How Fast Can You Get a Loan?

When you need money, you often need it quickly. Whether it’s an unexpectedly high power bill, unforeseen medical costs or an important purchase, some expenses just can’t wait for your next pay day.

So, the question is: Just how fast can you get a loan? The short answer is very fast. The long answer is below.

How fast can you get a loan with Cigno?

Our team specialises in quick and small cash loans up to $1,000. We can often get your application approved and your funds transferred on the same day that you apply. If you apply after 5.00pm AEST, you’ll usually receive your money the next morning. And yes, this includes weekends.

Cigno’s online application platform is open 24/7, which means you can apply anytime from anywhere and get your money in less than 24 hours.

How fast can you get a loan with a bank?

Banks and credit unions are great for getting larger loans, but they’re not particularly helpful when it comes to quick, small loans. It can take several days or even weeks for a bank to review your application. Many institutions rely on staff to manually review loan applications, which takes longer and makes it difficult to predict when your application will be approved.

Then you have to wait for the money to transfer. If you’re getting a loan from your regular bank, this may only take 1 business day. However, if you’re borrowing from a different bank, it could take several days or weeks for the cash to come through.

How fast can you get a loan with a peer-to-peer lender?

A third alternative you may not have considered is peer-to-peer lending. A P2P lender matches you with an investor who provides the cash.

On the plus side, getting approved by a P2P lender can be almost as quick as getting approved for a payday loan. But getting the actual money can take up to a week, as the company will need to find an appropriate investor and make the arrangements with them.

How do I get a fast loan?

Whether you choose a bank, peer-to-peer lender or short-term finance specialist like Cigno, there are a few general tips that can help you get approved and receive your money sooner.

  • Be prepared. Gather all the necessary documents and information before beginning your application. The files you need will vary depending on your lender, but they will typically ask for recent bank statements and photo ID as a minimum. Having all your information ready to go will save you from rummaging through desk drawers or clicking through your computer files during the application.
  • Check your credit rating. Finding a lender who will approve your application can be a time-consuming process, so it helps to know from the get-go if your credit history might be an obstacle. If you see in advance that your credit rating is low, you can avoid wasting time with any institutions that are notoriously reluctant to consider loans for people with bad credit.
  • Complete the forms carefully. A simple mistake on your application could cost you an extra day while the lender waits for you to correct the error and resend. Double-check that all the details are correct and accurate before you submit.

Feel free to contact our friendly team if you’d like more advice for making sure your loan gets approved as quickly as possible.

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.