How long does my loan take approval?

Lenders do everything in their power to provide the right loans to the right people. One of the steps in lending is checking. There must be sufficient information about the credit applicant to be sure that the lender is not at risk from providing the credit.

The approval of a loan is an important moment for the credit applicant. At that time it is assured that the loan is provided and the amount will be ready within a few days. But the approval of a loan has a certain duration. It may take a while for the loan to be approved, and this also differs between the different lenders. It is on average 3 to 10 days, but some loans are only approved after two weeks.

The approval of your loan

The approval of your loan

A large number of issues are involved with credit. It is up to the bank to ensure that the credit risk is as low as possible. Banks and lenders have come up with all kinds of tests, questionnaires and formulas to find out what the right loan is for a situation. And this situation is different for every person; one person can pay more each month than the other, and the amount of the credit also varies from person to person. The lender is therefore busy with this, because it involves a number of calculations.

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The lender will look at the financial situation, among other things. There must be enough money left over each month to repay the loan, so income, disposable income and the guarantee of a job are looked at, among other things. This security is needed from the lender to get an idea of ​​whether the credit applicant will pay off the credit properly.

The financial past also has an impact on the lender’s assessment. If you have had a negative banker registration in the past, this reduces the chance that you will approve the loan. There has been a problem with a payment in the past, so the lender may decide not to grant the loan based on this problem.

Get your loan approved faster

Get your loan approved faster

Do you want the loan through as quickly as possible? Then you can take a number of steps to increase the speed slightly. This will not ensure that your loan is approved the same day, but can help to reduce the average waiting time from 3 to 10 days to 2 to 5 days. These steps certainly pay off when there is a hurry to get the credit.

– First of all, provide a good overview of your financial situation. Put all financial documents on the table and be transparent about the expenses that you make every month. Also calculate all your disposable income and indicate on this basis that you can repay a certain amount every month. This way, the lender can better match the loan to your situation.

– Create as much confidence as possible during the credit application. By being transparent and cooperating, you increase the confidence of the lender and you can leave a positive feeling behind. Increased confidence will result in the provider increasing the speed of approval.

– Ensure a good financial situation. If you have never had a loan and are not registered with the banker in a negative way, you will get a loan sooner. These problems will cost the provider a little more time, so approval can come 2 to 3 days later.

– Choose the most suitable loan. The lender can have the loan approved much faster. The risk analysis of the lender will take less time when there is much clarity about the amount that is being repaid, the term of the loan and the total credit. Don’t go for a loan that fits far beyond your monthly budget, or that is well above the amount that you really need.

– In general, small credits are approved faster. A provider will sooner accept a loan of € 5,000 than a loan of € 50,000. The risk and the total loss are higher, so the approval of the loan will also take more time.

Be patient when approving the loan

Be patient when approving the loan

The above steps can help to shorten the duration of the approval, but are not a guarantee that it will be approved as soon as possible. Not every lender will act faster as a result of these steps, so be patient when you submit the credit application. Once the loan has been approved you will soon receive the amount, so a few days will make little difference.

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