The question of whether to apply for a loan online or in person may seem a trivial one, but you may be surprised by the impact your choice can have. Today, there are many online personal loan lenders to choose from – including both big banks and newcomers to the market. There are also traditional physical branches you could visit for a loan. Let’s review how using one or the other might affect your experience. For more information on the general process of applying for a loan, check out five steps to take prior to completing your application
Getting a Personal Loan Online
We’ve become accustomed to the ease of shopping online – often just using our phone.
Shopping for a personal loan online is similar in that you might be able to apply on any device, at any time of day. Applying online allows you to:
- Take advantage of online loan calculators to estimate your payments.
- Learn more about payment terms before making a decision.
While online may seem easier, one concern you might have is customer service. Will you get the same level of service when applying for a loan online vs. in person?
Customer service — whether online or offline — will, of course, vary by lender. Discover Personal Loans in particular offers 100% U.S.-based customer service. Our loan specialists are available to answer any questions you have and help you shape a personal loan to fit your unique needs.
Going to a Physical Branch for a Personal Loan
Some people may prefer sitting down with someone when seeking a personal loan. However, applying for a loan in person comes with certain drawbacks:
- You’re limited to specific hours when you can do business with the lender, and you have to organize your schedule to get to the physical branch during those limited hours.
- If you’re missing any paperwork for the application, you may need to go home to retrieve it.
- You may not have access to as much information on personal loans when considering your decision or as easily be able to surf the internet for answers in the midst of your application process.
Discover’s 100% U.S.-based personal loan specialists are also available to help make applying online for a personal loan as simple as possible.
Making the Process Quick and Easy
Perhaps one of the biggest advantages of going through the personal loan application process online is speed.
There are no appointments to make or long waiting periods.
Choosing the Right Lender Matters
But you’re not just choosing a personal loan to help you, you’re choosing a lender. Do some research to ensure the lender has a good reputation and a customer service team that is willing and able to clearly articulate the key points of a personal loan.
Also consider the loan features. Customers’ priorities for personal loans generally include competitive rates and flexible repayment terms. It’s also important to investigate whether you have the option to pay off your loan early or return your loan within 30 days without paying interest.
All these benefits and a high level of customer service should be part of the online lending experience.
We think there are a number of benefits to applying for a loan on your computer, but ultimately the question of whether you apply for a loan online or in person is up to you.