How soon will I receive my money after being accepted for a loan?
The length of time between being accepted for the loan, and receiving the money in your bank account can vary from lender to lender. If time is of the essence to you, be sure to ask this question at the point of application. Usually, after being accepted for a loan over the telephone, you will be sent paperwork to complete within 5 days of the acceptance. After completion of these forms, a final decision is made by the lender and if you are accepted, the funds can be transferred into your bank account on the same day.
Most personal loans that are accepted via an online application, can be transferred to your bank account on the same day. Online applications are popular with personal loans as they can be arranged quickly and easily.
The secured loan process takes a little longer, usually between 4 and 5 weeks for the loan to be received. This is due to a number of reasons for example, the lender must first conduct a search of the Land Registry. This tells the lender who owns the property, whether or not anyone has a legal interest in the property, if there are any restrictions on the land and whether the property is freehold or leasehold. Also a secured lender will need to obtain information from your mortgage company, to carry out a valuation on your property and will need proof of your identity and income before agreeing to advance the loan.
- I have taken out a secured loan, but I am moving to a new property? Will this be a problem?
- I’ve struggled with debt in the past. Should I avoid secured lending?
- Can I take out a secured loan if I am a tenant?
- What is the minimum and maximum loan amount for an unsecured loan?
- What additional support do you provide after I’ve applied for an unsecured loan?