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.

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