When you’re looking for a personal loan, timing matters. Maybe your car repairs can’t wait another day, or your pet needs emergency veterinary care? Other times, it’s something bigger, like planning a wedding or starting a home renovation project, where you still want to know how long it takes to get a personal loan before you commit.
How long does a personal loan take to process?
Getting a personal loan might not take as long as you think. For many borrowers, the entire personal loan process, from the moment you submit your application to when the money is deposited, can happen within a day.
Personal Loan Application Process
1
Personal Loan Application
Start your loan application by sharing basic personal and financial information – most lenders let you apply online in just a few minutes.
2
Loan Approval
Once your application is submitted, the lender reviews your details, checks your credit score, and makes an approval decision, often within a day or two.
3
Personal Loan Funding
After approval, the lender transfers the funds to your bank account – timing can range from the same day to a few business days, depending on your lender and bank.
1. Personal Loan Application
Starting a personal loan application is fast. Many online lenders let you begin with a quick pre-qualification to check potential rates without a hard credit check. You’ll provide some personal and financial information, like your income, employment details, and the reason for your loan.
Yup Loans: Our online application process takes about three minutes¹. There’s no paperwork, no fees, and one simple form connects you to multiple personal loan lenders straightaway.
2. Loan Approval
Once your loan application is submitted, the loan approval process begins. With some lenders, you can get a loan online instantly, while others might take a day or two if they need to review extra details or verify collateral.
During this stage, lenders review your credit report to confirm your credit score and ability to repay the loan. In some cases, they also evaluate a co-signer’s creditworthiness.
Yup Loans: We make quick decisions. Most borrowers get approved for a loan in around three minutes¹, so you can move forward without waiting around.
3. Personal Loan Funding
Once your personal loan is approved, the next step is getting your loan funding (when the money lands in your bank account). The speed varies by lender: while some banks and credit unions can take a few business days, others can fund your loan within hours.
If you’re borrowing from a traditional lender, it can take longer to process due to internal verification or transfer delays. Once the funds are sent, banks usually take a little extra time (up to seven business days) to clear the deposit.
Yup Loans: Our lending partners work fast. You could receive your loan as soon as 15 minutes after approval*, depending on your lender and your bank’s processing times.
Loan Approval Process Times By Lender Type
The time it takes to get approved for a personal loan can vary depending on where you apply, and that can make a big difference when you need funds fast.
Some lenders specialize in instant decisions, while others follow a more traditional review system that can take longer to process your loan application.
How long does it take to get a personal loan with different lenders?
| Lender Type | Average Decision Time | Funding Speed | Things You Need to Know |
| Yup Loans | Around 3 minutes¹ | As soon as 15 minutes after approval* | Fast online application process, no upfront fees, all credit types³ |
| Online Lenders | Instant to 2 business days | Same day to 3 business days | Fully digital process; might request verification documents |
| Banks | 1-5 business days | 3-7 business days | Manual checks and higher credit score requirements can slow things down |
| Credit Unions | 1-3 business days | 2-5 business days | Might need membership; credit unions take longer for manual reviews |
Online Lenders
An online lender is usually the fastest way to get approved for a personal loan. They use digital systems to review your personal and financial information and make quick decisions. However, others can take a day or two if they need to verify income or confirm your credit report details.
Most online lenders handle everything through their website or app, meaning you won’t have to visit a branch or wait for office hours. Once approved, you can often fund your loan within one business day, and in many cases, even sooner.
Banks
Traditional banks are still a go-to choice for many personal finance needs, but they tend to move more slowly. Because they rely on in-person verification, hard credit checks, and detailed reviews of your credit history, it can take anywhere from one to five business days to get a decision, and up to 7 business days to receive funds.
Banks often also ask for extra loan documents, like pay stubs or bank statements, which can add to the delay.
Credit Unions
A loan from a credit union can offer competitive rates and flexible loan amounts, but the process isn’t usually built for speed. Because credit unions often require membership and manual underwriting, it can take longer to process your loan application and loan funding.
Most borrowers get approved for a loan within a few business days, though it usually takes another day or two for the funds to arrive.
Get a Personal Loan Fast. No Stress, No Waiting.
Need cash quickly? With Yup Loans, you can apply for a personal loan in minutes¹ and get matched with lenders ready to help, even if your credit score isn’t perfect.
Request FundsHow to Speed Up Your Personal Loan Application
Even though many personal loan lenders move quickly, there are ways you can fast-track your personal loan application. If you’re hoping to get a loan fast for an emergency or simply want to avoid delays, a few small steps can make a big difference.
Double-Check Your Application Details
Before you submit your application, review all your personal and financial information carefully. Loan application mistakes (like typos in your income, address, or bank details) can slow down the loan approval process or cause extra verification steps.
If you’ve recently updated your address or changed jobs, make sure those details match your documents and credit report. Small inconsistencies can affect your chances of getting approved and can trigger additional reviews.
Have Your Documents Ready
Being prepared is important. Most lenders will ask for proof of income, ID, and sometimes bank statements to verify your information. Having these documents on hand means you can upload them instantly instead of delaying your loan approval.
At Yup Loans, we ask for your:
- Zipcode
- Social security number
- Drivers license
- Your employer’s name or your business name if you are self-employed, your job title and job details (if applicable)
- Benefits details (Retired, Disability or Unemployed), including payment frequency and net/gross monthly pay amount (if applicable)
- Your address, if you rent/are a homeowner and how long you have been at this address
- Your bank name, routing number and checking account number
Apply Early in the Day
Timing can make a difference. Lenders and banks often process applications during regular business hours, so applying in the morning can help you get approved for a loan the same day. If you apply at night or over a weekend, it might take a day or two longer for the loan approval to go through.
Some online lenders review applications automatically, so you might still get approved quickly even outside office hours, but your bank will still need time to clear the deposit once the funds are sent.
Avoid Multiple Applications
When you need money, it can be tempting to apply for more than one personal loan at once. But too many applications can lead to multiple hard credit checks, which will affect your credit score and slow things down.
Instead, use a single platform like Yup Loans, where one loan application connects you with multiple personal loan lenders at once³. This increases your chances of getting approved while avoiding the delays that come with submitting separate forms.
Need a personal loan fast? We like to say yes!
Getting a personal loan shouldn’t feel like a waiting game. At Yup Loans, with one quick loan application, you’ll be connected to a trusted network of personal loan lenders who work with all credit score backgrounds³. No upfront fees, no complicated forms, just a straightforward way to get approved and fund your loan quickly.
Request funds now and see how easy it can be to get approved for a personal loan with Yup Loans, where saying “yes” happens faster than you might think.