Many people choose to use unsecured loans when emergency expenses arise. This means that, for many consumers, the need for finance is urgent. So exactly how long does it take to arrange an unsecured loan? We have the answers…
Broken boilers, written off cars, unexpected school expenses, poorly pets – you name it, there are all sorts of reasons why you may need to cover a cost you hadn’t built into your monthly budget.
When these unexpected, emergency expenses arise, it can throw many of us into a panic. Where are we going to find the money? What will happen if we can’t get it in time?
How fast is an unsecured loan?
For some people, the answer is to arrange an unsecured loan. However, if you’ve never used such a product before, you may have a number of anxieties surrounding this plan of action. Is it safe to use an unsecured loan? Can I access one with bad credit? How does it all work?
When it comes to crunch time, however, many peoples’ very first question is: How quickly can I arrange an unsecured loan?
The answer to this question varies greatly from lender to lender, and may also be affected by the day and time you apply. Some lenders operate a 24/7 service 36 days a year. Others may not process loans as quickly on holidays and Sundays and may be closed overnight.
Fast funds when you need them
The general speed of the process, however, is typically no more than two working days. Some lenders can even process your loan within a matter of hours, depositing money in your account on the very same day you apply.
If you submit all the relevant paperwork in a timely manner and meet all of your chosen lender’s criteria, it’s very likely you’ll receive your loan within 48 hours.