An online loan is a type of loan that is applied for, processed, and managed through the internet without needing to visit a physical branch. This type of lending is convenient and fast, with many online lenders offering quick approvals and funding within days. Online loans can come in various forms, such as personal loans, payday loans, or business loans. Borrowers are required to fill out digital applications and provide necessary documentation electronically. While convenient, it’s important for borrowers to compare interest rates, terms, and lender reputations to avoid scams.