When it comes to loans, everyone has their own preference as a lot of factors affect the loan. So, if you want t apply for a loan, there will be a lot of factors that will affect your decision to apply through personal loan apps or bank. Even if you were to ask somebody for suggestion or advice, you are bound to get a biased answer. However, there are certain factors that can help you decide whether you should choose apps for an online loan or go to the bank. So, let’s have a look at the factors:

Factors that affect Source of Loan

Time

The first factor that affects your decision of the source of the loan is time. If you require funds immediately then your best option is to go for an instant loan app. The reason that you should avoid banks is because they are infamous for taking too much time to approve a loan.

Convenience

If you are applying for a loan then you would want it to be hassle-free. However, if you are to apply at a bank for a loan then you will need to visit the branch of the bank for updates. On the other hand, an instant loan app provides you the option of applying for a loan from the comfort of your home.

Interest Rate

If you want to avail the loan at low interest rate then you should apply at a bank. The reason is that majority of personal loan apps charge a higher rate of interest compared to banks. The difference is marginal but still it could be a lot depending on the applicant.

Amount of Loan

The amount of loan is also a considerable factor in deciding the source of the loan. If you are looking to avail very large sum, then the best option for you would be a bank.

PaySense: Best in Personal Loan Apps

Now, you know the factors that can help you decide whether you should apply at a bank or app. If the amount of the loan that you require is not high then you should avoid banks. Banks not only take a lot of time in approving a loan, but they also take  lot of time in transferring the amount. On the other hand, PaySense guarantees not just instant loans but the loan amount is also transferred within a few short hours. So, if you are looking for a hassle-free instant loan up to Rs. 2 lakhs, then PaySense is the best choice.