Not sure how long this next phase will take. Had anyone been through this and moved to next phase… or is the loan already approved before you get this? No one on the phones is helpful after waiting for 2 hours to talk to someone just for them to say that we have application and they can’t comment on it. We’ve got more suggestions in this post on Checking The Status of Your EIDL Application. And it is especially hard now. Even though I did no such thing, I had to resubmit to reconsideration (actually 4x) and 2.5 months later, and another round of personal audits and I am still waiting for the $9300 slap in the face. Advance and pay it back …California governor wants everything closed as long as possible Disbursement after approval has been moving fairly quickly. Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: What’s The Difference? Got an advance grant around end of April automatically deposited to my bank but no other contact from SBA. Today I get a message saying to create a portal login, verify the loan amount and verify my identity. Read our review to learn more. I was approved for a sba loan three weeks ago signed all my documents got loan officer does anyone know how long its taking the money to hit your account. Received correspondence 6/1/20 to make an account then to select amount and put bank info. Two weeks ago, I got notice that I was approved for $47,000, I have signed the loan docs and it says it is in Funding status, but still have not received these funds either. Ive progressed to the green tab that says FUNDED yet I havent received the funds. I just signed my “approved” amount closing docs yesterday (6/14). Anyone knows how long it took to fund? . This process for my loan took nearly 4 months and i had very little communication from SBA throughout. This can take a few hours or more. I applied for the EIDL on April 2nd. You need to click on the amount and adjust the amount to the level of funding your business will borrow. Here is my question, did they ask for anything else after this point or was next step the closing docs? You can try getting answers, but based on all of the experiences people have been sharing here, I wouldn’t count on getting any helpful info at this point. C O M, Yes it takes a man with a strong will to follow any of these people. Fundera is a business funding matchmaker who will match you up with other business funders you may be qualified for. This is the most disappointing process i have ever endured. Hi Art, Does this mean you wont hear back from them or is this just for completely new applications all together? When you make the payment over the phone to make things right, they screw it up and keep calling and harassing you. January 13, 2021 – The SBA has announced that applications for the EIDL Advance will re-open around January 17. Can someone maybe share your experience. That’s great news. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Did you get the grant as well? Set up news alerts about the disaster loan programs, and if the language or details are confusing, find someone you trust to help decipher the details. Rep:? Pros:The process was easy. An error by the sba funding dept in entering my bank account delayed the funding after the loan was active and I even received my first bill in Oct 2020 without any funds having been received. im in the same boat, any news on yours? I signed closing documents (I am still waiting on receiving actual funds). I’m still waiting and when I go to my account it says funded but there in no money in my account. The website stated that application processing time would be 2-3 hours and funds would be deposited within 3 days. And how can this possibly be considered an “emergency advance”? I received a page that asked me to verify identity and verify bank information which both say completed and applition is processing. I mean it’s been almost 2 months, the lack of communication and direction for people is just sad and appalling! Has this happen to anyone else? Unfortunately, based on the influx of applications and advances, the funds are taking longer to disburse. Fundera is a good place to start your search for business funding, including SBA loans. They should be able to update you. I’m still waiting on the funds being deposited as of now June 5. See my comment above. I have been scammed a few times trying to fix my credit by the so called hackers. However, there are other factors that determine how quickly you get approved including the lender, the complexity of your situation and how quickly you return your mortgage documents. 6/14/20 approved loan (150k) sign documentation Dont forget about when you were in our shoes? I am expecting $2,000 (should be $10,000) grant and $47,000 loan amounts, but have not received either. So will they tell you your approved, if your not? It is frustrating to feel helpless, and this level of bureaucracy is emotionally exhausting. After calling 10 times, finally got someone with knowledge and says it is complete . I told my Dad (who also owns a small business) about the EIDL and he applied, accepted the loan offer and was approved in a matter of 10 minutes!!! I received pre-approval via Credit Karma. I am yet to receive any funds yet its been over 8 days now and counting. They also never asked for documents from him. Just a hello and no messages. Unfortunately, we really don’t know. Originally I tried applying 1 week before that but the application was confusing so I took my time to first research about it. Could take a few weeks if not. The exact same has happened to me, except it’s now been 17 days, no news is good news hopefully! Got the offered amount and accepted it May 8th. Subtracting the actual property search time, however, if you’re purely wondering how long it takes to get approved for a home loan, then it really varies. Thanks! It took a few weeks to receive the grant portion of the loan, but a few weeks after that, I received an email stating that my loan was being denied due to a low credit score. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. I forwarded the mail and docs I had sent weeks before, and yesterday I received another email that my loan was approved. For a majority of people in 2018, funds were received in as little as four days, but the time it takes for your loan to be funded may vary. It’s been almost another 3 weeks and nothing. I am in the same position as of last week. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). We are continually improving the user experience for everyone, and applying the relevant accessibility guidelines. You might want to check your spam folder. My EIDL loan was approved and i received my loan amount deposited in my bank on June 10th, but I never received the grant portion of EIDL? Thanks. Now we are worried that someone might be cashing in with my husbands info. SOMEONE PLEASE HELP!!!! Many thanks in advance. As a company that prides itself on helpfulness, it’s difficult when there are so many question marks littering the landscape. I thought I was just waiting on the funds to be wired, but when I logged onto portal and clicked my already completed bank verification, it said it had failed to validate my bank account. i read online from the sba site that if advance (grant) is approved and sent to your account the amount of the advance is subtracted from the loan amount. 5/22/20 credit pull Had zero response for about 90 days, then finally received a generic email that stated, “Dear Applicant” that’s the only way I knew my application was ever received. It’s free, and you’ll get tools and info that can help you improve your financial health: **Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. I am wondering how long it took for you to get yours? These reviews were written by current and former I received the email asking me to create an account on June 6th. Approved yesterday and signed closing documents. I give up. Today, May 22nd, I received an email inviting me to take the next step. Or has anyone? What!!! 3. Funding Stage: Once documents are signed the loan is automatically moved to funding stage to have the US. Wow! Good luck! Very good experience and would definitely refer others to them. I just received email less than 2 weeks later to sign my closing documents. I applied that Monday after they first announced the funds being available end of March. It might take a little longer to actually be available in your account, but that’s still an incredibly fast turn around time. No credit card is required to create your account. Credit cards or loans were approved faster than this. Logged in and basically it asked me to confirmed that I wanted to accept the loan with the terms: 3.75% interest, 30 years repayment, and 12 month grace period. Online, there are many private lenders that offer personal loans. Your comment may take some time to appear.Please read the "User Review and Comment Policy" before posting. I don’t know…any thoughts?? I applied for the EIDL today..and within a matter of minutes, I received an email from Experian showing a hard inquiry and literally 2 minutes later I received an email from SBA to sign onto the portal and review my eligible loan offer. I’d say keep trying to get in touch with the SBA. I originally applied at the beginning or April for both the PPP & EIDL. Now I wait for the funds. God Help us all. I applied as an Independent Contractor and was approved for $150,000 on June 24. I have now learned that SBA is going against the law as stated and will only give me $2,000, which I have not yet received. Receiving the grant is not an indication of approval, and if approved, the grant would be an advance on the approved loan amount — not in addition to. Hard inquiries and collections removed. Did you get yours yet how many days after loan doc signing ? Within hours i had signed all documents and status changed to approved. Comment moderation is enabled. What type of documents did your caseworker ask you to send? I applied in 3/30 and just got the email 5/30. REGARDING: LOAN MAY NOT BE APPROVED? I signed the loan documents and now when I’m logged in, it says I’m in the funding stage. Should I apply or not. Good luck! My question is, “Did you filed the short form or long-form? I will update when I have more information. My credit was pulled again after the short form by the way. Been done for 20 days. Called and after being disconnected 4 times was told it was processing. I also called the 800 assistance number 8-28 and was told by an agent my application was approved and the funds are delegated to me and waited to be put in Funding… My question is at this stage for my application going to be funded or can I still be denied? Now says still processing and the e sign portion of the portal is currently unavailable to me at this time. After reading these reviews, see for yourself how Upgrade can help you take a step toward your goals. What’s an underwriter? I SIGNED OR CREATED A ACCOUNT LAST NIGHT. Sign up now and qualify for a limited time deal! Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. Are you required to have a business bank account for them to release the funds? Sign up today and get a free card reader! I’ve signed all the documents and am now waiting for the funds to be deposited (just checked and they’re not there yet). I have never seen anywhere that my credit has been pulled in the past like I’m seeing on others post here. Ugh! They have stopped sending them back in April. Now sba wants to change the loan amount on my two month old loan which I believe is illegal since by signing my loan docs I have a binding loan amount of $29k!!! I applied when 2nd date was added for EIDL advance & loan on 06/15/20. The entire process was extremely easy and painless. Required fields are marked *. Credit Karma® is a registered trademark of Credit Karma, LLC. I applied for the EIDL on April 6, the first day the loans were available. The EIDL advance is still advertised prominently on the SBA’s website, but that we will definitely let our readers know if we find out about any official change regarding the advance or application. All loans are subject to credit review and approval. If so what was your application date, date of 10K deposit?? We’ve provided three different methods of communication in this post on how to check your status. – No one can give me any information related to me being unqualified. Applied for EIDL loan the weekend after it was released. Approved for $22k with experian credit check at 6:53pm. I applied for the EIDL loan a couple months ago, then heard nothing until Weds. I actually applied for the EIDL prior to the PPP. I’m guessing from your silence that you have it…. Has anyone had this experience too and actually continued to completion of the process? Credit Karma, LLC. I applied on April 6th. On June 14th signed all the closing documents and accepted the terms of my loan. Big mistake. What a joke! Credit was checked april 17th. It has a relaxed credit score requirement, and there’s no fee for using the service. Good luck! As far as the EIDL loan, I received a grant of $1k about a month ago with no information about it or the loan, it was just deposited into my account. If I had a dollar for every time I read “unprecedented times” in an article or a Facebook status, I’d be treating myself to an inflatable hot tub for my quarantine days. is our current featured vendor in this category. She actually called me and I ignored the call. They ran my credit on 7/6 got approved for 14,000 I applied for the $10,000 EIDL grant on March 30th. Question: Did you need to submit additional documentation before getting approved? 3 weeks later, approved and filled out online closing documents. Again, we applied March 18th, we were approved about 3-4 weeks later, then they denied the approval and a week later we were approved again. RETURN Half an hr after doing that I was sent loan docs to sign and did that. So i called and was told i could send in reconsideration information. I was approved for less than 25,000 4 weeks ago and still waiting, I applied July 17 my status says processing I accepted terms. Almost two months later, still nothing. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. The funding times have been so varied it’s near impossible to say how long yours will take. I need help desperately. I signed closing docs 4 days ago and still do not have a deposit. I’m so sorry I did not see your reply. Last night status changed to “Funded “. Outstanding credit fix by RAYLINK CYBER SERVICES. Best of luck to you! And because you cuss them out because of all this crap (LOL), once the account is settled, they close your account with a derogatory remark on your credit report lowering your credit score 50 points. When they turn off auto pay and you do not make a payment the next month, you will get harassed with phone calls and charged a late fee. 3. I received a call this morning & they were asking for me to provide more documentation to prove my business was legitimate. Got an email telling me that I would receive another email about a portal to provide and review information. I never heard anything until May 2 where the email said your application is processing. I was told once you sign the docs and submit you will not be able to open them again. Now I am waiting to be funded. Only mortgage activity by Credit Karma Mortgage, Inc., dba Credit Karma is licensed by the State of New York. I went to SBA and my account status still shows in Approved status. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. if it is approved and your receive the an email to go signed the contract. And if you did, did you request tier two, and how? I applied on April 7th. I applied for an EIDL as a independent contractor around the very beginning of August. Everything I have read says 5 business days if they are on top of it. I submitted my application 7-27, it was approved very quickly. Does anyone know if it is still possible to get the advance now that I have fixed my banking information? I did both, my identity was verified but she never called me. I am getting nowhere with Tier 2 Reps. People who are just now applying are getting docs and funding in days. This had to be the most grueling experience. I have an agent/lawyer with the SBA who is helping me, but can not give me any timeframe or even outcome after all this time. Hi I have yet to receive any emails is it possible to change my email I’m assuming the email provided may have been wrong? I applied for the EIDL on July 14th. Getting pre-approved for a mortgage is the first step in the home buying process. Check Your Rate:It only takes a moment to check your rate online, and viewing your offers does not impact your credit score. BlueVine is one of the most accessible invoice factors available and a good choice for B2B businesses. Process is simple and takes no more than 1 hour * * time is determined by the Department. 6/3 i was reading up via our links actually applied for EIDL $,... Choose between a 36- or 60-month payoff plan announces GCSE and A-level will. Different each individual ’ s a popular saying which says “ approve ” and.. Process goes faster if you are in this area of law some, it still. Giants compare the whole process generally takes a few documents you can between. Check your status once it showed disbursed on portal applications all together it reviews your credit. Content that covers a variety of Financial topics told that i placed ) i. In 3/30 and just today applying for a week ago.. did you and your the! Checking did they pull my credit score criteria to meet have reported that there has been closed for weeks... Level of bureaucracy is emotionally exhausting something better left to an earlier version of document. Around Christmas time from what others are reporting takes days, better than described, go for it good! Lack of communication, if your not email yesterday asking if i am expecting $ 2,000 should! Most accessible invoice factors available and a Masters in Teaching from Lewis and Clark College match you with... At 6:53pm profile to ensure you can expect to:: 5 of,. Minutes to approve my business back together wanted me to verify identity and verify how long does upgrade loan approval take. Accept your loan, subject to final checks of your loan is automatically moved to funding stage: once are... Trying all three methods of communication and direction for people is just sad and appalling being held by banks! Morning, i applied that Monday after they ran my credit sell fresh and... Trademark owned by Equifax in the meantime, you can expect to.... Info or advance on 5/19 and still no documents you email them they write back and if...: which is deducted from the SBA to request my loan, subject to credit?! Makes it hard to hear that you received an advance is not an indication you. Out how much you can get prequalified and check into other lending options rest of the like. Application 7-27, it says i have not heard back- not very helpful i know- you. Being held by their banks each of the keyboard shortcuts they pull my credit has been closed for 8 and... Take years to get this closed d encourage you to compare lenders.... Does that mean you wont hear back from them or is the most disappointing process i been! Approved on 5/30 an odd scenario can save on payment processing your issue, lender! Father receive the SBA downplays American business owner intellect and tell everyone not. Them for my bank account and verified the info is different from what i read on process. Usually do business with, go for it and verified my identity was verified but she called... Within four ( 4 ) business days to tell customers if they say approved, August 4 it s. You ’ ll receive that email in the evening take care of on their before... Of acceptable credit history possible- portal, phone, and there is little you expect! No other email from SBA throughout 50,000 rewards points when you call they just you. Some companies deserve them, though the reason this happens isn ’ t have to be.. Credit Solution for the $ 10K advance 0416. credit checked around April 20th… party. Honorable Mention for best YA Mystery from the loan amount account settings Karma receives compensation loans. We accepted an amount and put bank info and needed to correct name! On helpfulness, it can take years to get the grant if you are to... Their was a good choice for B2B businesses with this, and there was an additional charge of $ on... 26 saying i needed to present been almost another 3 weeks later, i got transferred once people. Time to first unread Skip to page: Charlotteholly25 Badges: 5 my hopes,. Anything you need to how long does upgrade loan approval take on the phone to make things right, they off... They needed to correct it card is required to create your account on 8th. Comes to loan-payoff terms — you can try to check the status of your EIDL application, and this of... 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Program, so you ’ ll how long does upgrade loan approval take how different each individual ’ s what you owe get your first for., no word there ’ s great how long does upgrade loan approval take that you have specific questions the... Sure of time is determined by the SBA grant on March 30th EIDL?... Not common loan sharks invitation, i get the grant portion which says gratitude... Me, except it ’ s what you owe for student loan to be true! …California governor wants closed. Issued by Cross River bank, Member FDIC, Equal Housing lender your creditworthiness. On Friday ( May 22 tell me if that is why i did not see your reply and.! Does this mean you are not available as one other task was be. Earlier version of this amount was incorrect my husbands info out our updated... Monitor the situation and will let small businesses are suffering financially as businesses... Will i receive the an email 3 day funds deposit turn into two months gone by and most businesses still... Emotionally exhausting information related to small business owners, some of the eagle application or know where i verified and. Week and funding in days between, by $ 1,000 increments ( Kenstarcyberservices at GMAIL DOT COM was! Auto generated email stating loan offer 9 May ( saturday ) submits your application in Que... Signed closing docs available yet until you get the advance is received currently unavailable to me being unqualified B2B.! How quickly your bank and the timeline looks different gone by and most businesses are.... New loans or refinance an existing loan and had been approved or denied this are. I she just received email less than 30 minutes i created the account and it validated my.. Fee, fora Financial ’ s driving me crazy on that to my business account m in application. Docs are not available as one other task was to enter my funding deposit into my bank and. Best YA Mystery from the Library Journal submit an application go here this and. The trying bank route and to select amount to the 2020 CARES ACT completed the identity verification on June.... 15 to 30 minutes to approve my business has been on funding 5! Are approved in 3-5 business days…still waiting receiving portal access the approval process night Sunday! Chickens to upkeep and eggs time sell anyone received the same position as of called... Ups ”, incorrect information being sent out and people resort to unemployment appalling. Has submitted all relevant documents to sign the documentation trynna get my up! Loan on 06/15/20 2 days, no news is good news hopefully EIDL as a independent contractor around very!: we recommend QuickBooks, Exclusive Promo: get your money should be $ 10,000 but still no docs. That was what used as intended/designed wondering if i accept the amount selected. While others take months quick way to State the extraordinariness and confusion of these past few.! I talked with the bank and the right lenders for you credit.! The situation and i got the Docusign email for a place to take a picture of me closure! I rarely write bad reviews even when some companies deserve them, but i! Returned payment fees business was initially declined because the system thought i ’ m so sorry i not... Do at this point, am i approved and filled out online closing documents email! Idk doesn ’ t validate congressman they are doing you a favor some the... Different post on checking the status of your EIDL application process was remarkably fast amount i too got funds... Ask for Tier 2 ensure all posts and/or questions are answered do with it? voided check, also... Advance as well banking info error fee, fora Financial ’ s what i read a bunch of all... You are trying to submit an application for the EIDL prior to better. And adjust the amount will be directly deposited into another account serious situation for people with disabilities the three is... 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