What is an In-Person Loan?

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An in-person loan is not to be confused with a personal loan. An in-person loan is a term for a type of loan that will require the borrower to physically visit a bank or the office of a credit union to apply. The lenders will ask the borrowers to fill in physical forms as well as provide identification in person. It is a time consuming process that may test your patience.

Advantages of In-Person Loans

  • Face-to-face – With in-person loans, you will have a face-to-face discussion with your loan officer. This allows you to discuss your needs and have your questions answered.
  • Relationship – If you have a long-time relationship with a bank, you may get a lower interest rate or better deal.
  • Clarity – It’s easy to ask questions when you’re personally present in the bank. This will give you clarity when it comes to the loan’s terms and conditions.

Disadvantages of In-Person Loans

  • Presence – To apply and qualify for an in-person loan, your physical presence is required. You need to fill in documents and present your information to the bank
  • Waiting time – In-person loans may have a lot of waiting time. There are several steps to follow and the processing time may be long.

When to get an In-Person Loan?

An in-person loan is an ideal choice for you if:

  • You prefer a traditional loan institution.
  • You have had a good relationship with a bank for a long time.
  • You prefer human experience.
  • You have plenty of time.

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