There are many ways to access funds quickly, from installment loans to payday loans. The amount of money you can borrow may depend on the loan type and the regulations in your state – but you should choose a loan that gives you enough funds to cover the expenses you need, whether it’s a minor financial emergency or simply taking care of day-to-day expenses when you’re in a cash crunch.
If you’re considering getting a loan, you may be wondering whether you should apply online or in-store, and how each process works. Let’s dive deeper into how to apply for in-person and online loans so you can decide which method is right for you:
How can I apply for an online loan?
An online loan offers total convenience as you can process your loan without leaving the comfort of your home. All you have to do is complete an online loan application form and provide all the necessary documents. You may need to provide a government-issued ID, Social Security number, income proof, and your checking account information.
After you provide this information, you can submit your online loan application and wait for approval. Many online lenders offer instant approval, so you may hear back within just a few minutes. If approved, you can receive the funds in your bank account as quickly as the same day you apply or within 24 hours. Then, you can start covering expenses. Depending on the loan type, you may pay the loan back all at once or over a predetermined time.
Here are some pros and cons of applying online:
- Pro: Online loan applications can be fast and highly convenient, with little to no wait time.
- Pro: The money is deposited directly into your account.
- Con: You may need to call customer service to ask questions before or during the process.
How can I apply for an in-person loan?
Not all lenders have physical stores to visit, but some have stores located throughout the country. This means that borrowers who want to apply in person may be able to find a location nearby. While driving to a lender’s storefront may be time-consuming for some people, it enables borrowers to ask questions and clarify any doubts before applying.
If you’re applying in-store, ensure you bring all necessary documents with you, like a government-issued photo ID, proof of an active checking account, proof of income, and your Social Security number. Once you complete your application, you’ll need to read the terms and fees and sign the agreement. If approved, you receive the loan funds from the lender on the spot. Depending on the loan terms, you may return to the store to repay the loan or repay what you owe online.
Here are some pros and cons of in-store applications:
- Pro: You can speak to the store staff and have any doubts clarified.
- Pro: You can get a personalized experience with a specialist who can provide guidance.
- Con: You may have to wait in line to fill out your application if the store is crowded.
Should I apply for a loan online or in-store?
Now that you know how the application process works for online and in-person loans, consider your preferences and location to decide which option is right for you. If you live near a lender’s store location and prefer a more personalized experience, then you may want to apply in person. But if you want the convenience of applying from home, then consider filling out an online application. Whichever route you choose, make sure you gather all necessary documents before applying.