Dutton Lending Examines a Business Loan and a Personal Loan
Whether it’s a person trying to buy something or a company looking to have spending power, loans exist for various reasons. With loans being so crucial, different types of loans are available for people depending on their use.
Many people see the ease of landing a personal loan as an excellent solution these days. It helps that companies like Dutton Lending make it extremely easy to do everything online. When compared to traditional bank loans, are they better?
The truth is, both exist for their own reasons. With that said, a personal loan is extremely valuable for individuals that want flexibility and speed (among other things). Breaking down the two options is the best way to fully understand the differences.
Going through a bank can be an excellent way for people to get the money they need to pay for a variety of things. This used to be one of the most dependable ways to get a loan in general, but alternative options have popped up.
Bank loans are still an excellent option for those who want to fund specific and expensive purchases. This could mean buying inventory, supplies, and more for business owners. For individuals, it could be something significant like buying a vehicle or paying for a home improvement project.
Compared directly to a personal loan, bank loans give applicants more leeway on the amount of money. Smaller bank loans exist, but some people or businesses apply for hundreds of thousands of dollars or even millions in a single loan. This usually comes down to having excellent credit, providing collateral, and giving specific details on what the loan is for and how it will be paid back.
The complexity of bank loans takes a little bit longer for people to be approved and get the money to use. Those in a rush usually find themselves running out of time when applying for and receiving a bank loan. Banks speed their process up to compete more with online personal loans, but it sometimes takes several business days to receive funds.
There is some peace of mind for the average person that they get to work through a bank that has a bit more history behind their name than a typical personal loan company. Dutton Lending is a very respected name in the personal loan industry, but they still haven’t been around as long as some of the most well-known banks in the world. If people do business with the bank already, that sense of comfort working with them again can be a deciding factor.
Overall, no one should consider a bank loan an inferior option. There are plenty of people who take out bank loans and wouldn’t have it any other way.
The trouble some find themselves in is if they don’t quite understand that a personal loan exists and can be better in some instances. A few bad companies have made some people question online personal loans specifically, but that image is cleaned up by reputable companies making an impact.
Personal loans, especially online, have grown considerably over the last few years. Getting access to money quickly and easily is a big appeal. Still, it’s essential to go with a trusted company that will offer a competitive interest rate and take the time to talk with applicants.
Dutton Lending has been in the business for a while now, and they often come across people applying for their first personal loan online. They have a lot of questions more often than not, including how much money to take out and what type of interest rate they have the chance to be approved for.
Personal loans work for virtually anything. There are fewer questions asked because there is also no need for collateral. Part of the reasoning here is that personal loans tend to have a cap on how much a person can take out, so requiring collateral just doesn’t make sense.
A personal loan generally has to be paid back at a much quicker rate than a bank loan, but a good company like Dutton Lending will go over all of that in detail before a person even signs on the dotted line. Companies shouldn’t be trying to trick people into having to pay exorbitant fees but helping them instead. Used the right way, personal loans can really come in handy.
Are you thinking about a personal loan as the best option? If that’s the case, Dutton Lending is a company that continues to raise the bar as one of the best in the business.
Maybe their biggest difference from the competition is that Dutton Lending has always been very big on offering personal care for their customers. That means discussing different options, narrowing down the right amount, and much more. If people need to change up their repayment plan or find a way to pay it off faster, they can easily discuss that as well.
Speed also matters to Dutton Lending. A decision on a loan is possible within two hours. A person can have all their funds ready to use within 24 hours.
This speed can be a life-saver depending on a person’s situation. They are one of the fastest in the industry as far as coming through for clients.
Ultimately, Dutton Lending wants every person to make the wisest decision for their situation. For some, that very well could be a bank loan. However, more often than not, an online personal loan can easily handle a person’s financial needs.