How long does it take to get a loan?

Understanding loan types

There are two main types of loan:

Loan type	Also known as	How it works
Personal loan	Unsecured loan	Based on your creditworthiness and affordability — nothing is used as security
Homeowner loan	Secured loan	Tied to your property, which the lender uses as security

Because secured loans involve your home, lenders need to carry out more checks before they can approve you, and that takes time.

How long does it take to get a personal loan?

For most borrowers, this is the faster option. How long a personal loan takes to complete varies by lender, but the process can move quickly.

With online lenders, you can often get a decision in minutes. In many cases, the money lands in your account the same day or the next working day. With a high street bank, it usually takes a little longer — typically two to five working days.

Here's a rough guide:

Stage	Typical time
Application	A few minutes online
Decision	Same day (sometimes instant)
Money in your account	Same day or up to 3 working days

A more complicated credit history may mean a lender takes a little longer to review your application, but it doesn't mean you won't be approved. Plenty of lenders offer bad credit loans and work specifically with people in this situation, so it's still worth applying.

How long does it take to get a secured loan?

A secured loan (or homeowner loan) takes longer to come through. As the loan is secured against your home, the lender needs to value your property and carry out legal work before any money is released.

The timeline for a secured loan is typically three to four weeks, sometimes a little less if your case is straightforward and each stage moves without delays. Either way, it's worth factoring in some extra time when you're planning.

The main stages are:

1. Application: You submit your details and supporting documents
2. Property valuation: The lender checks the value of your home
3. Underwriting: A specialist reviews your application, the loan terms, and your financial circumstances
4. Approval: The lender confirms the application’s outcome
5. Funds released: The money goes into your account

The extra time reflects the additional checks involved, not a problem with your application.

What can I do to speed up the process?

Missing information is one of the most common causes of delays. Having everything ready before you apply keeps things moving.

Most lenders will ask for:

Document	Example
Proof of identity	Passport or driving licence
Proof of address	Utility bill or bank statement (recent)
Proof of income	Payslips or bank statements (last 3 months)

A few other things that help:

• Check your credit report first: Errors can hold up an application. You can check yours free through Equifax, Experian, or TransUnion, and dispute anything that looks wrong before you apply.
• Be accurate: If the details on your application don't match your documents, the lender may need to ask follow-up questions.
• Reply quickly: If a lender gets in touch to ask for more information, a fast response keeps the process on track.

When will the money reach my account?

The short answer: as soon as everything is signed off. For a personal loan, that can be the same day. For a secured loan, funds are released at completion (the final stage), once all the legal and valuation checks are done.

Comparing lenders beforehand can help you find one whose timeline works for you.