Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans How Long Does It Take to Get a Personal Loan? The Full Answer Updated Sep 23, 2024 4-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Taylor Milam-Samuel Written by Taylor Milam-Samuel Expertise: Student loans, credit cards, debt, budgeting Taylor Milam-Samuel is a personal finance writer and credentialed educator who is passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found in the classroom teaching. Learn more about Taylor Milam-Samuel Reviewed by Catherine Valega, CFP® Reviewed by Catherine Valega, CFP® Expertise: Financial planning, retirement planning, education planning, insurance planning, investment planning Catherine Valega, CFP®, CAIA®, founded Green Bee Advisory LLC to help women, impact givers and investors, and small businesses build, manage, and preserve their financial resources. She's been practicing financial planning for more than 20 years. Learn more about Catherine Valega, CFP® Based on our research, the average time it takes to complete the entire personal loan process is between 20 minutes and 3 business days. The length of the process depends on your financial history, credit score, which lender you choose, and whether or not you have all your documentation on hand. For example, if you have an excellent credit score, apply for a personal loan from a credit union you’ve belonged to for several years, and the lender has an online application process, you could easily see funding come through in a few minutes. The steps for taking out a personal loan with most lenders are: Pre-approval (optional) Application Approval Disbursement We’ll walk you through each stage of the process and how long it takes to complete each. If speed is your top priority, you might start by contacting your current bank or credit union. Having an existing account and financial history with the lender might reduce the loan processing time. As you shop around for personal loans, review the interest rates, calculate your payments, and check other loan terms before you sign. Payday and title loans often offer quick funding, but they come at a cost—the interest rates and fees can equal almost 400% of the loan’s value. Cash advance apps are another option to explore if you’re looking for speed. They’ll allow you to instantly borrow money against your own upcoming paycheck for free, as part of a monthly subscription, or for a one-time fee. This is a better approach than payday loans or personal loans if you only need a small sum of money—less than $750—for a brief period of time to cover a sudden expense, and you are confident you’ll be able to repay the funds on time. Table of Contents Skip to Section Research: How long does it take to get a personal loan from specific lenders?How long does each step take?PreapprovalApplicationApprovalDisbursement Research: How long does it take to get a personal loan from specific lenders? You’re probably going to be looking at loans from one of the most popular and reputable lenders. Here’s how long the personal loan process takes for each one. LenderTypeApproval timeFunding timeSoFiOnline lender1 – 3 days1 – 3 daysNavy Federal Credit UnionCredit unionInstant or up to 1 dayInstantDiscoverBankInstant or up to 3 daysFunds are sent the next business day; up to 10 days to arrive in your accountAxosOnline lender1 – 2 days1 – 3 business daysTD BankBankUp to 1 dayFunds are sent the next business day; up to 3 days to arrive in your accountPenFed Credit UnionCredit unionInstant or up to 2 daysChecks are mailed within 24 – 48 hours; can take up to 10 days to arriveRocket LoansOnline lender1 – 2 business days1 – 3 business daysOppLoansOnline lenderInstant or up to 2 business daysFunds are sent the next business dayDigital Credit UnionCredit unionInstant1 business dayWells FargoBankInstant or up to 1 business dayDirect deposit to a Wells Fargo account in 1 – 3 business days; Cashier’s check at signing if you go to a branch How long does each step take? Preapproval Average time: 1 to 2 minutes Getting preapproved is optional, but seeing your options before completing an entire application can be helpful. We recommend completing this process with a few different lenders before making a decision. Applying Average time: 10 to 20 minutes The applications for most personal loans are streamlined nowadays. Gathering the necessary paperwork and information can be the most time-consuming part. The average time assumes you have all the documentation you need to proceed on hand. Approval Average time: Instant to 3 days During this step, the lender reviews your documentation and other details. Some lenders offer automatic approval processes that go through instantaneously or in minutes. Others require one full business day (or several) to approve the application. In cases where your application is unclear or is missing documentation, the lender will follow up for clarification, which can lead to the whole process lasting several more business days. Disbursement Average time: Instant to 3 days Once the lender approves your application, you must sign the paperwork to finalize the agreement. From there, the lender disburses the funds to your account. The lender might disburse the funds immediately. It may also take one to three days to arrive in your account due to bank processing times. For specific lenders, it can take up to 10 days.