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March 7, 2024

How Fast Are Personal Loans? It Depends.

Ever wonder, “How fast are personal loans?” The answer is, it depends. Different lenders can provide different funding times, but in general you can expect funding in as soon as one-five business day if you use an online lender. Many lenders don’t fund loans during holidays, and some don’t lend on weekends, so that can impact when you’ll receive funding. For approved applications, Uprova can typically provide funding within 30 minutes, but circumstances can vary.

Unforeseen financial challenges can arise at any time. Many people live paycheck to paycheck without a substantial emergency fund or savings account to cover unexpected expenses. A CNBC survey found that 61% of Americans are living paycheck to paycheck. When the unexpected happens, the speed at which you can secure a personal loan becomes crucial. In this guide, we’ll explore how to obtain a personal loan swiftly when the need is urgent.

  1. Online Lenders and Digital Platforms

In the digital age, online lenders have revolutionized the lending landscape. These platforms leverage advanced technology to streamline the application and approval process. With minimal paperwork and a focus on efficiency, online lenders can often provide a speedy response to loan applications.

  1. Credit Scores and Financial Health

Your credit score plays a pivotal role in determining the speed at which you can secure a personal loan. A higher credit score generally correlates with faster approvals, as it demonstrates lower risk to lenders. However, even individuals with less-than-perfect credit can explore options tailored to their circumstances.

  1. Preparation and Documentation

Being prepared can significantly expedite the loan application process. Gather all necessary documentation, such as proof of income, employment details, and personal identification, before initiating the application.

  1. Loan Amount and Purpose

The purpose and amount of the loan can influence the speed of approval. Smaller loan amounts are typically easier to approve since there is less risk for the lender. If you are looking for a larger loan amount, you may need to do some work on your credit score before you can get approval.

  1. Collateral and Secured Loans

If you have a lower credit score, a secured personal loan, which requires collateral, may provide a faster route to approval. By providing an asset as security, you reduce the risk for the lender, leading to a more positive outcome. However, it’s crucial to weigh the pros and cons of secured loans before opting for this route.

  1. Relationship with Your Lender

If you have borrowed money from a lender before, it can expedite your application and approval. If you created an online account when you borrowed money the first time, you might be able to skip the full application the next time around. For those who prefer traditional banking institutions, an existing relationship with a bank can expedite the loan approval process. Some banks offer expedited services to loyal customers with a history of responsible financial behavior.


When you need funding fast, a personal loan can be a great option. Many online lenders work fast, providing quick applications and approval decisions in minutes. Your choice of lender, credit score, and preparation can all impact how fast you receive funding.

When you’re in need of fast funding, Uprova can help with loans between $300 and $5,000 if approved. We work with borrowers with a wide range of credit profiles. You can get started online without impacting your FICO credit score.


The content of this website is for informational purposes only. Nothing on this website constitutes financial or professional advice. Consult a professional for advice suitable to your personal circumstances.

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