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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
Lender Approval. Your lender specifies the expiration date or validity period for your loan approval, also known as a preapproval or loan commitment when it generates the letter. An approval is typically good for 30, 60 or 90 days.