Which are the best option- Online personal loans or off lines personal loans 


Overview of personal loans:

A Personal loan is a type of loan which can help you out from any temporary financial situation. Whether you need money to pay medical bills, credit card bills, travel, home renovation, car repairing, and so forth. You can get a personal loan from the banks to restructure your spending bills.

Personal loans can be used for any purpose. When it comes to traditional banks, sometimes they ask you to share the purpose with them. But, online lenders never ask you to reason to use a personal loan. Although this statement is not enough to prove that online loans Philippines are better than offline. That’s why we have created this blog to tell you the pros and cons, eligibility criteria and procedures of both online and offline personal loans. So, let’s get started.

Online personal loans:

Online personal loans are also known as instant loans. Because after filling out an eligibility form, you will get the approval of the credit within a few minutes. You don’t need to wait for a day to check whether you are an eligible candidate for the personal loan or not; online lenders will acknowledge you after a matter of minutes. It is highly recommended for individuals who need funds in an emergency.

How to apply for online personal loans?

There are plenty of online loans Philippines lenders available on the internet. These lenders are willing to offer you the loans at the best interest rates. The procedure of applying for a loan is also straightforward and doesn’t require hard copies of documents. Below we have mentioned the process for applying for a loan online.

  • Head over to the official website of the lender and click on the eligibility form.
  • Enter all the details in the eligibility form and then click on the submit button.
  • As soon as a lender receives your eligibility form, he will review it.
  • If everything is fine, he will request you to submit the list of documents online along with the loan application form.
  • Once you submit all the necessary files to the lender, he will verify it and transfer the loan to your account instantly.

Pros and cons:

As nothing is perfect in this world. Online personal loans also come with some pros and cons and that we have listed below-


  • The approval time of the online personal loan is very less.
  • One of the biggest pros of online loans is convenience.
  • 24X7 customers’ support services are available.
  • A tremendous financial weapon in emergency time.
  • Minimal paperwork.


  • Difficulty in paying back loans because of a high-interest rate.
  • Heavy reliance on technology and internet access.

Offline personal loans:

Getting a personal loan from the traditional banks is a hectic task for the individuals whose credit score is low. Because most of the reputed banks are unwilling to provide secured loans at the lowest interest rates to the poor credit score borrowers. If your credit score is good and you don’t need a personal loan for an emergency, then it is advisable to visit your local banks for the loan.

How to apply for a loan online?

  • Individuals are required to visit their local banks.
  • Ask them to offer you a loan application and enter all the details that have been asked in the form.
  • A bank will review your application form; if it matches with their eligibility criteria, they will acknowledge you through email and request you to come with the hard copies of the documents.
  • You need to submit all the documents that prove your age, income, and address.
  • The bank officer will verify your documents and check whether you are an ideal borrower or not.
  • If you are found an ideal, then the bank will disburse the loan to your account within 2-3 working days.

Pros and cons:

Listed below the pros and cons of taking offline, personal loans-


  • If your credit score is good than the interest rate of personal loans is relatively lower than online personal loans.
  • The Banks will not sell your personal and financial details to the third party.


  • It would help if you visited the banks physically to compare the interest rates.
  • The loan processing time is longer than online as lenders need to make verification manually.
  • The banks take additional charges for processing the loan application and also at the time of closing the account.


If convenience, fast loan and easy approval are your subjects, then you should opt for the online loans Philippines. Because getting a personal loan from the online lender is more convenient than traditional banks. If you are looking for a renowned and reputed online lender who will give you a personal loan in the best interest, feel free to contact Crawfort PH

You may also like


Comments are closed.

More in Finance