Applying for a personal loan can feel urgent — especially if you’re facing an unexpected expense or need extra funds quickly. One of the first questions people ask is how long it will take to receive the money. While some loans are approved and funded the same day, others may take several business days. Knowing what to expect helps you plan ahead and avoid unnecessary stress.
How long does it take to get a personal loan?
The amount of time it takes to get a personal loan can vary anywhere from the same day to about a week, depending on the type of lender and how you choose to receive your money.
Some lenders specialize in same-day funding, while others may take several business days to review your application and issue funds.
In general, you can expect the timeline to follow three main stages:
Application. Filling out an online personal loan application often takes less than 15 minutes. If you apply in person, it may take longer, especially if you need to gather documents during the process.
Approval. Some online lenders provide instant decisions using automated systems, while others may take one to three business days to complete a full review. Traditional lenders may also take longer if manual underwriting is required.
Funding. Once approved, many lenders use direct deposit to send loan funds to your checking account, sometimes within hours. Others may take until the next business day or longer, depending on their internal processes.
For example, applying with an online lender on a weekday morning could mean seeing your loan approved and funded the very same day. On the other hand, applying late on a Friday or before a holiday may delay your funding until the following week.
How long does it take to fill out an application?
Most personal loan applications are designed to be quick and straightforward. With online lenders, the process can often be completed in 10 to 15 minutes. On the other hand, applying at a bank or credit union in person may take longer depending on wait times and paperwork.
The application typically asks for:
Proof of income. Recent pay stubs, W-2 forms, tax returns or bank statements that show your earnings.
Personal identification. A government-issued ID such as a driver’s license, along with your Social Security number. Some lenders may also use this information to run a credit check. You may also be asked to provide proof of address, such as a recent utility bill or lease agreement.
Financial details. Your checking account information for direct deposit, along with details about your existing debts or other active accounts if the lender requests them. Some lenders may also ask about a savings account you use regularly, especially if it’s where your income is deposited or where you plan to receive funds.
Employment details. Lenders may ask for proof of employment, such as a recent pay stub or other documentation that shows you’re currently working.
Submitting accurate, complete information helps the application process move smoothly. If something is missing — like a bank statement or pay stub — the lender may pause your application until it’s provided, which adds time.
In general:
- Online applications are fastest, often completed in one sitting.
- In-person applications can take longer, especially if you need to gather documents or wait to speak with a loan officer.
Quick checklist: what to have ready before you apply
- Government-issued ID (driver’s license, passport or state ID)
- Social Security number
- Recent pay stubs or proof of income
- Tax returns or W-2 forms (if required)
- Bank statements
- Proof of address (utility bill, lease, or mortgage statement)
Having these documents on hand before you start can help you complete your application in minutes and avoid delays.
How long does it take to get a decision?
The loan approval process varies by lender. Many online applications are reviewed within minutes, while traditional banks or credit unions may take a few business days. To make their decision, lenders typically review factors such as your credit report, credit score, credit history, debt-to-income ratio, and the requested loan amount.
Some lenders can provide same-day approval, while others may require additional underwriting before making a final decision.
How long does it take to get my funds?
You can typically receive your personal loan funds as soon as the same day, though most lenders deposit money within one to five business days. Timing depends on the lender and how you choose to receive the funds.
In many cases, money is deposited into your checking account by the next business day if you’ve chosen direct deposit. Some online lenders offer same-day funding, while others, particularly traditional banks and credit unions may take three to five business days. In some situations, it could take up to a week.
The exact timing depends on:
- The lender’s processing system. Automated systems can move faster, while manual reviews may add time.
- The time of day. Applications completed earlier in the day are more likely to be processed the same day. Submitting later in the evening, over the weekend or before a holiday may push your funding to the next business day or longer.
- Your bank’s policies. Some banks disburse funds immediately upon deposit, while others hold them for a day or two.
For example, if you’re approved on a Tuesday morning with an online lender and select direct deposit, you may see your loan in your account that afternoon. By contrast, if you apply with a traditional bank late on a Friday, your deposit may not appear until the following Monday or even later, depending on the bank’s processing times.
Typical funding timelines by lender:
- Online lenders. Same-day to next-business-day funding in most cases.
- Traditional banks. One to five business days, depending on their review process
- Credit unions. Typically two to five business days, though some offer faster turnaround for members
What can affect the time it takes to get a personal loan?
Getting a personal loan can take as little as one day or up to a week. The timeline depends on your preparation and the lender’s process. Some steps (like gathering documents) are in your control — while others (like a bank’s release of funds) are not.
Several factors can speed up or slow down the process:
Type of lender. Online lenders are usually faster than banks or credit unions.
Application accuracy. Missing or incorrect information can stall the approval process.
Loan amount. Larger loans may require more review.
Creditworthiness. Some lenders review your credit score or credit report when evaluating your application. If concerns come up about creditworthiness, they may ask for extra documents or income verification.
Loan terms and loan offers. The details of your loan such as repayment terms, interest rate or required documentation can affect how quickly it’s finalized. If the lender needs extra time to confirm these terms, funding may be delayed.
How can I make the loan process faster?
If you need access to funds quickly, there are steps you can take to help speed things up and reduce the chance of delays.
Gather documents in advance. Having everything ready before you apply keeps the process moving. Commonly requested documents include pay stubs, tax returns, bank statements, proof of address and a government-issued ID. Missing paperwork is one of the most common reasons for funding delays.
Check your credit report. If a lender reviews your credit, they may look at your credit report and credit score as part of the decision process. Errors like accounts that don’t belong to you or incorrect balances can cause delays or even affect approval. Reviewing your report and fixing mistakes ahead of time can help avoid potential setbacks.
Apply with the right lender. Not all lenders operate at the same speed. Online lenders may provide same-day approval and funding, while traditional banks and credit unions often take longer. Keep in mind, though, that faster funding can sometimes come with higher interest rates. Comparing your options helps you decide what works best for your timeline and budget.
Choose direct deposit. Requesting your funds through direct deposit is almost always faster than waiting for a paper check in the mail. Funds can sometimes appear in your account the same day.
Get prequalified. Many lenders offer prequalification tools that give you an idea of your eligibility and potential loan terms without a hard credit check. This can save time by helping you focus on lenders most likely to approve you.
Apply early in the day. Timing matters. Submitting your personal loan application in the morning on a business day gives the lender more time to process it that same day. Applying late in the afternoon, evening or on a weekend may delay approval and funding until the next business day.
Respond quickly to lender requests. Sometimes a lender may need clarification or an extra document. Checking your email and responding promptly can keep your application moving.
Quick tips for faster funding:
- Have all your paperwork ready before applying.
- Apply with lenders that offer same-day or next-day funding.
- Select direct deposit instead of a paper check.
- Avoid applying right before weekends or holidays.
- Stay responsive to lender communications.
By preparing in advance and making smart choices about where and how you apply, you can shorten the timeline from application to funding and get the money you need when you need it most.
Final Thoughts
Getting a personal loan doesn’t have to be a long or complicated process. For many borrowers, funds can arrive as quickly as the next business day, though it may take several days depending on the lender and your application details. By preparing your documents ahead of time and applying with a lender that fits your needs, you can shorten the timeline and access money more quickly when it matters most.
DISCLAIMER: This content is for informational purposes only and should not be considered financial, investment, tax or legal advice.
