How Long Does it Usually Take For a Loan To be Approved? - The answer to your question may depend on the type of loan and the lender you choose. However, in general, online lenders tend to have faster approval and funding times than traditional banks or credit unions. Here are some average estimates for how long it takes to get a loan from different sources:
> Online lenders: 1-7 days
> Banks: Within a week
> Credit unions: Within a week
These are just approximate ranges, and the actual time may vary depending on your personal and financial situation, the loan amount and term, the purpose of the loan, and other factors. To speed up the process, you can prepare your financial documents, check your credit score, compare multiple lenders, and apply online.
I hope this helps you. 😊