How long does it take to apply for a loan?

How long does it take to apply for a loan?

How long it takes to apply for a loan varies based on the type of loan you're applying for and your lender.

With a personal loan, a loan application is usually pretty speedy. You can usually wrap things up in a few minutes and many of our lenders will payout the same day.

Sometimes however, lenders like to run a few extra checks to make sure you can definitely afford to repay the loan you're applying for. They might also want to make sure someone isn't trying to apply for a loan on your behalf. If this is the case, it make take a couple of extra working days to you to be approved.

With a homeowner loan, it takes a little longer to set up. If you're fairly prompt with getting over all the information needed by the lender, you could get your loan in 10 days. However, if things take a bit longer, you might be looking at around 2 to 3 weeks.

You may also find the guarantor loan takes bit longer to arrange as the lender will have to run checks for both you and your guarantor.

So, in a nutshell, there isn't one answer to this question. It all comes down to your lender, loan type and how quickly you can supply any additional documentation.