Should You Apply for Small Personal Loans Online or In-person?


Thanks to digitalization, several things are now done online. You can shop, book air tickets, and even sell your items online.

But can you apply for a loan online, or should you go to the lender in person? Well, the answer to this question is not straightforward as you need to consider many factors. Let’s dwell on that in detail.

What Is an Online Loan?

Online loaning refers to the process where prospective borrowers can apply for a loan without submitting their application documents physically to a bank or financial institution. It’s one of the best ways to get a small personal loan in Quebec.

The processenables applicants to prequalify with a couple of online lenders without being subjected to credit inquiries.

Mostly, online loans come with relaxed qualification requirements. They also have streamlined application processes and faster loan approval and funding. Many online lenders offer a fee-free structure that lower the overall cost of borrowing.

When to Apply for a Loan Online

Generally, applying for a personal loan can be a demanding process. Think of walking from one lender to another or even queuing for long hours waiting for service.

Thankfully, online lenders aim to make you enjoy the experience by providing you convenient process. The following are some of the reasons to go for online loans.

  • Need faster access to cash
  • Want to prequalify before applying
  • Have a low credit score

Pros and Cons of Applying Online

An online loan is a more convenient option for millions of borrowers. But it still comes with its pros and cons that you must consider before going that route.


  • Low fee or totally no fee charged
  • Fast loan approval and funding
  • Applications are more streamlined
  • It gives you access to online calculators


  • Risks of online lending scams
  • The interest rate may be higher

What Is an In-person Loan?

Going to your lender in person is still a common way to apply for loans. It’s a type of financing that requires a physical presentation of loan applications at the lender’s brick-and-mortar branch. They are offered in any financial institutions like credit unions, banks, etc.

Although in-person gives applicants a golden opportunity to develop face-to-face relationships with loan officers, it appears time-consuming. Think about waiting in line with thousands of other applicants.

When to Apply for a Loan In-Person

For the few, applying for a loan in person simplifies the lending process, reduces interest rates, and lowers the fees. Here are some of the reasons you should consider an in-person loan application.

  • You aren’t rushed for time
  • When face to face with bank officials is your priority
  • You want to access lower rates or fees
  • Have an existing banking relationship with the lender
  • You aren’t comfortable submitting your personal information online

Pros and Cons of Applying In Person

Just like an online loan application, in-person also comes with its share of pros and cons.


  • The applicant has a face to face encounter with the lender
  • Easy to work with a lending officer
  • You avoid the risk of scams


  • There is no prequalification
  • Approval and lending may take longer

Leave comment

Your email address will not be published. Required fields are marked with *.