How Long Does It Take to Get a Personal Loan?

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How long does it take to get a personal loan?
Application: Less than 30 minutes
Approval: Up to 2 days
Funding: Same day to 1 week
Personal loan funding time by lender type
Personal loans from online lenders
Lender | Time to approve | Time to fund |
---|---|---|
LightStream | Within 5 minutes. | Same day. |
SoFi | Same day. | Same day. |
Rocket Loans | Within minutes. | Same day. |
Discover | Same day. | 1 day. |
LendingClub | Within 2 hours. | 1 day. |
Upstart | Instant. | 1 day. |
Best Egg | Instant. | 1 day. |
Avant | Within seconds. | 1 day. |
Universal Credit | 1 day. | 1 day. |
LendingPoint | Within seconds. | 1 day. |
Personal loans from banks
Lender | Time to approve | Time to fund |
---|---|---|
Wells Fargo | Instant. | Same day. |
Citibank | Same day. | Same day for Citibank customers and up to 2 business days for non-customers. Mailing a check can take 5 business days. |
Truist | 1 day. | Same day. |
TD Bank | Instant. | 1 day. |
Personal loans from credit unions
Lender | Time to approve | Time to fund |
---|---|---|
Alliant | Same day. | Same day. |
PenFed | Undisclosed. | 1 day. |
First Tech | Same day. | Same day. |
Navy Federal | Same day. | Same day. |
5 tips to get a personal loan fast
1. Review your credit and finances
2. Get pre-qualified
3. Gather necessary documents before you apply
- Government-issued identification.
- Proof of address.
- Social Security number.
- Proof of income and employment.
- Information about debts, if using the loan for debt consolidation.
4. Apply online
5. Avoid errors on your loan application
Types of loans to avoid
Payday loans
Pawnshop loans
Car title loans
Fast alternatives to personal loans
- Sell belongings for quick cash. Sites like Facebook Marketplace, Craigslist and OfferUp make it easy to list your belongings for sale if you need to make money fast.
- Take on a quick side gig. Earn money from a side gig with a low barrier to entry, such as food delivery, dog walking or completing jobs on TaskRabbit.
- Break up large bills with payment plans. Doctor’s offices, utility companies and other billing agencies may allow you to split a large bill into smaller monthly payments with an interest-free payment plan.
- Choose “buy now, pay later” options. Many retailers offer buy now, pay later plans, which can take some stress out of paying for an expensive necessity, like a mattress, appliance or computer. With this option, you put down an initial payment and make additional payments over time.
- Access part of your paycheck in advance. Cash advance apps like Empower, EarnIn and Dave lend you up to a couple of hundred dollars, which you’ll repay by your next payday. They typically request tips or charge fees for quick access to cash.
Article sources
- 1. National Bureau of Economic Research. Prodigals and Projecture: An Economic History of Usury Laws in the United States from Colonial Times to 1900. Accessed May 2, 2025.
- 2. Federal Register. Federal Interest Rate Authority: A Rule by the Federal Deposit Insurance Corporation on 07/22/2020. Accessed May 2, 2025.
- 3. Consumer Financial Protection Bureau. Truth in Lending Act (TILA) examination procedures. Accessed May 2, 2025.
- 4. Center for Responsible Lending. Payday and Other Small Dollar Loans. Accessed May 2, 2025.
- 5. Federal Reserve. Military Lending Act. Accessed May 2, 2025.
- 6. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans. Accessed May 2, 2025.
- 7. Consumer Financial Protection Bureau. What is a payday loan?. Accessed May 2, 2025.
- 8. Internal Revenue Service. Retirement Topics - Plan Loans. Accessed Apr 8, 2025.
- 9. Internal Revenue Service. Retirement topics: Exceptions to tax on early distributions. Accessed Apr 8, 2025.
- 10. Administrative Office of the U.S. Courts. Bankruptcy Basics. Accessed Apr 8, 2025.
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