The loan processing time varies based on factors like loan type, lender policies, and application completeness. Here's a general overview:
Initial review: A few hours to a few business days for basic info assessment
Document verification: A few business days for document review
Credit check: A soft credit check performed in the application
Lender's timeline: Some approve within a few days, others up to a week or more
Offer presentation: Terms, rates, and schedules provided upon approval
Acceptance and funding: From a few hours to a few days after acceptance
Overall processing times differ, so discussing specifics with your funding expert is crucial. Our team at Lendio is here to assist you through this process.