Question : How long does it usually take for a personal loan to be approved?
My partner and I submitted the final documentation yesterday and the finance company was quite vague about how long it will take for them to find a lender and approve the loan. They have told us 'up to ten days' which sounds fairly long. Does anyone have previous experience with obtaining a personal loan and can shed some light on how long we can expect to wait. Ideally, we would like to have the money within a few days. We have clean credit history.
- asked by Binki26
All Answers:
Answer #1
instantly
- answered by bingo
Answer #2
1-3 days
- answered by agameo001
Answer #3
for me 6 years
- answered by igi
Answer #4
Varies, but usually your bank can complete thepaperwork, credit check and hand you the cashwithin a week.
- answered by Polecat
Answer #5
I took out a personal loan from my bank and ittook about 5 business days for me to get funds inmy account. Id say it all depends on the companygiving you the loan.
- answered by Munchie
Answer #6
some companies has a 24 hour ploicy and otherscould very well take up to 10 days! but hopefullyin your case that is not so!
- answered by suga_suga
Answer #7
In the UK i did mine on the phone, they told methere and then, they sent the paperwork, they toldme money in the bank 3 days after they got thepaperwork back, and it was
- answered by sunnybums
Answer #8
This depends on the financial institution that youapplied for. In my town Houston all personalloans get approved anywhere from 30 minutes to OneDay Max. This is only for personal unsecuredloans.
- answered by Nick
Answer #9
That is way, way too long. Most banks will giveyou a turn around in 2 days. My guess is thatthis company is playing games on the 'secondarymarket'. They may be shopping around for thelowest rate they can get, before they give you theloan. They make their money totally on the'spread' and if the rates are going to go down,and they can increase there spread, it benifitsthem to 'put you on hold' for a little bit. Ifyou have bad credit, and the finance company isthe only place you can go, then you're kind ofstuck. But if you can get your loan from a bank,you're generally better of there - they don'tusually play these kind of games.
- answered by DaveInSeoul
Answer #10
It depend much on our name and then collateral. Ifwe have a good name, trust worthy and have goodcollateral, then it could be within one or twodays.
- answered by sastra
Answer #11
A loan taken for either personal or family orhousehold purpose is called a personal loan. Itshould not be used for other purposes like buyinga property etc as the interest rate are very high.It should be used solely to meet your personalneeds or short term needs like going on a holiday,meeting your medical expenses or for miscellaneouscauses.Usually, these loans are processed veryquickly, since they are used to meet emergencyexpenses. With the lavish lifestyles, people wantinstant money to fulfill their rising aspirations.Recognizing this need, many lenders today areoffering personal loans in attractive packages.
- answered by See Saw
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