personal loan - how long can i wait before drawing down?

orcocan

hi everyone,
I would like to get approval for a personal loan before I decide how much to spend on some home improvement works, however I do not need the money straight away, I just want the certainty of being able to count on that money once I need it, in say 3-4 months before I commit to a quote.
I looked around but they always mention 'money will be in your account immediately/within 4 days'. No one actually mentions when the offer will expire / how long I can wait between approval and actual drawdown. Does anyone know how this works?
Thanks in advance

lee111s

You'd need to speak to the lender you're thinking of applying to.

Otherwise, take the hit and start paying the interest, then at least you'll have the certainty that the money will be there when you need it.

SeanG79

orcocan wrote: »

hi everyone,
I would like to get approval for a personal loan before I decide how much to spend on some home improvement works, however I do not need the money straight away, I just want the certainty of being able to count on that money once I need it, in say 3-4 months before I commit to a quote.
I looked around but they always mention 'money will be in your account immediately/within 4 days'. No one actually mentions when the offer will expire / how long I can wait between approval and actual drawdown. Does anyone know how this works?
Thanks in advance

Usually finance approval is valid from 30-90 days depending on the lender. You would need to call them to confirm.

foxy-stoat

To save yourself 3/4 months worth of interest and the possibility that you will apply for more than you need - get some quotes before applying for the loan.