How long does it take a bank to approve a loan?

How long does a credit study take?

Any type of credit study, such as personal loans Source, has a process to follow for approval, unlike fast loans that is immediate. The time that the study takes is approximately 2 to 5 days.

Many of the applicants are unaware of the deadlines and think that approvals are given in a couple of hours, and when they see that the day passes and the bank does not call them, they are discouraged. Or worse, they don't plan for these times, which can hurt their finances if they need the money quickly.

What you should know is that before being able to grant you the money, financial institutions must make evaluations where they take into account the documents you presented, your credit history, income level, among other variables. That is why the disbursement of the money is not immediate. Some specific questions .They are the same days mentioned in the first paragraph (2 to 5 days). Remember what days or approximate time.

But how long does it last?

The process has been optimized over time, as financial institutions are aware that many people urgently need financing. Thus, the period established regularly is between two days to four or five days. During that time, the financial institution must evaluate all its documents and determine whether it is a risky client or not.

Can it take longer?

If it can take longer, because the process can take a long time to perform certain verifications for arrears, arrears with previous credits or inconsistencies in the documents you presented.

It will depend on the requirements they ask for, as well as the financial institution you choose. So, if you are looking for a personal loan Read more here, take these terms into account. That way you will find the appropriate interest rate, but you will also know the conditions of each entity.

How much does a bank lend for free investment?

A bank will lend you according to the debt capacity for free investment and it will also depend on your credit life. These two requirements are evaluated with the report from the credit bureaus and the documents that support your fixed monthly income.

How long does it take to refinance a loan

When applying for a loan, each client tries to choose a payment amount that is convenient for him and the lowest interest rate. But sometimes, for various reasons, the current loan becomes too burdensome. In this case, you can contact the bank for refinancing the loan to revise the terms of the current loan.

But the procedure is specific. This article will tell you what debt is allowed to refinance and when it can and should be done in order to get the maximum benefit.

The essence of the procedure

Refinancing old loans is the issuance of a new loan to pay off current debt. A new loan can be taken from the bank where the original was received, or from another organization whose terms suit you.

The scheme is simple: the client takes a loan, the amount of which is immediately transferred to the bank that issued the original loan. The debt with interest is paid off, the old obligation ceases to operate. Now the borrower has a new debt on new terms.

Clients are important to financial institutions, and they develop programs that make it easier to pay off old loans. But there is one important requirement: refinancing is possible only if at least 2 months have passed since the receipt of the loan. There are other features that must be considered before contacting the bank.