How long does it take to get a loan?
How long does it take to get a loan? That is an important question, because the answer really depends on what type of loan you are looking for. There are loans that you could get in a matter of hours, or those that will take you a week or two before approval. The important thing is to analyze your situation and decide which type of loan is best for you. It is not a wise idea to base which loan you get based on how quickly you get it, especially as the pay back conditions may not be to your liking.
When you wonder about how long does it take to get a loan, it is important to remember that payday, or amortizing, loans are the fastest type of loan that you can possibly get. These loans are very different from traditional bank loans. Pay day loans range from $300 to $1000. Most typically you will start off with a loan of $300 to $500, and if you pay that back you will be eligible for further loans in the future. However, paying back a payday loan is not done in the same way that a regular loan would be.
While regular loans are paid back in installments over a period of time, payday loans must be paid within two or three weeks. On top of that, you have to pay a high interest rate in addition to the full amount. For example, if you take out a $400 loan on January 1st, you will have to pay back an amount close to $440 or $450 on January 14th or January 21st. This is why it is important to think carefully before you get a payday loan. Being unable to pay back the loan could have dire consequences for your credit and your future ability to get any type of loan.
Getting a personal loan from a bank is slightly harder and takes a little bit longer. When you are applying for a personal loan, a bank will ask for quite a bit of information. Your SSN, driver’s license, and bank account information is mandatory. This will enable them to look at your current funds and what your previous credit history is. In addition, they will ask for an employment history and your current earnings proof. This will show them how capable you are of paying back the loan. All of this information is analyzed before any final decision is made.
The timetable on how long does it take to get a loan ranges from 1 to 2 weeks on a personal loan. If you have a great application, you will get one within a week. A slightly more difficult personal situation might result in them taking longer to give you approval. In other cases you might get rejected straight away, which means you will have to look elsewhere for a loan.
If you are turned away for a personal loan, do not worry too much. There are other ways around it and you can always figure out how to get a loan. With the case of a bank loan, you might want to find some sort of collateral. This is a physical property that the bank can seize if you do not keep up with payments. In addition, you could also get a guarantor for your loan. They will have to have a great financial/credit standing, thereby allowing them to convince the bank that if you do not keep up with the payments they will pay.
Either way, there is a lot involved in getting a loan. Payday loans are faster but also require faster pay back. Regular loans have flexible repayment conditions, but can be a lot harder to obtain. The key is to think about what type of loan you need and why you need it. Also think about how quickly you will be able to repay that loan. Once you have figured all that out, you will be all set to get a loan.