How Long Does It Take To Get A Personal Loan?

How Long Does It Take To Get A Personal Loan? 


Request A Loan

A personal loan can serve various financial needs, from consolidating debt to purchasing a big-ticket item. Knowing how long it will take to get a personal loan is crucial when you need money urgently.

But how long does it take to receive a personal loan? Keep reading to find out more.

How Long Does It Take to Get a Personal Loan?

How long it takes to get a personal loan depends on the type of lender you’re applying through and if you have any unique circumstances. For example, it may take longer if you’re self-employed or have a high debt/income ratio (DTI).

Personal Loan Speed Based On Lender Type

You may wonder how long it will take to get your personal loan funds once you’ve been approved. The answer, unfortunately, is only sometimes straightforward since different lenders have different approval processes.

However, we can give you a general idea of the timeline you can expect with an online lender, credit union, or bank.

Lender type

Approval timeline

Funding timeline


1-5 business days

One to five business days

Credit unions

1-5 business days

One to five business days

Online lenders

1-3 business days

One to five business days

Online Lender

Online lenders are typically the best option when you’re in need of quick financial assistance. Within one to five business days, you will typically see your money after completing the personal loan application process.
A network of approved lenders is available through My USA Finance, with some lenders offering same-day funding to applicants with competitive rates.


Traditional banks often take one to five business days to review your information and approve your loan. And in some cases, you may need to visit a branch in person to complete the process. However, if you already have a relationship with a bank, the process may move along a little more quickly.

Credit Unions

Many credit unions require you to become a member before you can receive your personal loan, which could tack on some extra time to the funding process. 

However, if you’re already a credit union member, the application and funding processes may go a bit faster for you. The eligibility requirements and terms of personal loans vary by credit union, so it’s important to compare your options before selecting a lender.

How Can I Get A Personal Loan Fast?

If you’re looking for a personal loan, you can do a few things to speed up the process.

1. Check Your Credit Report

Your credit score can impact your ability to qualify for a personal loan, so it’s important to check it regularly. Also, check your credit report for errors or problems.

An error on your credit report can lower your credit score and place some potential roadblocks in your path as you apply for a personal loan.

According to Consumer Reports, more than one-third of consumers have at least one error on their credit report. These errors can be resolved quickly, but it’s important to address them as soon as possible. 

2. Know How Much You Need To Borrow

When considering taking out a personal loan, you should know exactly how much you need to borrow and what monthly payments you can afford.

3. Gather Documents Beforehand

If you’re in the process of applying for a loan, it’s a good idea to have all of your ducks in a row before you start filling out paperwork. That way, if your lender asks for additional documentation, you’ll be able to provide it quickly and without hassle.

4. Apply Online

Online personal loan applications allow for faster processing.

Looking for a Personal Loan?
Explore your options today!

Bottom Line

In short, if you need a personal loan quickly, your best bet is to go with an online lender. Make sure you have your documentation in order before starting the process. And remember, your credit score plays a role in whether or not you’ll be approved for a loan, so it’s important to check it regularly. 

My USA Finance is committed to helping its customers take control of their finances. We offer quick and easy personal loans that can help you get the money you need when you need it. 

Disclaimer: The information provided in this article is for educational purposes only. It is not intended as legal or financial advice. Consult with a qualified professional before making any financial decisions.
About this author: Erika Klink is a personal finance writer for My USA Finance. With a passion for data and creating content, she provides invaluable insights and money-saving tricks to help readers maximize their financial potential.

Request A Loan

Trending Articles

Related Articles