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With most lenders, their credit checking procedures are fully computerised and so they can arrive at a decision in principle within seconds.
However, if you decide to proceed, your lender will want to verify the information you have provided and, if your loan is to be secured, they will have to conduct a Land Registry search. This will confirm that you are the legal owner of the property. The land Registry search will also identify whether any other lenders, such a mortgage company, have loans or other credit facilities secured against your property.
With both types of loan the lender will ask for documentation that proves your income. If you are employed, the easiest method is for you to provide pay slips covering three months. If you are self employed, the lender will normally ask for confirmation of your income from your accountant otherwise they may ask for trading accounts covering the previous three years. If you have organised the loan through your clearing bank, then this process is shortened as they will be able to assess your income by examining the banking records they hold on file
As the documentation for unsecured loans is relatively simple, money from an unsecured loan can usually be received within a week. Unsecured loans take longer, usually a few weeks, as the legal paperwork is much more complex..
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