It generally takes lenders one day to one week to review a loan application. Exactly how long it takes to review a loan application depends on factors such as the lender, the type of loan, your credit score and your income.
You can get personal loans from online lenders, banks and credit unions. Online lenders typically offer the fastest approval times, with some lenders taking as little as a few minutes to give a decision. Banks and credit unions tend to take a little longer, but you can still expect a decision within a week of submitting your application.
For your convenience, the table below shows how long it takes some of the best personal loan providers to review a loan application.
How Long It Takes to Review a Loan Application
| Lender | Typical Approval Timeline | Check Application Status Online? |
| 1-2 business days | ||
| Same day | No | |
| 1-2 business days | ||
| 1-3 business days | ||
| Same day | ||
| 1-3 business days | ||
| Up to 7 business days | ||
| Same day | ||
| 1-3 business days | ||
| Up to 1 business day |
Tips for Faster Loan Approval
- Fix any errors on your credit report. Check your credit report for any errors and dispute them before applying to avoid any hiccups in the approval process.
- Check for pre-qualification. Getting pre-qualified doesn’t guarantee approval, but your odds are very high, and it could speed up the process. You can pre-qualify with multiple lenders at once using WalletHub’s free pre-qualification tool.
- Apply online. Online applications immediately take your information into the lender’s automated system, and you may even get a decision instantly.
- Gather your information. Make sure you have all the proper documentation to complete the loan application process. Missing information could slow down the process and delay your approval.
- Choose the right lender. Try to choose a lender that you know you will qualify for. Knowing that you have the right qualifications should make the process as smooth and quick as possible.
Once you’re ready to start exploring personal loan options, check out WalletHub’s picks for the best personal loans.
This answer was first published on 01/25/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
