Personal loans are a convenient and reliable resort for a sudden requirement of funds. Nowadays, lending institutions have made them easy to avail, thanks to the personal loan apps supporting 100% digital loan procedures. Their easy eligibility conditions, fast approval, minimal documentation requirements, and 24/7 availability encourage people to borrow money for meeting various financial requirements and obligations.
Undoubtedly, an online loan application is faster and easier than an offline one. insta loan apps make the procedure more streamlined to make loans accessible to all at their fingertips. Let’s find the differences between online and offline personal loan applications and understand how to apply for a loan using both methods.
How to Apply for a Personal Loan Offline?
There are different ways to apply for a personal loan offline:
- At the Lender’s Office: The applicant visits the lender’s office, fills out a loan application form, and submits the required documents. The lender verifies the details provided and approves the loan amount. Then the applicant comes again to sign the loan agreement and collects the loan cheque.
- Through an Agent: Lending institutions have agents representing them and selling the loans. They guide the applicants through the loan procedure and handle the paperwork and other formalities. However, they charge a commission fee for their service, which increases the overall loan cost.
The major disadvantage of offline loan application is that it is a complex and time-consuming method that takes several days and multiple visits to the lender’s or agent’s office. Therefore, an applicant who needs money urgently does not find an offline personal loan application a perfect process.
How to Apply for a Personal Loan Online?
Online application is much faster and easier than the offline method. One may apply for a personal loan online through the lender’s website or online loan app. Let’s see how it works.
- At the Lender’s Website: The applicant logs on to the lender’s website, visits the personal loan page, and fills out the loan application form. The required information includes the applicant’s personal, financial, bank, and employment details. Then the applicant scans and uploads the required documents and submits the application form. The lender verifies the provided details and approves a loan amount according to their eligibility.
- At an Instant Loan App: These days, it’s possible to do everything through mobile apps, including loan applications. Many reputed lenders and NBFCs have their personal loan apps. The applicant downloads the app from their preferred NBFC and registers via their Google or Facebook account. Then they fill out the application form, provide the required details, and upload scanned copies of the required documents. After completing the application, the applicant receives instant confirmation of their eligibility and gets an application number to track their status. After accepting the loan offer, the lender disburses the loan amount within 24 hours.
Which is the Best Loan Application Method?
Without a doubt, using an online loan app is the best, easiest, and fastest loan application method. Applicants can apply for a loan through an app directly from their smartphone whenever and wherever they are. Loan apps make personal loans accessible at the fingertips without visiting the lender’s office even once. They support 100% digital and paperless loan procedures that one can complete within minutes.
Apart from the loan application facility, many loan apps also have helpful tools available in their interface. These include the eligibility calculator and the EMI calculator. Applicants can calculate the loan amount they are eligible for using the eligibility calculator. With an EMI calculator, they may estimate the monthly EMI they have to pay each month. They can select a loan term with EMIs suitable to their repayment capacity based on this information.
Also Read: Why Borrowers Finds Fullerton App Most Reliable for Personal Loans
Selecting the Right Loan App
Online loan apps let applicants get a loan without visiting the lender’s office. However, it is crucial to select the right loan app that gives maximum facilities to the applicants. Before applying for a loan through an instant loan app, check its loan amount, interest rate, user interface, repayment term, and customer service. Reading reviews or getting referrals is ideal for finding a trustworthy loan app with the most reliable service.
Now it’s clear how both offline and online loan application methods work. The online application method through personal loan apps leaves the offline mode far behind in terms of speed and convenience. However, it depends on the applicant’s discretion to use any of the above methods.
