What is a key difference between bank loans and online loans?

The distinction between bank loans and online loans primarily revolves around the amount of information required from applicants during the application process. Online lenders often streamline their application procedures and may require less documentation or fewer details compared to traditional banks. This can make online loans more accessible for borrowers who may not have extensive financial histories or who want to expedite the borrowing process.

In contrast, banks typically have more stringent requirements, often needing comprehensive financial documentation and more thorough credit assessments, given their regulatory obligations and risk assessment procedures. This key difference in the volume and type of information required allows online loans to be processed more quickly and easily in many cases.