Which One Is Better: Online Loan Or Offline Loan?
Our way of living is changing as innovation progresses. Nearly everything is accessible on a smartphone. Smartphones are a boon for us, and they have made our tasks and activities faster than ever before. We can get almost all the things we need at our doorstep in a few clicks. Much appreciated for innovation, our lives are changing for the better, banking is not an exception. Earlier, getting a money loan was challenging to obtain in an emergency.
Thanks to the apps, you can do all the bank-related activities from the phone, even getting a loan. Getting a loan from a bank is always a long and exhausting process. But doing the same with online loan applications makes getting an advance loan much easier and more manageable. As a result, today, most people are inclined to take an online loan due to its fast and convenient process.
Online loan vs. offline loan
- Cost and energy-efficient
You can avail of online loans anytime and anywhere within the comfort of your home. However, in case of getting an offline loan, you need to visit the bank several times, leading to time consumption, energy consumption, and cost consumption.
- More options to select from
When looking online to select the best loan plan for yourself, you get varied options with different return periods, interest rates, EMI options, etc., and you can even compare between other plans. Unfortunately, in the case of offline loans, you don’t get as many options as you get in online loans, and you will have to go to the branch of your bank.
- Documentation process
With online loans, the documentation process is paperless and minimal, and it does not take more than 15 minutes to complete the KYC (Know Your Customer) details. On the other hand, the documentation process for the offline loan is a paper-intensive process, and you have to even self attest all the hard copies and submit them at the bank.
- Convenience and Accessibility
In terms of convenience and accessibility, you need to click a few times on your phone, tablet, or computer/laptop to get an online personal loan. Still, to get an offline loan, you need to visit the branch personally at the designated time allocated by the bank.
- Processing time
You have to fill in all the details online, and the documentation process is minimal; you can get instant loan approval provided you are eligible for the loan. It does not take more than 15 minutes to get the loan approval for an online loan. Offline loan approval is exhausting with all the documentation, numerous visits to the bank, and long-standing hours in a queue. It takes weeks to get the loan approval provided you are eligible.
The instant money loan lending apps highly secure their customers’ information, so it is pretty secure, whereas offline loans do have a risk of losing the paperwork.
To conclude what we discussed above, we can note that we can get fast money from online loan apps, and the process is much better, faster, and more secure than offline loans.