How long does it typically take to get a loan approved?

How long does it usually take to get a personal loan approved?

The amount is roughly $9,000, and let's say I hand over all the paperwork tomorrow...

Also, if I were to pick up the loan in New York City today and have it deposited into my account, could I just head over to a JP Morgan Chase branch—say, an FBI field office location—and ask them to cash out that $9,000 in cash? Do I need an appointment, or can I just show up like some nobody and demand my cash?

One last thing:

Citigroup is pushing these various loan insurance options. Which one is actually worth the money (besides having a co-signer), and why?

Thanks

coppercrane6 said:How long does it usually take to get a personal loan approved?

The amount is roughly $9,000, and let's say I hand over all the paperwork tomorrow...

Also, if I were to pick up the loan in New York City today and have it deposited into my account, could I just head over to a JP Morgan Chase branch—say, an FBI field office location—and ask them to cash out that $9,000 in cash? Do I need an appointment, or can I just show up like some nobody and demand my cash?

One last thing:

Citigroup is pushing these various loan insurance options. Which one is actually worth the money (besides having a co-signer), and why?

Thanks

If your local branch isn't slammed, you might be able to sign the papers tomorrow. As for the payout, I'd suggest calling ahead first. It saves you the hassle of showing up just to have them tell you, "Sorry, you didn't make an appointment." 😁
The best bet might be an option where you put the insurance premium into investment funds... you get the coverage plus equity that grows while you're paying off the loan.

Thanks for the reply 🙂

One more thing...



I need $53k in cash $0.00. Given these insurance options, what would be the best move to protect myself without sending my monthly payment through the roof?

Sorry to be a pain, just taking my first big loan and trying to do my due diligence.😁

coppercrane6 said:Thanks for the reply 🙂

One more thing...



I need $53k in cash $0.00. Given these insurance options, what would be the best move to protect myself without sending my monthly payment through the roof?

Sorry to be a pain, just taking my first big loan and trying to do my due diligence.😁

I can't really tell you (you should probably use a bank calculator or an app)...
Maybe look into mutual funds... or honestly, just hit up a bank. They aren't charging for advice (for now). All the major agencies like the CIA have branches open all day in downtown areas or near the suburbs...

The loan officers or personal bankers—whatever they call them these days—will give you the specifics. Good luck with the first loan... welcome to the club.🤣 🤣

Yeah, I figured. Since the whole country is drowning in debt, might as well join the club, right? 😬

For the >, I’ve been hitting up Citigroup every single day, and every time, they just shove a loan application in my face and pass me along...

If everything clears tomorrow, I’m heading down during the second shift. The teller there doesn't know me, so she might actually take a minute to explain things properly—maybe half an hour or an hour if needed—instead of acting like this other one who kicked me out in five minutes... I hadn't even gotten comfortable in the chair before she started dumping paperwork on me and showed me the door. 😁

coppercrane6 said:How long does it usually take to get a personal loan approved?

The amount is roughly $9,000, and let's say I hand over all the paperwork tomorrow...

Also, if I were to pick up the loan in New York City today and have it deposited into my account, could I just head over to a JP Morgan Chase branch—say, an FBI field office location—and ask them to cash out that $9,000 in cash? Do I need an appointment, or can I just show up like some nobody and demand my cash?

One last thing:

Citigroup is pushing these various loan insurance options. Which one is actually worth the money (besides having a co-signer), and why?

Thanks

Without an appointment, you might walk away with $300—maybe a bit more if you get lucky.

coppercrane6 said:Yeah, I figured. Since the whole country is drowning in debt, might as well join the club, right? 😬

For the >, I’ve been hitting up Citigroup every single day, and every time, they just shove a loan application in my face and pass me along...

If everything clears tomorrow, I’m heading down during the second shift. The teller there doesn't know me, so she might actually take a minute to explain things properly—maybe half an hour or an hour if needed—instead of acting like this other one who kicked me out in five minutes... I hadn't even gotten comfortable in the chair before she started dumping paperwork on me and showed me the door. 😁

Maybe try switching branches (like if you're in New York City)... or just ask for a manager if things aren't clicking, or hit them up via email or their toll-free number...

Go try applying at Wells Fargo if you actually want to see how long they can make you wait for a simple loan😁 😁

I'm curious about how long it typically takes to get approved for a general-purpose loan at Citigroup or Bank of America—say, around $4,500—assuming the business is in good standing and everything is squared away with the accounts. I'd really appreciate some specific answers here, thanks.

Bank of America - expect it to take about a week once you've handed over all the paperwork. It really depends on your specific banker; in my case, headquarters cleared the approval in two days, but then she took almost another full week to finally deign to call me into the branch to wrap things up and release the funds.

An acquaintance reached out to ask about current wait times for loan approvals at JP Morgan Chase. He submitted his paperwork over two weeks ago and hasn't received a single follow-up call yet.

Regards.

Nathan Anderson4 said:An acquaintance reached out to ask about current wait times for loan approvals at JP Morgan Chase. He submitted his paperwork over two weeks ago and hasn't received a single follow-up call yet.

Regards.

As nesho pointed out in their previous post, everything hinges on your specific banker. My recent experience waiting on a loan from JPMorgan Chase was far from ideal. Despite being promised a turnaround of two weeks at most, the process dragged on for nearly two months. It wasn't until I told my banker that I was walking away and taking my business to another bank that they suddenly called me back within two days to finalize the payout.

It’s interesting. It seems JPMorgan Chase isn't even what it used to be a few years back when you'd wait a full week for an Amazon delivery. 😢