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How long does it take to get a private loan approved?

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A private loan is a line of funding that comes from private lenders, instead of traditional lenders such as banks.  Private lending may offer more options in terms of easier approval, quicker processing times and less need for a good credit score.

If you’re thinking of applying for a private loan, you might be wondering how long the approval process will take. Approval times vary from lender to lender, but generally, you can expect approval to take anywhere from a day or two to a couple of weeks. Each lender’s approval time will vary depending on their application process.

Read on below to find out what you can expect when applying for a private loan.

Benefits of a private loan:

  • Quicker settlement – If you happen to require a loan quickly, the approval process for private lending is usually faster, and can involve less paperwork than getting a loan through a bank.
  • Specialised loans – Private lenders are often able to cater to those who need a wider range of loans, while also having far less strict lending in comparison to traditional funding. This may be ideal for those seeking short term finance.
  • Credit history – Having a good credit history may not be necessary to gain approval from a private lender. Many people seeking finance have previously been rejected by banks for having a lower credit score.
  • Easy approval: If you cannot prove your income via the traditional methods that are needed by banks, a private lender may be able to offer you an easy solution.

How long does it take to get a private loan approved?

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Depending on your lender, approval for a private loan can take anywhere from a day or two to a couple of weeks. In most cases though, private lenders can have you approved in a matter of days, unlike traditional lenders.

However, this timeframe can depend on what you need to supply your lender with, and how long their checking and approval process usually takes. When you apply through your lender, they will usually be able to give you an estimate of how long their process will take.

When you’re applying for a private loan, you may be asked to provide documents such as:

  • Personal information – Most lenders will need you to provide documentation that proves your identity, such as a passport, driver’s licence or birth certificate.
  • Employment information – Generally, this needs to be evidence of your current salary or wage, plus any extra income you may be receiving. Your lender may also need to see other proof of income such as your most recent payslips or tax returns.
  •   Financial information – Your lender may ask for proof of your financial
    situation. This may include whether you own your home or rent, and proof of
    your assets and expenses. Your lender may also ask you to provide proof of any
    savings with other banks if you have any. 
  •   Any other debts in your name- Your lender may also want to know about any other debts you have. This may mean providing any other credit card or loan statements that you have. 

Before you begin your application, it is always a good idea to double-check with your lender to find out exactly what you need to apply. That way, you won’t be trying to find documents at the last minute. Every lender is different, and every application process may vary depending on your lender.

Where Does Tiger Finance Come In?

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We have helped countless Australians with both good and bad credit ratings get approved for private funding. We understand that lending criteria from other lenders are too strict, and can stop you from achieving your goals. That is wrong, and it should not hold you back.

How We Can Help

Our finance specialists can help you find the right loan. If you are one of the many Australians finding getting funding difficult, Tiger Finance can make the process simple and pain-free.

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