How Long Does It Take to Get a Personal Loan?
When you really need access to cash, every minute of waiting can feel like an eternity. Fortunately, you can get a personal loan on the same day you apply — without resorting to predatory payday loans. You just have to know where to look.
- The timeline to get a personal loan depends on the type of lender, but once approved, it usually ranges from the same day up to five business days.
- Online lenders are typically fastest to approve and fund a loan.
- For a faster application process and better approval odds, it can help to prepare in advance: Gather your documents, review your credit report/dispute errors, and compare lenders to target those with fastest funding.
How long does it take to get a personal loan?
Depending on the personal loan lender, you could go from application to approval to funding in less than 24 hours, as long as you have your required documents ready and can sign the loan agreement right away.
Here are the three main steps to get a personal loan and how long each takes:
1. Applying for a loan
How long it takes: Typically a few minutes to several hours
These days, most lenders allow you to get prequalified for a personal loan by filling out a simple form online. You’ll need to provide basic details about yourself and your finances, including your Social Security number. You’ll usually receive a tentative answer within minutes about whether you’re prequalified for a loan or not, along with potential loan details like your APR and monthly payment.
If you decide to proceed, you can submit a full application to formally apply for the loan. You’ll need to provide copies of documents proving your income and other financial details and submit to a hard credit check, although the exact application will vary from lender to lender.
2. Getting approved
How long it takes: A few minutes to several business days
The lender will then review your documents and credit history to see if you meet its lending requirements. Approval speed varies by lender. The process can take longer if an agent needs additional information or if you apply outside of normal business hours, for example.
3. Funding
How long it takes: Several hours to five business days
If you get approved, you’ll have to sign your loan documents before the lender can send the funds. You can typically choose to receive funds via direct deposit to your bank account, but some lenders may have additional options, like issuing a check.
These companies may offer same-day funding, but you’ll want to check the details to see if you need to apply by a certain time of day or select certain funding options:
- Citi (when deposited into a Citi bank account)
- LightStream
- OneMain Financial
- SoFi
Lending timeline by lender type
In general, online lenders offer the fastest path to getting a personal loan, often with same-day approval. But that’s not always the case. Let’s see how they compare.
Online lenders
If you need cash fast and you want it deposited directly into your bank account, an online personal loan lender is often the best place to start. Here are several good options to start your research:
| Lender | General funding timeline |
|---|---|
 | Approval as soon as the same day, funding within 1 to 3 business days |
 | Approval and funding within 1 to 3 business days |
 | Approval within a few hours, funding within one business day |
 | Approval and funding as soon as the same day |
 | Lending decision within minutes, funding as soon as one hour |
 | Approval and funding in as little as one business day |
 | Decision and funding as soon as the same day |
 | Funding within one business day after approval |
 | Instant lending decisions, funding within one business day |
Banks
The bank you already have a working relationship with is often a good option for a fast personal loan because it already has access to your account. However, funding timelines vary from one bank to another, so it’s still worth considering personal loans from other banks. Here’s a look at what you can expect from some of the major players:
| Lender | General funding timeline |
|---|---|
 | Lending decision within minutes; same-day funding into a Citi bank account, or funding within two business days into a non-Citi account |
 | Same-day lending decision with next-day funding |
 | Lending decision and funding can take a few business days |
 | Lending decision and funding as soon as the same day |
 | Lending decision within minutes, funding within one to four business days |
 | Same-day loan decision. Same-day funding into a Wells Fargo account, or five to seven business days to receive a check if you don’t have a Wells Fargo account |
Credit unions
Credit union personal loans operate similarly to those from banks, but you’ll need to be a member to apply. Some credit unions, especially nationwide ones like the following, make it easier to get a personal loan:
| Lender | General funding timeline |
|---|---|
 | Same-day loan decision and funding |
 | Up to one business day for loan decision, funding as soon as the same day |
 | Instant loan decision, same-day funding for most loans |
 | Same-day loan decision, funding as soon as the next business day |
How to get a personal loan faster
If you make sure your credit report and required documents are in order and that you’re applying to lenders that will process your loan quickly, it’s possible you can get your funds sooner.
Check your credit report for errors
Your credit report can play an important role in qualifying for a personal loan, so be sure to check it before applying. You have a variety of options for reviewing your credit report for free, including AnnualCreditReport.com.
If you find an error when reviewing your report, inform the credit bureaus as well as the lender or creditor reporting the inaccurate information. The credit bureaus and reporting company should investigate the error and fix it, if warranted.
Gather documents in advance
Even if your lender offers fast application processing, it won’t be able to start until it gets your requested documents and information.
The requirements will depend on the lender, but you’ll usually need to the following:
- A copy of your Social Security card or driver’s license
- Name and contact information of your employer
- Proof of income (through documents like recent pay stubs, bank statements, W2s or last year’s tax return)
- The amount you pay each month for your mortgage or rent
- Information about where you want the funds sent, such as your bank account details
Apply online – not in person
Online applications usually get processed faster than paper ones, so online lenders may be your best bet if you need a fast personal loan. Another benefit of applying online is that you can send your key documents, such as a tax return, securely rather than relying on postal mail or personally delivering the paperwork.
Be sure to shop around for the best rates and terms. Compare several lenders and seek out the best deal by getting prequalified for a personal loan.
How to get a personal loan through LendingTree
You’d shop around for flights. Why not your loan? LendingTree makes it easy. Instead of applying to just one lender and hoping for a good rate, see multiple lenders compete for your business — so you can choose the best offer.
Tell us what you need
Take two minutes to share a few details about yourself and how much you want to borrow. It’s free, simple and secure.
Shop your offers
LendingTree users receive 11 personal loan offers on average. Compare yours side by side to find the one that works best for you.
Get your money
Users save an average of $1,659 by choosing the offer with the lowest rate. Once you pick a lender and sign your paperwork, you could see money in your account in as little as 24 hours.
What can delay your personal loan?
Even with a fast lender, several factors can extend your timeline from hours to days:
- Nonexistent or thin credit: If you have little to nothing on your credit report, it’ll be harder for lenders to assess your creditworthiness as a borrower, so they might require extra verifications and checks.
- Bank processing times: Even if a lender sends the funds to you on the same day, it often takes a business day or more for the money to appear in your account due to bank transfer protocols.
- Errors on your credit report: Mistakes on your credit report are a disturbingly common problem that can give lenders an inaccurate picture of your creditworthiness, and result in unfair loan denials and higher-than-necessary rates.
- Requesting a large loan amount: Lenders often set limits on how much money you can borrow based on factors like your credit score, current debts and income.
- Applying outside of business hours: Most personal loan lenders don’t maintain a 24/7 underwriting staff; even if your loan has already been approved, lenders typically stop sending out funds after a certain hour of the day.
- Having a cosigner or co-borrower: Applying with another person means double the work for the lender in verifying the loan details; it increases the chance of additional issues cropping up, too.
Frequently asked questions
Yes, some lenders offer a same-day personal loan if you have all of the necessary information and complete the application early enough in the day. Check with your bank, since your funding time can depend on your bank’s deposit policies and processing times.
Depending on the lender, you could get approved for a personal loan in anywhere from a few minutes to a few days. Typically, online lenders are fastest.
Many online lenders, and some in-person lenders, can offer funding as soon as the same day you apply for a loan. Some of the fastest online personal loan lenders are LightStream, OneMain Financial and SoFi.
Yes, applying for a personal loan often hurts your credit score, at least temporarily, due to the hard credit inquiry, additional debt load, and impact on the average age of your accounts (which will now skew “younger”). But if you manage the debt well, taking out a loan will often help your credit score in the long run.
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