How long does it take to get a personal loan? | Finder Singapore

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How long does it take to get a personal loan?

Find out how long it takes to receive your money for different types of personal loans.


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Personal loans providers often advertise personal loans that you can get “immediately”. Unfortunately, that’s rarely accurate. How long does it actually take to get a personal loan? This guide will cover exactly that, including steps you can take to expedite your loan application process.

How long does it take to get approved for a personal loan?

Applying for a personal loan may take minutes, but getting your application approved can take anywhere from a few minutes to several weeks, depending on the type of lender.

Online and peer-to-peer lenders can approve your loan in as fast as a few minutes, while banks and credit unions can take as long as a few weeks. That’s because online lenders tend to use algorithms to process your application, while banks and credit unions typically rely on staff for underwriting.

Online direct lenders

  • Typically get approved in: A few minutes to a few business days.

Online direct lenders are generally the best option to get a personal loan quickly. Filling out the application often takes no more than 15 minutes if you have your information and documents on hand.

With some lenders, you can get approved within a few minutes. Others might want to review your application before they request documentation.

Peer-to-peer lenders

  • Typically get approved in: A few minutes to a few business days.

Peer-to-peer lenders tend to take longer overall than online direct lenders, but getting approved typically doesn’t involve anything extra.

Like with direct online lenders, approval can take a few minutes if you have all of your information and documents ready. However, some lenders might require more time.

Banks and credit unions

  • Typically get approved in: A few days to a few weeks.

One of the drawbacks of borrowing from a bank or credit union is that getting approved for a personal loan can take much longer. There are a couple of reasons for this. For one, banks often have higher credit standards than online lenders and might take more time reviewing your application to make sure you meet their criteria.

Also, both banks and credit unions often don’t have the technology to process applications quickly. Many rely on staff to underwrite their loans, which generally takes more time.

How long does it take to get borrowed funds?

You can get your funds as soon as the same day or within a few weeks, depending on your lender. Since application times vary from borrower to borrower, lenders often can’t give a very accurate idea of how long it takes to get approved. But most can give an estimate of how long it takes to get your funds.

Online direct lenders

  • Typically get your money in: One to two business days.

Once you’re approved, the lender just transfers your funds to your bank account.

Typically that kind of transfer takes around one business day, though some can get you your funds as soon as the same day if you’re approved that morning.

Some lenders with fast approval times might take longer, however.

Peer-to-peer lenders

  • Typically get your money in: The next day to a week.

Since peer-to-peer lenders rely on investors to fund their loans, getting your money can take a little more time, sometimes as long as a week.

But it’s possible to find peer-to-peer options that don’t take as long.

Banks and credit unions

  • Typically get your money in: The next day to a few weeks.

If you already have an account with the bank or credit union, you might be able to get your funds much faster than if you have one with a different bank. That’s because it doesn’t involve a transfer between banks, which can take some time. You may even be able to get your money as soon as the next business day.

If you’d like to receive your loan quicker, you can try signing up for a bank loan online. Many banks offer loan application services on their online banking platforms. You can simply fill up the application form in 5-10 minutes. For smaller loan amounts, you may even receive approval-in-principle, a temporary form of approval, which allows your loan to be approved in as quick as a minute.

DBS Personal Loan

DBS Personal Loan


3.88 % p.a.


  • Borrow from S$500
  • Repayment flexibility, subject to lending criteria
  • Instant approval

DBS Personal Loan

Apply today to get approved for up to 10X your monthly salary over 5 years.

  • Get an interest rate as low as 3.88% (7.56% EIR)
  • Borrow from up to 10x your monthly salary
  • Near-instant loan approval for existing DBS customers

Compare personal loan providers

Select ‘Compare’ to view the eligibility requirements and fees for each lender.

Name Product Interest Rate From Minimum Loan Amount Maximum Loan Amount Turnaround Time
Standard Chartered CashOne Personal Loan

EIR: 6.95%

Up to 4x your monthly salary, subject to a cap of S$250,000
Next working/banking day. T&C's apply
Get up to $1,200 cashback and Interest Rate as low as 3.48% p.a. (EIR 6.95% p.a.). T&Cs apply. Valid till 30 June 2021
UOB Personal Loan

EIR: 7.75%

Up to 95% of your available credit limit
Instant approval
Get S$600 Cashback if you choose a loan of S$30,000 or more with a term between three and five years. This online offer ends on 31 March 2021.
HSBC Personal Instalment Loan

EIR: 6.5%

1 minute approval in principle. "Next Day" approval available for loans up to S$100,000
Receive S$88 cashback and 5x Grab Food vouchers worth S$20 each upon approval. Offer ends 31 March 2021. T&Cs apply.
DBS Personal Loan

EIR: 7.56%

Up to 10x your monthly salary
Instant approval
Apply today and receive an interest rate from 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
POSB Personal Loan

EIR: 7.56%

Up to 10x your monthly salary
Instant approval
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.

Compare up to 4 providers

What affects a personal loan’s turnaround time?

Aside from the type of lender you apply with, how long it takes to complete the personal loan process depends on:

  • Preparedness. The more information you have readily available to you, the faster the application process typically takes.
  • Source of income. Some lenders might take longer to process your application if you’re self-employed, since it can be more difficult to verify your income.
  • Personal credit. Lenders might ask for more information or documents if your credit score is less-than-perfect or you have a short credit history.

4 tips to speed up your personal loan application

  1. Check lender’s eligibility. Applying for a loan you don’t qualify for means you’ll spend more time trying to find a loan in the long run. Also, if your lender uses a hard credit check, it’ll temporarily lower your credit score.
  2. Gather your documents. Find out what documents your lender typically asks for and compile them before starting the application.
  3. Have your information on hand. Having the exact numbers for your salary and monthly debt payments on hand can cut down on the time it takes to fill out the application.
  4. Ask questions. Not sure what details to include where? Asking a customer service rep can ensure you don’t make mistakes that could slow down your application. Some lenders even have a live-chat feature.

Bottom line

It can take anywhere from one day to a few weeks to get a personal loan from start to finish. Online direct lenders are typically the fastest overall, though you can sometimes find quick funding from even a credit union. Funding speed might not be the only factor to consider when getting a personal loan, however.

To learn more about how they work and compare lenders, check out our personal loans comprehensive guide.

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