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How Long Does It Take to Get a Personal Loan?
July 23, 2026
July 23, 2026
In fact, Wells Fargo reported that, on average, 98% of its personal-loan customers received their funds the same day they signed their loan documents (January–March 2026) — though its personal loans are only available to existing Wells Fargo customers.
The exact timeline depends on the lender, your credit profile, and how quickly you provide the required documents.
Preparing your application in advance can significantly speed up the process. If you're still deciding where to apply, you can compare personal loan offers side by side to find lenders suited to your situation.
This article will guide you through everything you need to know to get your loan as fast as possible.
Most personal loan applications can be completed in minutes, with approval often happening the same day and funding within 1–3 business days.
The loan application process varies by lender, but generally follows these three steps:
The biggest factors that affect how quickly you get a personal loan are the lender type, your credit profile, and how complete your application is.
Here are the key factors that impact your loan timeline:
Online lenders are usually the fastest, while banks and credit unions tend to take longer.
Online lenders are your fastest option: Many offer quick applications, decisions in minutes, and funding as fast as the next business day. Some even provide same-day funding.
Banks and credit unions: The institutions typically take longer. Phone and in-person applications also slow things down compared to online applications.
Manual reviews add time: Lenders using automated systems approve loans faster than those requiring loan officers to manually review applications.
Online lenders offer faster approvals—sometimes in as little as one to three business days—compared to traditional banks or credit unions, which may have longer processing times and more stringent application requirements.
Your credit score has a direct effect: higher scores generally lead to faster approvals, while lower scores slow things down.
Strong credit scores mean faster approvals: FICO scores in the good, very good, or excellent range typically get approved quickly and easily.
Lower credit scores slow things down: Subprime credit applications take longer to review, and you may have trouble finding willing lenders.
A complete application matters because missing information is one of the most common reasons a loan gets delayed.
Lenders need information about your identity, employment, income, and finances. If you're prepared with everything upfront, your application moves much faster. However, incomplete applications drag out the process while you gather the documents you need to apply.
The type of loan and how your income is verified can also add time. Loans that require manual income verification or extra documentation can also take longer than a straightforward unsecured application.
Here's a typical timeline based on the type of lender, drawn from Experian's guidance on personal loan timing:
Lender Type | Approval Time | Funding Time |
Online lenders | Minutes to a few hours | Same day to 1–3 business days |
Banks | Minutes to about a week | 1–5 business days |
Credit unions | Minutes to about a week | 1–5 business days |
Online lenders are the fastest option: many approve applications in minutes and can fund within an hour of closing, often the same day you apply and usually within 1–3 business days.
Most online lenders use automated underwriting to make instant decisions, then send your money by electronic transfer. That combination is what lets them move faster than a traditional bank or credit union.
A bank typically approves your application within minutes to about a week and funds it within 1–5 business days, and existing customers may see faster funding.
Banks often have stricter requirements and may ask you to complete part of the process in a branch. If you already have a checking or savings account there, the bank can verify your details and deposit your funds more quickly.
A credit union usually approves your application within minutes to about a week and funds it within 1–5 business days, but you generally must be a member first, which can add time if you're not already.
Once you're a member, credit unions are known for member-friendly service and competitive rates. If you need to join before applying, build that extra step into your timeline.
Funding speed varies by lender—here's what several well-known lenders publish about their own approval and funding times.
Lender | Approval Time | Funding Time | Source |
SoFi | Rate check in minutes | Same day possible when approved and the loan agreement is signed by 5:30 PM ET on a business day | |
Best Egg | Offers in minutes | As little as 24 hours; about half of customers get funds the next day; 1–3 business days after verification | |
Achieve | Varies by applicant | As little as 1–3 days (funds available in 24–72 hours) | |
Wells Fargo | Same-day decision for most customers (existing customers only, 12+ months) | 98% of customers received funds the same day they signed (Jan–Mar 2026) | Wells Fargo disclosure (see hero stat above) |
Timelines reflect each lender's published terms and can change—confirm current details on the lender's site before applying.
To get a personal loan as fast as possible, focus on choosing an online lender, preparing your documents in advance, and applying with a strong credit profile.
You can improve your credit score before applying by paying debts on time, keeping your credit utilization low, and correcting any errors on your credit report.
Higher credit scores mean faster approvals, lower rates, and better terms. If you have time, improve your credit before applying:
Pay your debts on time: Making your debt payments on time every month is the best thing you can do to build credit, as payment history makes up the biggest percentage of your credit score.
Keep a low credit utilization: Only use a small percentage of your available credit. Avoid carrying high balances on your credit cards, home equity line of credit, and other revolving credit accounts. It's recommended to avoid exceeding 30% of your available credit.
Keep accounts open: The older the debt accounts on your credit report, the better it is for your credit, as the age of your accounts factors into your credit score. Keep your credit cards open even if you don't use them much anymore (unless you have a compelling reason to close them out).
Check your credit report: If your credit report contains inaccurate negative information, it could hurt your credit score. Check your credit report to ensure it represents you fairly, and dispute any incorrect information.
Yes—prequalifying is often a smart first step because it previews your estimated rate, term, and loan amount with only a soft credit check that doesn't affect your score.
Because prequalification lets you see likely offers before you formally apply, you can skip lenders that aren't a fit and move straight to a full application with the one that suits you. That saves time and avoids unnecessary hard inquiries on your credit report.
If you want a personal loan quickly, research each lender's timeline upfront. Many lenders post their approval and funding schedules on their websites.
Look for lenders offering online applications with instant decisions and funding within days of approval. However, don't sacrifice important factors like competitive rates and a strong reputation for speed alone.
For most online lenders, the process from application to receiving funds typically takes one to three business days. Speed matters, but so does transparency. Look for lenders with clear, upfront terms—the best financial decisions come when you have all the facts, not just fast access to funds.
The loan application will go faster if you have all the information you need upfront. Gather your documents before you apply:
Identity verification: You'll need to submit documents that prove your identity, such as a driver's license, birth certificate, passport, or Social Security card.
Income verification: Provide proof of income with a pay stub, W-2, 1099, or bank statement.
Address verification: Documents such as a utility bill, mortgage or rental paperwork, or a tax return can verify your address.
Financial documentation: If you want to receive your loan via direct deposit (the fastest option), provide banking information that includes an account number and routing number.
The key to a smooth and speedy approval is submitting a complete and accurate application. Think of it like preparing for a job interview — the more organized and informed you are, the better your chances of success.
The most common pitfalls that slow a personal loan application are not checking your credit first, skipping the comparison process, and missing required documents.
Not checking your credit first: If your credit isn't great, you might face an unpleasant surprise when applying. Check your credit report and score beforehand to spot errors or find ways to improve your approval odds.
Skipping the shopping process: Shopping around takes time upfront, but pays off. Comparing lenders helps you find faster timelines and lower rates. Read reviews and check reputations to avoid future headaches.
Missing required documents: Without the right documents, your application stalls. If lenders need to request missing info, you'll face delays while scrambling to find what's needed.
What this means for you depends on your credit and how quickly you need the money. Here's how to match your situation to the right path:
Strong credit and need money fast: An online lender is well-suited to you. With a complete application, same-day or next-business-day funding is realistic.
Building your credit: Prequalify first to preview offers, and consider a credit union. Expect the process to take a few extra days.
Prefer a branch or existing relationship: A bank or credit union may suit you, but allow up to 5 business days for funding.
Your next step depends on where you are in the process, but here's where to start:
Compare personal loan lenders to see estimated rates and funding times side by side.
See how much you could borrow before you start an application.
Weigh the pros and cons of a personal loan to decide if it's the right move for you.
Most online lenders can approve your application within minutes to a few hours. Banks and credit unions can take anywhere from a few minutes to about a week.
Funding typically takes one to five business days, depending on the lender. Some online lenders offer same-day or next-day funding.
Yes, some online lenders offer same-day approval and funding, especially if you apply early and have strong credit.
Your lender, credit score, and how complete your application is all impact how quickly you get approved and funded.
Apply online, prepare your documents in advance, and check your credit before applying to avoid delays.
Yes. A prequalification runs a soft credit check that previews your estimated rate and terms, so you can skip lenders unlikely to approve you and spend less time on applications that won't pan out.
Yes. Direct deposit is the fastest way to receive your funds—money typically lands in your account within a couple of business days, while a mailed paper check can take several days longer.
This article was written by Brian Acton, a personal finance journalist who specializes in personal loans and debt consolidation. His work has appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc., and HuffPost.
Our editorial team reviews and compares personal loan options and pairs them with guidance from lenders' own disclosures and consumer-credit resources, so you can make more informed borrowing decisions.
For this article, we relied on published secondary sources rather than a proprietary survey. We reviewed lender-published funding and approval disclosures, including Wells Fargo's personal loans page, alongside consumer guidance from Experian on personal loan timing. BestMoney does not have first-party survey data on personal-loan timelines, so every figure here is drawn from and cited to these external sources.
Wells Fargo, "Personal Loans" — same-day funding data for January–March 2026.
Experian, "How Long Does It Take to Get a Personal Loan?" — approval and funding time ranges by lender type.
SoFi, "Personal Loans" — same-day funding terms.
Best Egg, "Personal Loans" — approval and funding timeframes.
Achieve, "Personal Loans" — funding timeframe.
Brian Acton is a seasoned personal finance journalist at BestMoney.com who specializes in loans and debt consolidation. His work has appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, HuffPost, and other notable outlets.