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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.
We actually just had one that went upward of 45 days (for final loan approval) because the borrower's financial picture kept changing.. The cleaner your financial history, the faster your approval process is likely to go, but speed is more reliant on how much information you provide your lender from the beginning.