How fast is the approval of the loan?

The term of consideration of the application for a loan depends on the type of loan, as well as on the requirements for borrowers. To make a decision, a credit and financial organization requires a number of check data checks, which can take from a few minutes to a week depending on the complexity of the verification.

Each loan product puts forward its demands on the borrower, there is no single standard for consideration of the application, so it is worth telling separately about popular types of credit and their maximum timing of the decision on them.

Consideration of applications for express loans, as a rule, varies from several minutes to an hour, which makes this type of lending more attractive on this condition. Only here is a high percentage not suitable for everyone, therefore it is not necessary to focus only at the rate of approval of the application.

Such a loan implies cash issuance on the day of submission. Lenders promise to analyze your solvency and make a decision in just 60 minutes, and even before. The main feature of the loan is the provision of just one document, namely passports.

The most popular type of loan requires up to five days to considerse the application, as it is an already more serious credit product. For money on favorable terms, the lender requests the borrower to provide as many documents confirming the financial and material state.

Mortgage loans require the most time to consider the application and accept a positive decision. Sometimes the validity period of documents can be delayed to a pair of weeks, this is due to the fact that the Bank needs to analyze a large number of factors, for example, the estimated cost of housing, the loan portfolio of the borrower, solvency, etc.

In order to assess the approximate decision period, the factors affecting the process of consideration of the application should be taken into account.

Provided that the borrower has a good credit history of the chance of approval will be many times more, but if Ki has already been poured, the bank will have to look for other arguments in your favor, and this may take more time.

Of course, the decision on loans for one or several documents is made very quickly, but if we talk about mortgage, when it takes about 10-15 documents, as well as copies, then the process of consideration of the application will delay for several days, and then weeks.

Hence the conclusion that the more documents from you require the bank, the longer the decision will be made on the application.

Depending on the method you use to leave a loan application, the rate of its consideration depends. Online applications are analyzed much faster, as computer programs allow you to automatically calculate the level of your solvency.

And in the case of a visit to the Bank’s office, an employee will have to manually drive the data into the system, and only then make a calculation, or make a decision without the participation of computer technologies, which increases the time of consideration of the application.

In conclusion, we want to say that if the question of the rate of consideration of the application is sharp for you, then choose loans that require the minimum package of documents, as well as available requirements. When choosing a loan product, it is based on the profitability of the conditions, and not at the time of consideration of the application, so in the future you can easily pay the debt and not get bogged in the debt.