Personal Loan Online or Offline - Which is better?

Technology has made the banking process much simpler and easier.  You no longer have to run after the broker for availing a personal loan in UAE. The Internet has made it possible for you to compare personal loans online. You can now apply personal loan online within the comforts of your home. You can fill online loan application and the loan can be approved in no time.

In this regard, here is a comparison of compare personal loan online and offline to decide which is better:

1. Application for the personal loan - You can apply for the personal loan online, anytime and anywhere. Neither you need to wait for the help of a bank worker or agent, nor do you need to wait for the working hours. However, with an offline personal loan, physical work is involved. You will need to wait for working hours. Also, you will have to fill the form in the presence of a bank official.
2. Documentation - With an online personal loan, the documentation process is quite simple. All you have to do is upload the documents and wait for the approval. This process takes just a few minutes to complete. With an offline personal loan, you will have to go to the bank to submit your documents. If there is an issue with the submitted documents, you will have to visit the bank frequently.
3. Comparison of the personal loan - This is the biggest and the most important difference between online and offline personal loans. Online, you can bring all the personal loans under one roof and compare using various comparison platforms. But with an offline personal loan, you will have to scout the finance market. You will have to get in touch with each and every lender. You will also have to personally meet them to understand their terms.
4. Middle-man charges - It’s a common sense that offline personal loans require a middle-man to help with the personal loan. You will also have to born the commission to the middle-man. However, there are no such extra charges with an online personal loan. As there is no middle-man involved with the online personal loan, you only pay for what you are buying.
5. Processing time - The difference in the processing time between online and offline personal loan is huge. For an online personal loan application, the approval can be done in minutes. Moreover, the funding of the personal loan is provided within 24 hours of the loan approval by some banks. But with an offline personal loan, it can take a longer time. After the submission of the application, the next step involved is verification. The verification process can take some time as all your documents need to be verified. The funding takes even more time. Overall, an offline personal loan is a time-consuming process while an online personal loan is quick and easy.

Final Verdict

Between online and offline personal loan, an online personal loan is definitely the better choice!. Apply personal loan online if you want a quick and hassle-free personal loan. Not only will the process be easier with an online personal loan, but you can also get the funding within a day or two. Hence, in case of emergencies, opting for an online personal loan would be a  wise decision.