If you’re considering a loan, there are a few options available to you. Whether you have great credit, bad credit, or no credit history at all, there is probably a loan out there that will suit you. Getting a loan used to be a long drawn out process at your bank with tons of forms and paperwork to fill out. The application process was usually followed by waiting for approval in the mail. Now days, you have the option of going to your bank for approval in just a few days, or filling out an online application and getting a loan as quickly as the same day.
So, what are the differences in online loans and conventional loans? There are a few things to consider when making your choice. Banks usually want someone with stellar credit. They offer loans for generally larger amounts for things like home improvements, auto loans, or mortgage loans. The process can be drawn out, or it can be relatively simple based on your history with the bank itself. You’ll want to contact your bank directly when weighing your loan options. They may have an application that you can fill out by just answering some questions over the phone. You should expect to have to go in with documentation of your income, debt and possibly your past years tax return. Some items can be faxed, but some things may need to have your actual signature. If you can’t make it to the bank, then you may have to have documents mailed to you for your signature, and the actual loan money can take a while for you to get your hands on.