Online Lenders Traditional Banks or Credit Unions
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Application Time Plan for 15 minutes or so Plan for 15 to 60 minutes
Approval Time Three to seven days Same day to several days
Funding After Approval One to seven business days Same day to several days
How long does it take to get approved or denied for a loan?
The answer is that it depends. Some banks have longer processes than others, but it should not take more than one or two business days. Once your loan has been approved, you'll need to wait for the funds to become available. Some banks can make the funds available the same day, but others take longer.15 Dec 2021
Is Loans2Go a payday loan?
Is Loans2Go a Payday Loan? No, Loans 2 Go do not have FCA permission to offer payday loans. This is because they offer loans ranging from 18 months or longer which falls outside the regulator's definition of Payday loans.19 Jan 2022
How long does Loans2Go take to approve?
Loans2Go is a direct lender which means they can approve loans very quickly. They aim to get the money into your account within 60 minutes.19 Jan 2022