How Long Does It Take To Get Approved For A Loan?

How long it takes to get approved for a loan can vary by lender and loan type. Unsecured loans may be approved in days; approval for a loan secured against an asset like your house could take several weeks.

Unsecured loans from high street providers are sometimes processed within hours or minutes. Approval for some types of loan – such as mortgages or secured loans – may take longer.

During this time, the lender will run checks to ensure the information provided is correct. As well as verifying address details and carrying out fraud checks, the lender needs to assess the level of risk involved in approving a loan application. They also need to check you can afford the loan.

• Lenders will assess your income and expenditure to ensure you can afford the loan
• Some lenders may approve a loan in a matter of minutes; other lenders may take a few weeks, depending on the type of loan
• Secured loans involve more paperwork and stringent checks – approval may take a few weeks

You can improve your chances of approval by checking the lenders lending criteria and ensuring you meet it before submitting a loan application. Depending on the type of loan, you might need to be within a certain age range, and/or own an asset (like your own home).

Submitting an application online can be quicker than completing a form by post – make sure you have all your documentation to hand, such as identification and details of income and expenditure, to avoid any delays.