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On-line or In-Individual Loans: What’s Higher?

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The growth in the online personal loan industry has made it easier than ever to apply for a loan online. Gone are the days when you had to show up at a branch to get a loan, as you can now submit all the relevant documents by applying for a loan online. However, a personal loan can provide benefits that an online loan cannot. You should therefore consider both options rather than using the online process by default for its speed and simplicity.

Check your personal loan rates

Answer a few questions to help you determine which personal loans you will pre-qualify for. It’s quick and easy, and doesn’t affect your credit score.

Online personal loans versus personal loans

Online loan professionals • Can be done from home
• Often processed quickly
• Money is deposited directly
Online loan disadvantages • New industry has some scams
• Some rates are higher
• Potential challenges for information security
Personal loan professionals • Good prices for long-term customers
• More common are legitimate lenders
• Can ask questions / personalized experience
Personal loan disadvantages • Often slower to get money
• Charges may be passed on
• Inconvenience of going in person

Where can I get the best personal loan?

The world of online lending is still evolving. Hence, part of the decision between online and personal loans will depend on personal preference when looking for an unsecured personal loan. However, there are a few ways to start thinking about what the best personal loan is and how to get it.

If you are looking for easy money, are fairly internet savvy, and are willing to do a little research to avoid scams, online loans might be a great option. They can submit your information quickly and compare prices to make sure you get competitive fees, rates and terms.

[ More: Best Personal Loans for Fair Credit ]

If you have a longstanding relationship with a stationary lender, have questions about credit, or don’t trust your information to be shared on the internet, then a personal loan might be better. Some lenders may be able to offer better interest rates to customers with existing accounts like checks and savings, and speaking with a loan officer in person can provide a more personal experience. You can also avoid the worry of selecting a lender online who is actually performing a personal loan scam.

How do I choose between an online or a personal loan?

While the occasional personal loan is intended to be repaid quickly, most individuals who apply for a personal loan commit themselves for many months or years. Your best bet likely depends on how fast you want the cash and how long you search for prizes. It’s not entirely clear whether you qualify for better interest rates online compared to in person. Hence, a comparison shopping is needed if you really want to make sure you end up paying for your loan as little as possible. However, if getting the money fast is more important than the cost of the loan, online is probably a better choice.

Is the money for an emergency?

In certain circumstances, the speed at which you can get the money is more important than the rate. For example, if you don’t have access to a credit card but you are fairly confident that you can quickly repay a personal loan, you may be focusing on quick online personal loan options rather than a personal loan that requires an appointment and one other time consuming steps.

[ Next: Top 10 Reasons to Apply for a Personal Loan ]

However, even in an emergency, you need to weigh the cost of the loan as part of the equation, especially if this isn’t a passing cash flow issue. If you are likely to be paying off the loan for a while, aim for a competitive rate, even for emergencies.

Would you like a cheaper loan?

Modern online lenders have sought to streamline the supply of credit, knowing that they must compete in the existing personal loan market. As a result, online lenders may offer better interest rates and therefore cheaper loans overall.

However, personal lenders are working hard to keep up with these new technology-based lenders. For example, some large banks are now offering a hybrid process that allows you to apply for the loan online but still be able to visit a branch if you have any questions.

In other cases, e.g. B. at non-profit credit unions, a personal loan application can result in the cheaper loan, as the organization is not trying to make a profit, but only to recoup the costs. While many lenders use similar factors in deciding what interest rates to offer, shopping with online lenders is a valuable option. Just make sure these lenders do a soft credit check instead of a hard one every time you check interest rates. This can affect your credit score if you have too many of them.

Do you feel comfortable sharing your personal information online?

A key factor that drives some people to opt for personal loans is concerns about online information security. For the vast majority of licensed lenders, information security is just as important to them as it is to you, so you are likely to be safe. However, you need to make a decision based on what information you want to conveniently share online. The Federal Trade Commission recommends reading the privacy policy, protecting your Social Security number, and verifying that you are not giving your information to scammers online.

[ See: How to Get a Loan With Bad Credit ]

Check your personal loan rates

Answer a few questions to help you determine which personal loans you will pre-qualify for. It’s quick and easy, and doesn’t affect your credit score.

A separate but related issue has to do with the reputation of the online lenders you choose. You need to do background research before applying for a loan online as there are credit scams that promise loans too good to be true and then steal your identity. Signs of online loan fraud are:

  • Insist that you are definitely approved for a loan – no real lender should make this claim, even if they focus on fair or bad lending. It should have some sort of standard by which it approves credit.
  • There are several ways that you can determine that a lender is illegitimate: check to see if they are registered in your state, check with the Better Business Bureau for complaints, and see if they have a physical address.
  • Lenders shouldn’t ask you for money upfront, pressure you to act quickly, or contact you before submitting a loan application.

Too long, not read?

Applying for a loan online can offer a number of benefits, including a quick process and the fact that you don’t have to leave your home. However, the online loan market includes some copycat scammers who are not actually lenders, and you can qualify for a better personal loan interest rate if you work through a personal lender that you already have a relationship with.

We appreciate your feedback on this article. Contact us at enquiries@thesimpledollar.com with any comments or questions.

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