How long does it take to get approved for an equipment loan?

The approval time for an equipment loan can vary significantly depending on the lender. 

It can range from as little as one day to several weeks. Online lenders often offer quicker approval times, while traditional lenders such as banks and credit unions may take longer. If you’re looking for a quick turnaround, online lenders might be a good option, but it’s important to compare rates as they may be higher than banks or SBA loans. For the best terms, it’s advisable to have all your business documents in order and to prequalify if possible, as this can expedite the process.