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How Long Does It Take To Get A Personal Loan?

3-Minute ReadUPDATED: July 22, 2022


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 wondering how to get a personal loan and how quickly it would come through to cover repairs. Would the loan come through fast enough for you to avoid car rental fees?

Let’s take a look at how long it takes to get a personal loan.

How Long Does It Take To Receive A Personal Loan?

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 to process.

Before getting a personal loan, you should contact several prospective lenders and find out how long you can expect the process to take (for both approval and disbursal). You should also ask them what their typical loan terms are. Be sure to ask about interest rate or APR, repayment schedules and origination fees.

Personal Loan Speed Based On Lender Type

Depending on the type of lender that you use, the speed of the process could vary significantly, particularly between an online lender and a bank.

Online Lender

Online lenders typically have the fastest approval and funding times. Applications are submitted online and can take just a few minutes. The approval process after submitting the application is typically completed shortly thereafter.

With most online lenders you can expect to see your money within 5 business days. However, some online platforms, such as Rocket LoansSM, offer same-day funding to personal loan applicants with competitive interest rates and fair repayment terms.*


Traditional banks tend to have a longer approval and distribution process than online lenders. The application process will vary depending on your bank, but will either be submitted by paper in their office or online. Your bank’s lender will then need to review your application to assess if and how much you are able to qualify for. This can take a few days.

If you have an existing relationship with your bank or credit union, this could help speed the process up. However, you can typically expect to receive your funds within 7 business days.

Beware Of 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. 

How Can I Get A Personal Loan Fast?

Here are a few tips on how you can speed the process up.

Check Your Credit Report

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. An error on your credit report can impact your ability to qualify for a personal loan and slow down the process.

Know How Much Money You Need

Knowing the amount that you need to borrow and what monthly payments you can afford can be useful in processing your application smoothly. If you change this amount after the process has begun, it may take longer to qualify and receive your funds.

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. If you’re denied, this will also help you understand what you need to improve before applying again.

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!

Final Thoughts

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 down the line.

If you’re ready to start discovering your options, apply for a personal loan through Rocket Loans today.

*Same day funding is available for clients completing the loan process and signing the Promissory Note by 1:00 p.m. 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 that may occur due to an incorrect routing number, an incorrect account number or errors of your financial institution.

Ready To Improve Your Financial Life?

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