Should I compare personal loans online or at the counter?

Category: personal loan Published: Sunday, 26 January 2020 Written by Shanon-Peterson
loan at bank counter or online, london city

 

With technology advancing at a fast pace, there have been introduced high speed internet and numerous gadgets that have revolutionized the way how business is done and has changed people’s lives for the better. Companies and banks in financial sector have also adopted the latest technological trends to offer great convenience and comfort to its clients. Be it normal banking or applying for personal loans, it is now possible to perform this activity with the click of the button using computer, laptop or the smartphone.

 

Is it better to apply for personal loans at the counter or online?

There are many people who still are to catch up with modern technology and hence tend to ask this question. Personal loans are applied for various reasons and can help to bail out from sudden financial constraints, which can be anything. People do have the facility to apply for personal loans by visiting the lender’s place or online, using their computer or smartphone as they desire.

But with online loans, you do have the convenience to check out and compare different lenders in the market right from the comfort of your home. With online loans easily available, processing has only become much quicker and hassle-free, requiring very less documentation.

 

Difference between offline & online personal loans

  • Convenience: This is one major advantage derived by all borrowers. There is no need to visit the bank or the lending company personally and stand in long queues. It is possible to apply online from your office, home or even on the move. You can also enjoy 24/7 customer support services to sort out all your queries. These are few things not possible with offline loans.
  • Documentation: Minimal, paperless documentation is encouraged with online application of personal loans. You simply need to have all your original documents scanned and upload it on the lender’s portal. Once done and submitted, the lender will then e-verify them. According to their set criteria, they will disapprove or approve your loan application within minutes. But offline application will mean physical submission of several hard copies at the lender’s office. Also, confirmation will be derived only after few days.
  • Online offers: Various online products come with special offers provided by DSAs and banks to beat competition. Such offers might be in the form of 0 EMI for several months, lower interest rates or shopping coupons, etc. It can help save precious money. Offline application will not entail such offers.
  • Processing time: Huge gap is noticed between offline and online personal loan processing time. Quick approval is done in case of online applications, as processing is based upon machine-made algorithms. Therefore, approval takes few minutes to couple of hours. Besides, electronic transaction allows disbursal within hours. But for offline application, documents are to be personally submitted and verified. Also is performed manual processing, which does take plenty of time. Hence, online application is much faster than offline.

Therefore, it will be wise on your part to compare personal loans online than offline to derive the above advantages.

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