How Long Does It Take To Get Approved For A Loan FAQ
How long does it take to get aprroved 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.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
