Finance Questions

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Question: How long does it usually take for a personal loan to be approved?

My partner and I submitted the final documentation yesterday and the Finance Company was quite vague about how long it will take for them to find a lender and approve the loan. They have told us 'up to ten days' which sounds fairly long. Does anyone have previous experience with obtaining a personal loan and can shed some light on how long we can expect to wait. Ideally, we would like to have the money within a few days. We have clean credit history.

Answer: That is way, way too long. Most banks will give you a turn around in 2 days. My guess is that this company is playing games on the 'secondary market'. They may be shopping around for the lowest rate they can get, before they give you the loan. They make their money totally on the 'spread' and if the rates are going to go down, and they can increase there spread, it benifits them to 'put you on hold' for a little bit. If you have bad credit, and the Finance Company is the only place you can go, then you're kind of stuck. But if you can get your loan from a bank, you're generally better of there - they don't usually play these kind of games.

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