Online loans are personal loans that are offered through a website or another internet-based portal. Underwriting criteria, loan terms, interest rates and loan structure are similar to traditional branch-based or bank loans, but the application can be filled out online. Numerous new companies have established platforms using only online acquisition channels, while many traditional brick-and-mortar lenders are also setting up online storefronts. The benefits to the consumer of online loans are significant, as it lowers the need for slow paper-based processing and simplifies the application process.