Personal Loans: Applying Online vs Applying Offline

Gone are the days of the long drawn out process for a personal loan application, approval and disbursal.  There was a time when traditional means of financing meant long queues, loans that take months to process, immense paperwork and whatnot. Not anymore, especially with fast-track financing options such as online personal loans, applying via lending institutions outlets, and well-digitised branches.  If you are yet to explore the simple and easy way to avail of an instant personal loan through small personal loans online and offline emergency loans through outlets, then here’s all you need to know. 

Personal Loan Online or Offline: Which is Better? 

Want to apply for a personal loan but don't know what is personal loan online and offline is? Or, are you undecided about which option to choose? If you have any of these questions in mind, make sure you understand the benefits of both online and offline lending options before making a decision.

Why should you apply for an offline personal loan? 

 Better Assistance

When compared to the small personal loan online mode of financing, you get better customer support and assistance. Branch executives are required to adhere to a strict code of conduct. These executives provide you with step-by-step instructions for every phase of the loan application process. In case you have any queries, they can help you resolve them on the spot.

               Also Read: 6 Foolproof Tips That Can improve Your Personal Loan Application

Doorstep Service

An offline emergency loan or personal loan application modes are known for their doorstep services. Financial institutions send their executives to the customer's home or office to collect documents, sign loan applications and clear customer doubts. The financial institutions’ executives visit customers as often as needed. So, if you are unsure about submitting any documents or don't comprehend the paperwork, an offline emergency loan is the best option.

Best Comparison

Financial institutions have a team of experienced executives. These executives swiftly assess your requirements, and based on that, provide you with a table containing the list of all of their financial products. The table also includes the personal loan interest rate, charges associated with personal loans and other details. You can also compare the different loan products available with the lender. By simply looking at the table, you can choose the loan product that is best suited to your needs. For example, if you are confused between a bike loan and a personal loan for a bike purchase, the financial institution executives can assist you on the same.   

No Additional Charges

Most people think that when applying for a personal loan offline, they have to incur additional charges for in-person services at the branch. However, this is not the case. Financial institutions do not charge any additional fee from the borrower for their offline services. The charges you pay are for loan processing and a few other compulsory fees associated with your loan. 

               Also Read: 5 Brilliant Ways to Avail a Personal Loan with a Low Credit Score

No Threat to Credit

If you are a first-time borrower, you may have little or no knowledge about the personal loan product. Choosing a personal loan with the wrong loan amount or tenure may impact your credit history in the long run. However, when you apply offline by visiting a financial institution's branch or outlet, you will benefit from the advice of expert financial executives. This will save you from a negative credit condition. 
 
Why should you opt for an online personal loan?

User Friendly

If you do not know how to apply personal loan online, you may choose the online method. Personal loan websites are easy to navigate. These websites will provide you with step-by-step instructions and guidelines for filling out a personal loan online application form. They also have product-related informational articles and blogs as well as answers to relevant frequently asked questions (FAQs). Most lenders now provide a chat-bot service that answers borrowers' queries 24×7.
 
Easy Comparison

When applying for an online personal loan, you can easily compare the personal loan interest rates and offers of various personal loan providers with only a few clicks. Nowadays, various loan aggregator websites allow customers to draw conclusions based on the data of several lenders listed on their site.  You can also check the personal loan eligibility and can use the personal loan EMI calculator to know the best suited EMI beforehand. 

               Also Read: How Personal Loans Help During An Emergency

Minimum Documentation

When applying online, the personal loan documents required are the bare minimum. All you need is KYC documents, income proof and a passport size photograph to complete your loan application process. If you want a personal loan immediately, the online process is best for you. 
 
Instant Approval

Many financial institutions offer the option of apply personal loans online on their website or through their online app. Since the process does not demand too many documents for verification and processing, the loan request gets processed much faster. Once the lenders have verified the scanned documents, the funds are immediately disbursed into the borrower's account.
 
To Conclude

In personal loans online vs offline, you will find that both financing options have their advantages; it is all about convenience and knowledge regarding personal loans. There is not much difference between the online method and the offline methods. Depending upon your preference, you can choose any of them for instant personal loan approval and disbursal. Some borrowers also wonder can online loans be trusted. The answer is that you do not need to be concerned as long as you apply personal loans online with reputable financial institutions.