How long does it take to get a loan?

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Time scales for loan payouts vary depending on the lender, and each loan application is different. However, if you’re searching for a loan, the speed in which the funds reach your account might play a large part in deciding which lender to choose. It pays to find a lender that can transfer the money quickly, especially if you’re dealing with an emergency situation.

You might need to find funds at short notice for an unforeseen energy bill, to fix a broken boiler or even for unexpected essential vehicle repairs.

In this post, we help you discover how long it takes to get a loan approved and what you can do to make the process quicker.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to

How long does it take to get a loan approved? Your questions, answered

We've taken a look at some of the most important and common questions around how long it takes to get a loan approved and the money in your account. Before you apply for a loan, take a read through these and get yourself up to speed.

  • The application process is quick and easy with Sunny, but how long does it take for a loan to go into your account? You’ll get a swift decision and if you’re approved for the funds with one of our broker partner’s lenders, you could receive the loan on the same day#.

  • When you apply through a broker such as Sunny’s partner, the time taken for a loan to be processed is no different. This is because once you are provisionally accepted by your lender, you are redirected to their website to finalise your loan and they pay out the loan to you directly.

  • Should you choose to apply for a loan you’ll fill in an online application form. We suggest you have all your income and expenditure information to hand. Be sure to take your time to complete the application to ensure you’ve filled it out correctly

  • Loan applications are assessed on an individual basis, meaning you won’t know for certain whether you’ll be accepted until after you submit your online form. However, using soft search eligibility checkers for loans are becoming increasingly common.

    The lenders on our broker partner’s panel, all use soft search technology, so you can get a decision in principle without harming your credit file.

    If you apply for lots of loans over a short period of time, this can impact negatively on your credit score as it appears as though you’re reliant on obtaining credit. It’s always important to remember that when you apply for a loan using a hard search, a footprint is left on your credit file. Some lenders use hard searches, some use soft and some may use both.

  • Yes, most lenders now transfer funds directly, meaning that your loan money will be paid directly to you, as long as you have a valid UK bank account, and this is something you will need in order to apply.

  • If you’re eager to make the process of applying, being approved for and receiving your loan as quick as possible, there are a number of things you can do to get the ball rolling.

    Improve your credit rating

    There are a number of ways to improve your credit rating to speed up the process of being approved for a loan. It’s important to first check your most up to date credit score before you try to improve your rating. Ensure all the information is accurate and up to date, and if anything is wrong, contact the lender or credit reference agency to rectify the mistakes.

    For longer-term credit improvement goals, you should ensure you don’t miss any payments, and pay off your debts in larger amounts than the minimum payments required. You could even consider getting a credit card to build a healthy credit history – simply make a couple of small purchases with the card each month and pay the balance off in full. This shows that you can manage credit responsibly and will give your credit history a positive boost.

    To tidy up your credit rating in the short-term, though, you should:

    • Ensure you’re on the electoral roll – this is because credit reference agencies and lenders use this as a method of checking all your details are correct.
    • If you have an ex-financial partner, disassociate from them as any unhealthy finances they have could impact you.
    • Close anything you don’t use – mobile contracts, credit cards, store cards and direct debits are all things to check and close if they’re unused.

    Shop around

    When it comes to your finances, it’s so important to do your research. Not only to make sure you’re getting the best deal for your circumstances, but that you also find a lender to suit you. Shop around for lenders in advance and you’ll discover which lender is most likely to accept your application and also offer you the best options.

    Not only will you discover how quickly you’ll receive the loan, but you’ll be able to drill down into terms and conditions, fee details, interest rates and repayment information.

    Check you meet requirements

    If you’re in an emergency situation and are searching for a loan you can receive quickly, it’s important to first check that you meet the eligibility requirements for the lender. Without doing this first, you could waste a lot of time and energy applying with a lender you weren’t eligible for in the first place. Again, also remember that you want your credit file to look as healthy as possible, and each loan you apply for leaves a footprint.

    It’s important to carry out this process with all lenders you look into as they all have different requirements. For instance, if you wanted to apply for a short-term loan through Sunny, you would be required to meet all the following criteria:

    • be at least 18 years old and a UK resident
    • each month have an income of £500 or more
    • provide your address history for the past three years
    • provide bank account and debit card details
    • not be bankrupt or otherwise insolvent
    • have an email address
    • have a working mobile phone
    • agree to a full credit and affordability check.

Gather all the information you need

Once you get to the application process, there’s no rush to get everything completed at record speed. After all you want to make sure all the information you enter is correct and also be confident that you’ve chosen the right option for your circumstances.

However, if you’re looking for a loan for an emergency and want the process to be as quick as possible, it’s a great idea to have all the information you need to hand. If you’ve already checked to ensure you meet the requirements, you will have discovered the details the lender requires and also the documents you’ll need. Gather all this information before you open your online form and the process will be easier. Sometimes, lenders will ask for additional documents to verify your income, so be prepared to provide these too if necessary.

Need a loan?

Have you considered all your options and feel that getting a loan is the right decision for you? You can apply for one with Sunny, and if you're approved by one of our partner's lenders you could receive the amount into your valid UK bank account today#. We offer you a helping hand with life's unforeseen circumstances and access to a lender panel that offers short-term loans from £100 to £2,500.

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Representative 89% APR

Need more information?

It’s important to have all the details you need to feel comfortable before getting a loan. Here you can check out some more of our in-depth guides to help you with what to consider before applying.

A lender eligibility check will assess whether you meet their lending criteria. Even if you are eligible, they may still require proof of ID and/or proof of income before they approve the loan.