GITNUX MARKETDATA REPORT 2024

Loan Processing Time Statistics

The loan processing time statistics show the average time it takes for a loan to be processed from application to approval.

Last Updated: June 17, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore the various statistics related to loan processing times across different types of loans, from personal and mortgage loans to student loans and auto refinance loans. Understanding these processing times can help borrowers better plan and manage their financial obligations.

Statistic 1

"The loan processing time for a personal loan typically takes about 7 days."

Statistic 2

"Some online lenders are able to process personal loans within 24 hours."

Statistic 3

"Mortgage loan processing can take anywhere from 30 to 45 days."

Statistic 4

"Approximately 44% of new mortgages closed in July 2021 took 45 days or more to process."

Statistic 5

"The average time it takes to close on an FHA loan is 45 days."

Statistic 6

"For SBA 7(a) loans, the average loan processing time is about 5-10 business days."

Statistic 7

"A VA loan can take approximately 40-50 days from start to finish."

Statistic 8

"A student loan typically takes about 2-4 weeks to process."

Statistic 9

"For a home equity loan, the average loan processing time is 2-4 weeks."

Statistic 10

"Auto refinance loans can be processed in as little as a single day."

Statistic 11

"Personal loans from peer-to-peer lenders have an average processing time of 1-7 days."

Statistic 12

"For a debt consolidation loan, it typically takes between 1 and 7 business days for funds to be disbursed."

Statistic 13

"The average time to process a USDA loan is 30-40 days."

Statistic 14

"Credit card refinancing loans typically have an instant approval decision and disbursement within a week."

Statistic 15

"Loans from micro lenders take about 2 weeks to process."

Statistic 16

"Some digital lenders can process unsecured loans in as little as 15 minutes."

Statistic 17

"The average time spent during the mortgage process by a borrower is 40 hours."

In conclusion, the processing time for loans varies significantly depending on the type of loan and the lender involved. Personal loans can typically be processed within a week, with some online lenders offering a swift turnaround of just 24 hours. Mortgage loans generally take longer, ranging from 30 to 45 days on average, with a considerable portion extending beyond the 45-day mark. Other types of loans, such as SBA 7(a) loans and student loans, have shorter processing times, while VA loans and USDA loans tend to require more time. Overall, the data highlights the wide range of loan processing times across different loan products and lenders, emphasizing the importance of understanding these timelines when planning for financing needs.