When you apply for a loan and it gets approved, the next step is receiving the money. But how long does it take to release the funds?Simulate your personal loan
How Long to Unlock Personal Loan Funds?
In the case of a personal loan, time is often of the essence. However, there is no mandatory fixed timeframe. Some loans are granted faster than others, depending on both the loan amount and the type of loan, although the latter is usually the main factor. These timeframes also vary from one financial institution to another. If it’s a classic personal loan, nearly all credit institutions take between 24 and 48 hours after signing the contract to transfer the money into your account. Finally, here are the average timeframes observed for receiving money for other types of loans:
- For a car loan: 8 to 15 days.
- For a mortgage: 6 to 8 weeks.
- For a home improvement loan: 48 to 72 hours.
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