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

lufc7

Well mine was about 1/3 of my annual salary. I will point out the loan was through my main bank, which I imagine helped

Deru

First Direct, about 30 seconds. Got the money in minutes. £7K

Tesco Bank, decision in a minute or so. Had to sign something and post it back and wait for them to process before they gave me the money so that's 2-3 working days. £8K.

Some banks / sites will do initial check, then tell you they need to do further checking so you may have to wait a day or two.

Larger amounts...wouldn't know.

casoteaser

thank for reply

fresvinog

This is the quickest loan I've ever heard... Most of all, a day after approval

whambam

i guess some banks require a hard copy signature and others a digital one is fine.

Does anyone think their loan is reviewed by an actual person or an algorithm if you meet these conditions/criteria your approved?

I don't think they even check if your working or not?

lufc7

I can only assume mine was a computer decision. But like I said before it was with my bank where my salary is paid, and I have been with them for approx 10yrs I was given a option to digitally sign online (ie tick a box) or have a paper t&c sent to read, I was happy to sign online, the next screen told me it would be available within 24hrs and it was.

oliviarose

i think this depends on your circumstances, making a decision may take time depending on your current situation and income. also if you have gone into a branch to discuss a loan it may be quicker as you are being dealt with in person.

fresvinog

Agree with you rose, also dealing in person is more trustable than online..

fresvinog

And another thing, you can also apply over the phone, I think this also can help when applying for a loan rather submitting a form through online.