How long does it take to get a bank loan?

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Taking out a bank loan can be a difficult and slow process. Traditional banks often have long waiting periods of many days and it can be next to impossible to find a loan if your credit is poor. It can be even more complicated to find the right loan for you when you take into account that each lender has different credit requirements, different interest rates, and will ultimately make different loan decisions. The use of online loan comparison services is likely the speediest option, as it bypasses both of these issues by presenting many instant decision bank loans custom-tailored to your financial needs.

If you desire a bank loan through a tradition, brick-and-mortar bank you may find yourself waiting quite a while. Though some banks will offer instant loan decisions to their customers, these services are usually exclusive to those who already have an account with that bank. In addition, these loans will often depend heavily on the credit score of the customer. Traditional banks are much less likely to offer loans to those with poor credit, known as bad credit loans, and will even turn away their own customers if their credit score does not match the often stringent standards put forth by the bank. If you do not hold an account with the bank in question, even with a good credit score the bank may take days to reach a final credit decision. Even after the decision is made it can still take a few working days for the money to be deposited into your account, thus making the whole process of getting a loan take several days to a week or more.

Another potential factor in the speed of your bank loan is the number of loan options presented by the lender. In traditional establishments, there are likely only a few options. Attempting to apply to one of these loans can take many days, as we have seen above, and rejection means starting the search all over again. This can add days or even weeks to your search for a bank loan. Worse still, the lenders you choose may not have the best rates for your credit score and you may pass up far better options with other institutions. These repeated applications will also require repeated credit checks which can damage your credit and make subsequent applications less likely to succeed.

There are some services, however, which can make all the difference in your search for a reliable, timely lender. Loan comparison services like NowLoan.co can make a loan decision almost instantly (within 3 minutes) and even offer bad credit loans from a wide variety of lenders. Even better, these services allow you to find and apply for loans without hard credit checks that can damage your credit. Instead of trying to choose blindly from lenders one at a time, or simply taking what your own bank offers, the use of online loan comparison services can ensure that you find the right loan and miss no better opportunities.