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We’ve put together this handy guide to give you an idea of roughly how long it takes between the start of your application and the lender’s decision to either approve or deny your personal loan. If you’ve already applied for a personal loan with People's Choice, reach out to us and we can provide an update on the status of your application.

How long does it take to apply for a loan?

For a People’s Choice personal loan, filling out the application can take roughly 20 minutes, depending on a range of factors. This is the quickest part of the application process and many lenders let you complete it online at your own pace, so you can save and come back to it when you’re ready.

Most of the time you spend filling out your loan application will be inserting information from documents. We have a full list of which supporting documents you’ll need to apply for a loan, but some important ones include: payslips, utility bills, loan repayments, plus some ID like a birth certificate and driver’s licence.

How long does the personal loan approval process take?

Each application is different and needs to be assessed on its own merits. That said, we’ll always keep you updated on the status of your application. It’s also important to note that different lenders have different approval processes so it’s best to do your research.

We always assess an application based on your unique financial circumstances and financial goals. We’re a business with people at the heart of everything we do, so we take our time to carefully evaluate every application. We’ll have a look at your income, expenses, current assets and your liabilities, as well as your credit score to assess your ability to make loan repayments.

When applying for a People’s Choice personal loan, you’ll need to allow a different amount of time depending on the type of loan you want. On average, pre-approval is provided within two working days, and can offer same day settlement on an unsecured personal loan (if all relevant documentation and lending requirements are met). Generally, secured personal loans take longer as we need to lodge an interest in the vehicle that is being used as security for the loan.

How can I get started with a personal loan?

If you’ve thought about getting a small loan, but you’re unsure about the costs, your next step should be to learn about the fees, charges and interest associated with getting a loan. Tools and calculators can help, but they won’t tell the full story. If you need to, feel free to reach out to us.

If you feel that a personal loan with People’s Choice sounds right for you, we’re ready to take that first step with you. The best way to get started is to check out our personal loan comparison tool to compare rates, fees and repayment options from a variety of loans.

If you aren’t quite ready to commit to a personal loan, but you do want to keep learning more, we’d recommend that you explore how much you can borrow for a personal loan.

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