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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.
All lenders have an approving authority for its loans. For example, a loan under $300,000 may only need to be approved by a senior loan officer, while a $1,000,000 loan may have to go before a committee. The approval authority for exceptions may or may not be the same.