"This will vary on the individual company and the type of consolidation loan that you wish to apply for, some companies do promise that if all paperwork has been filled in correctly and everything checks out then you could have the money in a few days."
Direct Loan Consolidation
Private Loans - Education Loans
Upon referring to a lenders website, most will have a loan calculator which after working out how much you need, will calculate the interest rate and savings that could be made.
If you find that your rates are lower, then it is better not to avail of the loan; however, as is often the case, if the rates of interest are lower than the individual loans you have outstanding, then, by all means, go for it.