I was approved for a personal loan but never received the money - what do I do?

The approval-to-funding sequence: (1) Approved: lender decides to lend. (2) Loan agreement sent to you via email or portal - you must electronically sign. (3) After signing, lender initiates disbursement (ACH transfer or wire). (4) Funds arrive in your bank account in 1-3 business days.

If you have not signed: Check your email (including spam folder) for the loan agreement. Log into the lender's portal. The loan is not funded until you sign - unsigned loan agreements typically expire in 7-14 days.

If you signed and funds have not arrived after 3 business days: Step 1: Check the account number and routing number on file. The most common reason funds do not arrive is a typo in the account details during application. Step 2: Contact lender support with your application reference number. They can check whether the ACH was initiated and the status. Step 3: Check with your bank - some banks hold large ACH deposits for one business day before making them available (funds may have arrived but be in a hold). Step 4: If the ACH was rejected (returned), the lender should notify you. A returned ACH typically means an incorrect account number - you will need to re-submit correct information and wait another 1-3 business days.

If the lender cannot locate the transfer: Request a trace number (ACH trace number or wire confirmation number). Your bank's ACH investigation team can locate any transfer using this number. If a transfer was sent but never received and not returned, it is extremely rare but can happen - your bank and the lender's bank must conduct a trace investigation.

Right to cancel: You have the right to cancel an unsigned loan at any time. For some state-regulated loans, you may have a right of rescission (3 business days to cancel) even after signing.