May
10
How long does it usually take for a personal loan to be approved?
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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.
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9 Comments
September 10th, 2009 at 9:31 am
for me 6 years
September 13th, 2009 at 6:52 pm
Varies, but usually your bank can complete the paperwork, credit check and hand you the cash within a week.
September 17th, 2009 at 3:35 am
I took out a personal loan from my bank and it took about 5 business days for me to get funds in my account. Id say it all depends on the company giving you the loan.
September 19th, 2009 at 11:32 pm
some companies has a 24 hour ploicy and others could very well take up to 10 days! but hopefully in your case that is not so!
September 20th, 2009 at 2:50 am
In the UK i did mine on the phone, they told me there and then, they sent the paperwork, they told me money in the bank 3 days after they got the paperwork back, and it was
September 23rd, 2009 at 10:15 am
This depends on the financial institution that you applied for. In my town Houston all personal loans get approved anywhere from 30 minutes to One Day Max. This is only for personal unsecured loans.
September 25th, 2009 at 11:12 pm
That is way, way too long. Most banks will give you a turn around in 2 days. My guess is that this company is playing games on the ‘secondary market’. They may be shopping around for the lowest rate they can get, before they give you the loan. They make their money totally on the ‘spread’ and if the rates are going to go down, and they can increase there spread, it benifits them to ‘put you on hold’ for a little bit. If you have bad credit, and the finance company is the only place you can go, then you’re kind of stuck. But if you can get your loan from a bank, you’re generally better of there – they don’t usually play these kind of games.
September 28th, 2009 at 5:48 am
It depend much on our name and then collateral. If we have a good name, trust worthy and have good collateral, then it could be within one or two days.
October 1st, 2009 at 4:30 am
A loan taken for either personal or family or household purpose is called a personal loan. It should not be used for other purposes like buying a property etc as the interest rate are very high. It should be used solely to meet your personal needs or short term needs like going on a holiday, meeting your medical expenses or for miscellaneous causes.
Usually, these loans are processed very quickly, since they are used to meet emergency expenses. With the lavish lifestyles, people want instant money to fulfill their rising aspirations. Recognizing this need, many lenders today are offering personal loans in attractive packages.