How Long Does It Take To Get A Personal Loan?
Your car breaks down and you don’t have the funds to fix it right away. Telecommuting isn’t an option. Neither is missing work. You start to wonder: How quickly could you get a personal loan to cover the repairs? Would the loan come through fast enough for you to avoid car rental fees?
Typically, you can expect to wait 1 – 7 business days for a personal loan to go through. Approval will generally take 1 – 3 business days, while disbursal will typically take 1 – 5 business days. It is possible for a loan to take as long as 30 days.
Before getting a loan, you should contact several prospective lenders and find out the following:
1. How Long You Can Expect It To Take
Be sure to ask about both approval and disbursal.
2. Their Typical Loan Terms
Be sure to ask about interest rate or APR, repayment schedules and origination fees.
At Rocket Loans,Ⓡ we offer same-day funding to personal loan applicants with competitive interest rates and fair repayment terms.*
Beware Payday Loans
You should think carefully about sacrificing advantageous loan terms in favor of an expedited loan disbursal. Ideally, you will find a lender who can get your loan to you quickly without charging unreasonable interest rates. You should also look at origination fees and repayment schedule requirements when making your decision.
Payday loans should generally be avoided if at all possible. Your interest rate or APR for payday loans will usually be around 400%. Borrowing $500 for just 2 weeks could mean you have to repay more than $600.
Tips To Speed Up The Process
- Check your credit report first. Besides helping you determine whether your credit score is high enough to qualify for a personal loan, getting a credit report will help you determine whether there are errors or problems that you can quickly resolve.
- Get prequalified. Prequalification doesn’t guarantee approval, but it’s a good sign. Prequalification is usually faster and won’t affect your credit score. Just enter your information into a prequalification form and get your result.
- Apply online. Typically, online applications allow for faster processing. Most lenders also allow you to track your application online.
- Double-check your application. Mistakes could slow down the process considerably. Be especially careful when typing in your social security number!
A personal loan can be a smart way to get yourself out of a pinch, and that help can come very quickly. Although you may be feeling the pressure, you should carefully research your options and compare lenders; that time and effort will pay off (literally!) down the line.
Discovering your personal loan offers at Rocket Loans can be a great way to start learning about your options.
*Same Day Funding available for clients completing the loan process and signing the Promissory Note by 1:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.
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