BANK LOANS vs. ONLINE LOANS
Consumers have two options for obtaining a
personal loan; either from their local bank, or they can apply
online. Regardless if you are a
first time borrower or not, it is important to understand the
differences of both.
We evaluate online personal loans and bank loans
Chances of Approval:
Because of the current credit crunch, banks have their hands
tied in terms of who they are able to approve for loans. People with
above average credit are likely the only candidates that can achieve
unsecured financing from a local bank. On the other hand, Choice
Personal Loans is able to approve people of all credit types,
including those with a history of bankruptcy. Our lending network
specialized in being able to provided bad credit loans for people
looking for a second chance. Learn more about the
bad credit personal loans we offer.
Online lenders are typically more flexible when it comes to the
amounts they are willing to lend in comparison to bank loans.
Internet sources are typically backed by several large financing
institutions that are more capable of funding greater loan amounts
than banks. Most banks have caps on their eligible borrowing
amounts; typically $20,000 or less. On the other hand, as a leading
provider of online loans, we are able to provide financing for as
little as $100 to as much as $100,000.
Time It Takes to Apply
Applying online with us only takes about five minutes. However,
when you consider the time it will take you to drive to your bank,
and then wait on line until you can be serviced, the amount of time
to apply at your bank is going to be significantly longer. In
addition, banks will typically have more documents for you to fill
out and also take longer to get an answer from their underwriters.
Our online service utilizes technology that will generate results
for you within three minutes from the time you hit submit by
instantly analyzing your application and scoring it based on an
Time It Takes To Get Your Funds:
Most local banks are able to get you cash within an hour. We are
able to wire you funds within an hour from the time your submit your
application. That makes us one of the fastest providers online.
However, most online lenders will deliver funds around 24 hours
after an approval is achieved.
Our site is 100% guaranteed secure and is also regulated by law.
Your personal information is protected. In fact, we belong to the
Enterprise Privacy Group,
an association of organizations working in partnership to understand
privacy and identity-related issues and to achieve collaborative
solutions. On the contrary, at the bank, your info is not protected.
Importantly, how can you be sure that the bank is going to
destroy all of your personal information once your application and
paperwork is no longer needed? Are they merely going to dispose of
it in the trash, without shredding it? The truth is unless you watch
them destroy your info, you won't know what they are going to do
with your information. You need to be careful to
avoid becoming a
identity theft. Read more about
Banks are going to be more flexible when it comes to payments. A
physical institution will probably be more forgiving when it comes
to a late or missed payment. This is one of the sole benefits of
being able to meet face-to-face with your lender and personally
discuss your situation. It is important to note that we will work
with our clients in the event that they are having troubles making
payments. But, you must
contact us and let us know what is going on before you are
delinquent so that we can adjust your account accordingly.
shopping for a loan, you'll need to evaluate all of the details
outlined above to determine whether an
online loan or bank loan is better for your needs.
Being a Wise Borrower
Credit Cards vs. Personal Loans
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