How long does it take to get a personal loan?

You’ve found The One. After hours, days, weeks of searching, it’s happened. You’ve bookmarked it, made it your favourite, emailed it to yourself and now, you’re using it as a screensaver. You’re in automotive nirvana and, of course, you can’t wait to get behind the wheel.

At People’s Choice, we love turning dreams into reality. We help aspiring car owners give their machines a new home and quite often, that’s through personal loans.

The question we hear a lot is, “How long does the approval process take?”

Let’s see if we can dig into the detail and give you the best possible information.

“It depends” is the realistic answer. Everyone is different and we like to make sure that you are getting the best outcome possible for your individual circumstances.

For a People’s Choice personal loan, it takes around 20 minutes to fill out an application, depending on a range of factors. This is the quickest part of the process and you can complete it online. Once it’s submitted, we’ll reach out to you with some additional questions.

You’ll need to gather up some information to complete the application, such as payslips, utility bills, current loan repayments and identification documents such as your birth certificate and driver’s licence. Because it’s online, you can work at your own pace, save it as you go and come back as needed.

Each application is different and we assess each one on its own merits. We’ll keep you updated on the status of your application.

Your application is assessed on your unique financial circumstances and your financial goals. Some of the things we look at would include your income, expenses, current assets and liabilities, as well as your credit score so that we can fully assess your ability to meet your regular loan repayments. Because we put people at the heart of everything we do, we’re careful to take time to evaluate your application with the right attention to detail.

Depending on the type of People’s Choice personal loan you apply for, it will take a different amount of time to go through the approval process. On average though, pre-approval takes two working days and we can offer same day settlement on an unsecured personal loan as long as all the relevant documentation and lending requirements are in place.

Generally, a secured personal loan will take longer as we need to lodge an interest in the vehicle that is being used as security for the loan.

If you’re considering a personal loan and you’d like to find out more about the costs involved, we have a handy online calculator you can use that will show you how much time and interest you can save with extra repayments. If you need extra help, feel free to reach out to us.

We also have a personal loan comparison tool that lets you dive into rates, fees and repayment options from a variety of People’s Choice loans.

We’re a bit different. In a good way. People’s Choice is a credit union and we’re 100% owned by our members. Any profit we make is invested back into creating products that make a difference to our members.

We’re more about giving great advice and providing quality service than providing returns to shareholders. We put people before profit, in other words.

People’s Choice has some of the most competitive rates in the market and we want to create positive change for individuals, the community, and the environment. We’re fighting the good fight for the good of our people. If you’d like to know more about us and what we do, jump online today at peopleschoice.com.au

If you’re ready, you can apply online here. Otherwise, you can have a chat with us on 13 11 82 or visit us at a local branch.