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 below.

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.

Borrowing Amounts:
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. APPLY NOW!

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 advanced algorithm.

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.

Security
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 victim of identity theft. Read more about identity theft

Payment Options
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.

When 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.


Related Reading:
Being a Wise Borrower
Loan Tips
Credit Cards vs. Personal Loans

 

 

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