Personal loan processing times depend on the lender and can range from a few hours to a few days in most cases. Processing tends to take longer in unusual situations, such as self-employment or difficult-to-document income.
It’s also important to realize that even if a personal loan processes quickly, the money doesn’t instantly show up in your bank account. This can happen as soon as the next day after final approval, but also depends on the receiving bank as well. Online lending marketplace like Upstart can get you funded in as fast as 1 business day.²
²If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Are credit cards or personal loans worse for credit?
