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How Can You Check Your Personal Loan Application Status?

How Can You Check Your Personal Loan Application Status?
Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated April 25, 2022
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Consumers can apply for personal loans and check the status of their applications in a variety of ways. Lenders may allow applicants to check the status of their applications online, in person, or via telephone. Checking your status online may require you to sign in with a username and password.Some lenders, including banks and credit unions, may allow you to check the status of your application by visiting your nearest branch in person. Lenders with a call center may allow you to call and check your application status with a loan specialist. Below we explore how your application status may change as lenders assess the risk of approving your loan.

Why Is It Important to Check Your Personal Loan Application Status?

It’s important to check your personal loan application status to get updates and confirmation of any final decision your lender makes. A lender may decide to approve or deny your application based upon your creditworthiness or debt-to-income ratio. Checking your application status can reveal whether the lender viewed your application favorably or unfavorably.Sometimes a lender may conditionally approve your loan application with a counter offer that you may accept or decline. Checking the status of your application can keep you informed of any actions and decisions made by the lender.

How to Check Your Personal Loan Application Status Online

You can check your personal loan application status online if your lender provides internet-based consumer services. Some lenders may have websites or apps that allow you to check the status of your application. These services may require you to sign in with a username and password to check your loan application status.Financial institutions may provide 24/7 online services allowing you to check your personal loan application status around the clock. Some apps may require you to include your last name, email address, and Social Security number to get an application status update. Lenders may also send you email notifications providing application status updates.

How to Check Your Personal Loan Application Status Offline

You may check your personal loan application status offline if your lender has a call center or in-person service center that can assist you with that. Lenders may have call center representatives ready to assist you during select hours of the day via telephone.As mentioned earlier, banks and credit unions may allow you to check the status of your loan application by visiting your nearest branch in person. You may visit the branch during normal business hours and provide proof of identity when requesting a loan status update.

How Long Does It Take for My Personal Loan to Get Approved?

Lenders may approve personal loan applications within minutes of receiving the application in some cases. In other cases, however, a lender may review an application for several days or one week before making a final decision on whether to approve or deny the application.Among the main reasons to get a personal loan include debt consolidation and covering home improvement expenses. Quicker approval times can help you meet your goals sooner. Consumers can get secured and unsecured loans, but lenders may offer quicker approver times for unsecured loans because there’s no collateral to assess.  

Methods of Tracking Your Personal Loan Application Status

Here are some methods of tracking your personal loan application status:

Online Status Check

You may track your personal loan application status online if your lender offers internet-based consumer services. As mentioned earlier, a lender’s website or mobile app may allow you to check the status of your application.These services may require you to provide personally identifiable information, such as your Social Security number, to check your application status. Some lenders may allow applicants to check their application status online by signing in with a username and password.

Telephone Call Center

You may track your personal loan application status via telephone if your lender provides a consumer lending call center. Representatives at the call center may disclose your application status if you provide them with your name and Social Security number requesting an update.

Types of Personal Loan Application Status 

Here are some personal loan application statuses:

Preapproved or Prequalified

A preapproved or prequalified application status means a lender has conducted a soft credit check and found the consumer is potentially qualified to get approved for a loan. Lenders may conduct unsolicited mailing campaigns offering preapproved or prequalified no collateral personal loans to consumers with good credit.Consumers can also initiate the process of getting a prequalified or preapproved personal loan offer. In this case, consumers can check their rates and see which financial institutions may prequalify them. This also allows you to compare terms and conditions across lenders to see whether any offer is right for you.

Conditionally Approved

A conditionally approved application status means a lender has approved your loan request with conditions. These conditions could be as simple as needing to provide the lender with additional information to finalize your loan disbursement.Other conditionally approved application statuses may involve the lender approving a counter loan offer. A private lender, for example, can conditionally approve a lower loan amount than what you’ve requested and ask whether you’d be willing to accept the lower amount. Consumers in that case may accept or decline the counter offer.

Approved

An approved application status is when a lender approves your loan request without conditions. Consumers at this stage may sign a loan agreement finalizing the terms and conditions of their lump sum loan package.Once signed by all parties, the approved application creates a contractual relationship between the borrower and lender in which the borrower agrees to repay the loan over a set term.

Denied

A denied application status means the lender rejected your personal loan application and may provide you with an explanation for its adverse decision. Lenders may deny an application if they determine that the lending risk is too great.Lenders may evaluate a consumer’s creditworthiness and debt-to-income ratio when deciding whether to approve or deny the consumer’s personal loan application.

The Takeaway

Lenders may view a loan application favorably or unfavorably depending on certain factors involving the borrower’s credit risk and ability to repay the loan. Getting prequalified or preapproved for a loan does not guarantee final approval, but it may influence your decision on whether to submit an application.Lantern by SoFi can help you compare the personal loan options you may prequalify for. Just provide basic information about yourself and the loan you need, and Lantern can guide you in the process to apply for a personal loan with the lender of your choice. Check your rate today and see if you prequalify.
Photo credit: iStock/LukaTDBThe tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.LCPL0322011

Frequently Asked Questions

How can I check the status of my personal loan application?
How much time will it take for my personal loan to get approved?
What is a loan status?

About the Author

Sulaiman Abdur-Rahman

Sulaiman Abdur-Rahman

Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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