The time it takes to get approved for a secured loan depends on the lender you select. Many lenders will preapprove you in minutes based on a preliminary review of your credit, income and collateral details. Final approval may take hours, days or months, depending on the type of collateral you pledge. For example, you may get same-day approval for a CD-secured loan, whereas it might take several weeks to get final approval for a loan secured by your home.