How long does a loan approval take?
The answer is highly variable depending on a number of factors. For most loans, the Loan Fund has a monthly approval process. A complete application needs to arrive at the Loan Fund no later than the last week of the month to be considered during the following month. Decisions are made during the third week of the month. However, the decision to bring a loan request to our Lending Committee rests with the Loan Officers and may require that the Borrower submit additional or revised information. This can sometimes cause delays in the approval process. The number of applications in process may also affect timing. For more information, go to our Apply Now page and read about the Application Process.
