Traditional v. Online. How fast can you actually get a loan?

Everybody needs money. It is not a secret that you still need more cash, no matter how wealthy you are. However, the reasons we need money differ. You might want to build a house in the future. In this case, you are in no rush. You can earn cash or take a traditional loan. On the other hand, you might need to pay off emergency medical bills. In this situation, you have no time to wait around for funds to come. For this reason, exactly, the financial market proposes different types of loans. Abou their differences and how fast you can get a loan, we will discuss them below.

First of all, let’s touch upon the subject of the most known loan - bank or credit union loans - or as we call them - traditional. These are the cash advances we have been taking for decades now. You go to a bank, show a ton of paperwork, and they approve you for a loan. Nonetheless, there are some stop signs. Do you have perfect credit? Can you wait for several days for the approval? Do you have all the documents required? If your answer is „no” to at least one of these questions, your chances are very low to get the loan.

However, if you are in a rush to get the money, you have the option of online loans. With different types of loans, you can get from $100 up to $15,000. The application process takes place online, and the form is available at any time during the day. When applying for a product such as a one hour loan, you get the approval decision in less than 60 minutes and the funding by the next business day. Sounds about perfect! However, it has some downsides as well. Usually, online loans have higher rates than traditional loans. In this case, time is literally money. You wait for less, but you might end up paying slightly more.

Both types of borrowings are crucial to have in our lives. Do you need an extended repayment plan and a large amount? Traditional loans are right for you! You have an emergency payment you cannot postpone? Online loans are the way to go! No matter what financial aid you choose, make sure it suits your situation and repayment possibilities!

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