loan lenders are the same. The interest rate and terms available through one lender can be far different than from another -- so finding the best one can save you hundreds of dollars.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Apply Now for Discover Personal Loan
Powered by Credible
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
11.49% - 20.49%
|
$2,000 - $30,000
|
740
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
6.70% - 35.99%³
|
$1,000 - $50,000¹
|
300
|
There are two key ways you can speed up the loan process:
Each personal loan lender has a different set of requirements, but you can save time by gathering these documents ahead of time:
ID: Driver's license, passport, military ID, Social Security card, a government-issued photo ID, or certificate of citizenship (some lenders need one, while others ask for two forms of ID)
Proof of income from an employer: Bank statements, W-2 tax forms, pay stubs, income tax returns, or a letter of verification from your employer
Proof of income if you are self-employed: Bank statements, copies of past income tax returns, and 1099 tax forms
Proof of address: Voter registration card, utility bills, a lease agreement, or a mortgage contract
The loan approval process may feel like a hassle, but once you've taken care of the task, your documents are ready to go any time you need them. That means that the next time you apply for a mortgage, open a credit card, or take out an installment loan, you'll be ready.
For a detailed step-by-step guide to getting a loan, check out our guide: How to Get a Personal Loan.
You'll notice that the terms "pre-approval" and "final approval" are both used above. These are two different things, and knowing what they mean will help you understand how personal loans work.
Let's say you decide to rate shop and want to check out five different lenders. Most lenders run a soft credit check (that doesn't affect your credit score) before letting you know if you qualify for a personal loan. Once you've pre-qualified, they tell you more about the interest rate, annual percentage rate (APR), and terms. This process has no impact on your credit score, which gives you the freedom to check as many lenders as you would like until you find a loan that works for you.
Once you've decided that a loan is right for you, it's time to let the lender know that you want to move forward. At this point, the lender runs a final hard credit check. This hard check dings your credit score slightly. Don't worry -- the ding can be erased by making your monthly payment on time for several months.
Even if a loan application is pre-approved in minutes, it typically takes from one to 10 business days to receive final approval and the disbursement of funds. If you filled out your application accurately and nothing has changed in the interim, you're only waiting for the lender to verify the information provided.
You will find one thing to be true of any loan: the better prepared you are, the easier the process will be -- and the happier you're likely to be with the outcome.
Here are some other questions we've answered:
Looking for a personal loan but don’t know where to start? Our favorites offer quick approval and rock-bottom interest rates. Check out our list to find the best loan for you.
The amount of time to get a loan depends on the lender, but it's typically 1-10 days. It might take longer if you're self-employed.
Be prepared to provide the lender with proof of identification, income, and residency. Respond quickly to lender requests.
Yes, but the fees and interest rates on same-day loans can cost you hundreds of dollars above other loans. It's better to wait a few days for approval on a less expensive loan. If you can, the best way to get a loan is to take your time, compare multiple lenders, and find the best one for you.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
Citi® Personal Loan Disclosure
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
Citi® Personal Loan Disclosure
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
