Online and offline personal loans can solve your need for instant cash; however, what to choose will depend on your needs and requirements.
Here are a few differences between them:
Convenience:
It is incredibly convenient to apply for a personal loan online, and you may do so from any location. It is hassle-free as you are not required to visit a branch for getting approval.
Further, with loan apps in India like Fullerton India’s InstaLoan app, users can get instant personal loans to meet their short-term needs. The documents required are minimal, and the user experience is flawless.
However, when applying for a personal loan offline, applicants will have to visit the branch more than once and carry the documents with them.
Human interaction:
With an offline personal loan, you can meet the loan representative, and understand the process and terms and conditions. Further, you will receive personalized products.
Conversely, with online personal loans, the human interactions are minimal, as the process is online.
Processing time:
With online personal loans, once the applicant fulfils the eligibility and documents are uploaded, the instant personal loan is processed within a few hours. With loan apps in India like Fullerton India’s InstaLoan mobile app, the loan is processed within 30 minutes after all the requirements are met.
In contrast, with offline personal loans, since lenders must personally verify the submitted documents and confirm the applicant’s legitimacy, the procedure time is significantly increased.
Additional Read: Which app is recommended for personal loan for salaried employees?
