How long does it take for a loan to be accepted and approved?

wilsonjack10

Hi all,

Just a quick question I wanted to ask - how long does it generally take for a loan to be approved? I just wanted to get an idea of the lag time behind it.

Thanks in advance

matchboxfull

Some approve instantly online.

yoshiyella

Depends on the lender - for mine, I applied on a Friday evening and funds were in my account on the Thursday.

I know when I had a loan with my bank they sent paperwork out to me and it took about 2 weeks.

Herzlos

If it's online / in person it's often minutes. In paper via post it could be weeks.

lee111s

All depends on the lender and the applicant. My First Direct loan was approved and in my current account within 30 second of me pressing apply.

wilsonjack10

Thanks for the replies everyone. Was worried credit checks would take longer than it did.

Princess2790

I applied for mine, was accepted and the money was in my bank 5 minutes later

whambam

matchboxfull wrote: »

Some approve instantly online.

lee111s wrote: »

All depends on the lender and the applicant. My First Direct loan was approved and in my current account within 30 second of me pressing apply.

Princess2790 wrote: »

I applied for mine, was accepted and the money was in my bank 5 minutes later

How big are these loans? Must be small to be accepted instantly?

Also, it seems that majority of credit cards not sure about loans are accepted by a computer rather a human?

I can't imagine a computer accepting a 10-15k+ loan in a matter of seconds or 5 mins? Surely, a human looks through it and does checks or am I old fashioned?

Vikipollard

£7,500, instantly online, 20 months ago ( 4 payments to go! )

Was with my own bank though.

Hubby £8,000, instantly online through his own bank.

lufc7

I managed to have a £12,000 loan approved instantly last year and the money went into my account overnight. No phone calls and no paperwork to sign it was all was done online.

whambam

That is unbelievable i used to go through loan application with national bank of Australia and the time and effort to see if any fraud was happening with ID etc was a lot now its seconds it gets approved for huge loans. Always went with credit cards on 0% rather than loans.

Do you have to have a certain minimum salary to be approved of these loans or is national min wage or lower acceptable?