Installment loans are very helpful in times of financial pinches. They do not require collateral as security and hence are called unsecured installment loans. Moreover, easy installment loans with fewer loan requirements assist in covering up unforeseen expenses such as car repairs, medical emergencies, utility bills, home renovations, etc. Although there are many feasible funding solutions available in the market, installment loan is the best variant when you need money easily, even with poor credit. However, if you are considering applying for installment loans, you have options- offline installment loans and online installment loans. While both are paid back in regular fixed payments, they differ in key aspects such as the mode of application, loan processing, funds transfer, payment withdrawal, etc.
Technology has eased up every aspect of life, including the lending industry. Many lending companies are continuing to adopt state-of the art- technology to enhance their products and services. Online installment loan is one such improved funding option with multiple advantages in comparison to offline option, given the convenience and speed. The online platform allows you to apply online from the convenience of your home 24/7. The process is hassle free without any faxing of documents, approval is instant and the money is transferred electronically the same day to the borrower’s authorized checking account. Hence, these are also referred as no fax installment loans or same day installment loans. Repayments are also done online with the payments debited from the same account on the due date via ACH. Getting an online installment loan is relatively more easy, convenient and fast. However, realize that when you take out a loan online through a lending website, lender authenticity is not guaranteed as there are thousands of lenders online. Moreover, there is a possibility of the website not belonging to the actual lender. Sometimes, a lending agent or broker can pose as a direct lender. Hence, play caution, verify the credibility, read the terms and conditions and skim through reviews before determining any lender online.
In-Store (or) Offline Loans
Companies offering offline installment loans operate through physical branches. Although these offer speedy lending service and convenience than traditional lending option, getting offline installment loan from store is tedious and time consuming in comparison to online installment loan. The lending process is entirely different. You have to fill out the application form manually and submit it to the concerned person, which may require you to stand in lines for hours. Additionally, it may also involve paperwork such as fax copies of bank statement, paycheck stubs, etc. Even if your loan request is approved, it takes time to get cash. The positive side is, it requires a valid license to set up a physical store and this in turn renders offline lending option, more credibility. Moreover, when you get a loan at a physical store, you have an improved and direct access to receive help in case you have any questions or concerns.
Understand that both online and offline options carry their respective pros and cons but online installment loans are the affordable, flexible and quick option. However, it is always advisable to do a thorough research and ensure to check with your state regulator before making any lending choice.