Online Loan Vs Digital Loan: you need money. It may take weeks to get a personal loan from bank branches. In such a situation, your work may also get spoiled. What to do then? Your eyes immediately fall on the advertisement of a digital finance company. There the loan application is approved quickly. You simply download the app, fill in a few KYC formalities. One or two calls come. Some information is taken from you. Then within a few hours the loan is finalized and after some time the amount is transferred to your account. This is the miracle of online personal loan companies.
Don’t let the miracle of online loan prove to be too much for you.
You got an online personal loan within a few hours, but this miracle should not overwhelm you. Because, in order to take a personal loan in a hurry, interest will be deducted from your account at a much higher rate than the bank branches. You will have to compensate for this also. If there is a little carelessness in this process, then the online company that gives you a quick loan by giving loving words will behave so rudely that you will tremble. It is possible that you may get trapped in the debt trap and the recovery agent will reach your house and start misbehaving with you to recover the money. It is also possible that you may get trapped in lengthy legal proceedings.
What is the problem with bank personal loan?
Now it is natural to raise the question that when banks give personal loans at low interest, then why do people fall into the trap of online companies. The biggest reason for this is that banks check credit history or CIBIL score before giving loan. They even refuse to give loan if it is defective. In such a situation people have no choice. Then banks also ask for many types of documents. Even if everything goes well, it takes weeks to give a personal loan. That’s why people adopt the easy route of online personal loan. If banks make their process a little easier and faster, then traditional personal loan is a better option than online personal loan.
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