What personal loans have online approval?

It takes 7 business days or less to get a personal loan in most cases. The fastest you can get a personal loan is the same day you apply. The longest the process can take is over 30 business days. There are many factors that go into a personal loan decision and how long it takes to come. Two important ones are your creditworthiness and the accuracy of the information on your application.… read full answer

The better your credit history is, the more confident issuers will be in approving your personal loan application. Higher income may also speed up the approval process. The accuracy of the information you submit is important, too, because if you make a mistake on your application – entering the wrong address or SSN, for example – the issuer may not be able to verify your identity or creditworthiness right away. They will have to contact you to request additional info.

How long it takes to get approved for a personal loan and how long it takes to get the money are likely to be different timeframes. In most cases, it’s going to take at least one business day after approval for you to receive your funds. Some online lenders may be able to get you the money the same day.

Probably the most important factor in the personal loan timeline is where you’re getting the loan from. WalletHub reached out to some of the biggest lenders to see how long it takes to get approved for their personal loans and when funds are paid out.

How long it takes to get a personal loan by issuer:

If you want to get approved for a personal loan as quickly as possible, there are a few steps you can take in order to speed the process along.

Tips to Get a Personal Loan Faster:

1. Check your credit report for any errors and dispute them. Incorrect or fraudulent information can hold your score back and prevent you from being approved.
2. Only apply for loans with credit requirements that you meet or exceed. This will give you the fastest decision timeline, as it will be easier for the lender to determine you qualify.
3. Check for pre-qualification before applying. If you receive pre-qualification, you’re not guaranteed approval but your odds are very high.
4. Apply online for the fastest processing. Applying online immediately plugs your application in to the lender’s automated system – you might even get a decision instantly.
5. Make sure all the information on the application is accurate. If you accidentally put the wrong address, SSN, etc., the lender will have to hold up your application and contact you to clear it up.

In addition to issuers’ timelines for approval and funding, you should also include the preparation process in your time estimate. Before getting a personal loan, you should check your credit and compare offers from various lenders to find the best one available for your situation. You can check your credit for free in minutes. But you shouldn’t rush through your research. Take as much time as you need to come to a decision, keeping in mind the length of the loan, estimated monthly payments, APRs and more.

You’ll also want to take the time to check for pre-qualification if the lenders you’re interested in allow it. Pre-qualification will give you a better idea of your approval odds. While you won’t always be approved if you pre-qualify, your chances are extremely high. It only takes a few minutes to check for pre-qualification and it doesn’t hurt your credit, so be sure to take advantage of it.

The minimum credit score for personal loan approval is 585-600, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score. But it probably won’t be cheap. The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.… read full answer

If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.

Credit Score for Personal Loan Approval by Lender:

*According to multiple third-party sources.

You can check your credit score for free on WalletHub. You’ll also get personalized advice for how to improve your score.

What Is a Credit Score?

Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.

But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.

The best way to estimate your odds of approval for a personal loan is to check to see if you’re pre-qualified for any offers before submitting an official application.