If you’re looking for a loan, you may be wondering whether you should apply for it online or in person. Each option has its own set of potential advantages and disadvantages. Your best choice will depend on your unique situation.
In this article, we will examine potential pros and cons of applying for a loan online or in person.
Applying Online
An online application offers the distinct benefit of ease and convenience. You can fill out quick online application and get an immediate response. The funds may be deposited into your bank account as soon as the next day.
Pros
- Fast access to funds. You could have funds deposited into your bank account as soon as the next day!
- Quick and easy application process. The application process takes place entirely online and takes only a few minutes of your time.
- You don’t have to leave the comfort of your own home.
- No credit check. We don’t check your credit score or credit report during our simple application process. Those who have a low credit score or an imperfect credit history may have an easier time qualifying for a loan with an online lender. If you wish to improve your credit score, register with Credit Verify. You’ll be able to monitor your credit score and catch mistakes on your credit report.
Cons
- You have to submit personal information online. Those who aren’t comfortable submitting information online may opt for an in-person appointment. However, OntarioCASH uses cutting-edge encryption technology to keep your information safe.
- If you don’t have access to the Internet or aren’t comfortable using websites, you may prefer in-person interaction. Not everyone is technologically savvy, and some people may not have reliable access to the Internet.
Applying in Person
Some may prefer a more traditional route to applying for a loan. When you apply for a loan with a traditional financial institution like a bank or a credit union, you may often have to visit their physical branch location. Those who have a preexisting relationship with the financial institution may sometimes get better rates.
Pros
- Potential perks and benefits for established clients. If you have a preexisting relationship with the financial institution, you may be offered lower rates and fewer fees.
- In-person interaction. You can ask a loan officer questions face to face.
- Submitting documents in person. Those who are concerned about submitting personal information online may prefer to submit their documents in person.
Cons
- Slower application and approval times. You may have to wait several days or longer to get your funds.
- Less convenient. You may have to visit a physical branch in person, which may involve commuting time and additional expenses.
- More stringent requirements. Banks and credit unions may have stricter requirements than online lenders.
Conclusion
Whether you opt to apply for a loan or in person will depend on your unique preferences. Those who value ease and convenience may wish to apply for a loan online. In the meantime, those who prefer an element of human interaction and the opportunity to ask the loan officer questions may opt for an in-person appointment.
If you need quick funds, apply online via OntarioCASH. We don’t check your credit score or credit report during the application process.
