Most personal loans offer online approval. Nine of the 10 largest banks and credit unions with personal loans give applicants the ability to apply online and check their approval status online. If approved, borrowers will also be notified via email, whether they apply online or at a branch location. In addition, lenders such as Avant, SoFi and Prosper don’t have physical branches, so they handle everything online.
When you apply online for a personal loan, you may receive a decision instantly. If you don’t, you should get a decision in fewer than 7 business days. In rare cases, it could take a few weeks. After you’re approved, it will usually take 1-7 business days to receive your funds. If you’re not approved for a personal loan right away, you should be able to check your approval status online at any time.
Lenders Offering Personal Loans with Online Approval:
Before you apply for a personal loan online, make sure to see if the lender lets you check for pre-qualification. This will allow you to find out your chances of getting approved before you apply. While not everyone who is pre-qualified will get approved, most people should. And pre-qualification has no effect on your credit score, unlike an actual application which will cause a temporary dip in your score.
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