Getting preapproved for a loan usually takes longer than getting prequalified. After receiving prequalification status, a lender may ask you to submit supporting documents such as proof of income or identification. If you do this right away, you may be able to finalize your approval the same or the next day. If you have good credit, preapproval for a personal loan should not take long. Now when it comes to getting preapproval for a mortgage or larger loan, it may take a week or so to get your pre approval.