How long does it take to get a loan?

[Deleted User]

I'm interested to know how long it takes, from applying for a loan to getting the money (or being declined)?

So if you've had a loan, or applied and been rejected, how many weeks did it take to get the final lending decision?

(Personal, non secured, loans)

Thank you in advance for your replies.

Apples2

Payday loans advertise about 15 minutes until it is in your account.

Proper loans take longer, sometimes a few days, sometimes weeks.

What is your real question?

jamiefly

If it's with your own bank and online then it could be an instant decision and the money drops in on the last click of a mouse. Other banks may verification so a few days after that.

stephane_2

Got a loan recently from Nationwide....money was in account within 2 days of application.

pinkladyof66

i applied online through my bank application took 2 mins, and money was there within 1 min after so immediately, took one out in feb 12 and one out june 12

[Deleted User]

Took me about 20 minutes, at HSBC.

Tixy

On all the loans I have had I have been giving a final lending decision in minutes.
I've had the money in the bank the same day one 1 occasion, the following day on another occasion, but had to wait 3 days on another.

If you don't get an instant acceptance or instant decline and its referred to an underwriter to review then it can often take a week. It would be unusual to take more than 10days.

Treadmill

First direct Loan for First Direct Customers is pretty much instant, took me by surprise.

stephane_2

Treadmill wrote: »

First direct Loan for First Direct Customers is pretty much instant, took me by surprise.

Me too...had one with FD over 2 years ago & it was instant....no fuss!

[Deleted User]

Thanks for your replies.

I should have been a bit more specific - this is for bank loans only in the region of £15k. (So not payday loans or anything like that).

The reason I wanted to know is that I'm trying to get one from Natwest and the whole process has taken over 1 month and I still don't have a decision. When I initially applied on the phone, the woman said it should be done pretty quickly, assuming I can supply the required documents (which I have done).

Admittedly I'm self employed as a Director, but I have provided them with all the documentation they requested. The woman on the phone said that the money would go through if I can provide proof of income etc, which I have done.

Do you think this is reasonable? Should I complain?

EDIT: I've also been banking with Natwest for well in excess of 10 years. I use them for personal and business banking, hence why I applied with them.

stephane_2

No one is talking about Payday loan here.....we are talking about proper loans....large sum & money in the bank within minutes. Concerning your application....well you will not achieve much by complaining. Have you checked your credit report to see if they have performed a search on your file? Might be worth trying with a different lender....