Skip to content
Learn About Personal Loans

Applying for a Personal Loan Online Versus a Physical Branch

In the digital age, customers are increasingly taking their business from brick-and-mortar branches to the Web. Online shopping actually became consumer’s preferred method back in 2013, according to The Deloitte Annual Holiday survey. Also, 57% of smartphone owners have used their device for online banking. Given this trend, is the Web now the best option when it comes to applying for a personal loan?

Let’s start by examining where to get a personal loan — either from an online provider or a physical branch. Each has its advantages and disadvantages:

Advantages of Online Personal Loans


By moving the process online, you can apply for a personal loan from the comfort of your home – even in your pajamas! – at any time. In addition to online access, you can discuss the details over the phone with a qualified representative. Discover Personal Loans, for example, has 100 percent, U.S.-based loan specialists available to discuss your personal lending needs.
Woman on Phone with Online Loan Provider


Customers’ priorities for personal loans generally would include competitive rates, flexible terms and repayment schedules. It’s also important to note whether you have the option to return your loan within 30 days without paying interest when deciding which company to go through. Again, when comparing online vs. brick-and-mortar lenders, the online option may result in a higher level of overall flexibility for you.

Disadvantages of Getting a Personal Loan Online

No Branch Office Visit

The main disadvantage of an online personal loan is not meeting face to face with a representative at a branch office, and with so many options, it could be hard to know where to get a personal loan. Online providers have adapted with technology, however. Using the same example, Discover’s U.S.-based personal loan specialists also have a click-to-chat feature available for easy, efficient communication, making applying for a personal loan online as simple as possible.

Whether your goal is consolidating debts, paying for big life events, taking care of major purchases or handling unexpected bills, a personal loan can help you through the process. It may be confusing determining which personal loan lender is best for you, however. Make sure the lender has a good reputation and is able to clearly articulate the key points of a personal loan in a way that you understand.

To better understand your options, take a look at this side-by-side comparison chart and then apply for your personal loan online.

Was This Helpful?