Intro
Whether you should apply for a loan in person or online will depend on several factors. While the general trend has been toward online business and online application processes, there is a place for in-person appointments as well. Read on to get a more nuanced perspective.
In-Person Application Advantages
- You can speak directly with a loan officer and receive customized advice. If you have any questions or concerns, the loan officer can clear up your confusion right then and there.
- If you need to submit any documents, you can do so in person. The loan officer will have them immediately. This may help you enjoy a greater peace of mind, especially if you’re wary of the Internet or aren’t technologically savvy.
- Some lenders offer additional perks and benefits if you have a bank account with them. Applying in person can make it easier to access those benefits. Perks may potentially include rate discounts. You may have the opportunity to negotiate a lower rate thanks to your longstanding relationship with the institution, despite a lower credit score. If you need to improve your credit score, register with Credit Verify to track your credit information and catch mistakes.
In-Person Application Disadvantages
- Applying in-person is less convenient and may involve commuting time. You have to visit a physical branch, which may be far away or in an inconvenient location.
- Application time is restricted to normal business hours. This means you have to make an appointment in advance and cannot apply at any time of the day, as you can with an online lender. This may cause stress if you need funds quickly.
- The loan approval process is much slower. It may take several days or longer to get your loan approved, while an online lender may provide you with a loan in as little as 24 hours.
- It is more difficult to compare different loan offers in person. With online lenders, you have the benefit of loan comparison sites and instantly checking and comparing different lenders, but this is not the case with in-person applications or physical branches.
Online Application Advantages
- Applying online offers the advantage of ease and convenience. You don’t have to leave the comfort of your own home at any point during the online application process. This can save on commuting time and travelling to distant or inconvenient locations. It can also save you some gasoline and some stress.
- It may be easier to compare different loan options. You can use online loan comparison sites and instantly see the different ratings and pros and cons associated with different online lenders. This can help you make a more informed decision, more quickly.
- Fast access to money. You can get your loan approved in minutes, and the money can be deposited in your bank account in as little as 24 hours. This means you can have the funds you need quickly. This may help you enjoy a greater peace of mind.
- You can apply online at any time, 24/7/365. In contrast to a physical branch, which you can only visit during normal working hours, you can apply for a loan online any time of the day or year.
- Your personal information is handled with utmost care and protected with cutting-edge encryption technology. Cybersecurity is dynamic and ever evolving, working around the clock to keep your information safe.
Online Application Disadvantages
- An online application lacks an interpersonal element. You can contact the lender via phone or the Internet. If you lack good Internet access or aren’t adept technologically, it may be more challenging than the traditional in-person application process.
- While your personal information will be safeguarded with cutting-edge technology, some people may not feel as comfortable submitting their personal information online.
- You need to make sure you work with a reputable lender. While many online lenders are safe, you need to watch out for scammers. It’s best to check the reputation of the lender beforehand.
Conclusion
Dependent on your particular circumstances, you may opt to apply for a loan either online or in person. An online application process offers the advantage of convenience and not having to leave the comfort of your own home, while in-person appointments may offer the advantage of an established, preexisting relationship with the lender and associated perks. If you wish to apply for a personal loan online, submit a quick application via Crediteck. It takes only a few minutes, and we don’t do credit checks during our simple online application process.
