This post was originally published on On Deck
Getting a loan used to mean scheduling an in-person appointment, gathering stacks of paperwork and waiting weeks for an answer. Not anymore. Today, online business loans offer a faster, simpler way to access the funding your business needs — without stepping foot in a bank.
Here’s how online business loans work, how they’re different from traditional loans and how to decide if one’s right for your business.
What is an online business loan?
An online business loan is a type of business financing offered by digital-first lenders. These lenders provide small business loans through streamlined, web-based processes. You apply online, submit required documents digitally and — if approved — receive your loan through a direct deposit.
Online business loans are available through direct lenders, online marketplaces, fintech companies and alternative financial institutions. Terms and eligibility can vary, but the goal is the same: to make borrowing faster and more accessible than traditional bank loans.
How does an online business loan work?
Online loans follow a simpler, faster path than most traditional financing options. Here’s what the process typically looks like.
1. Find a lender.
Start by researching online business lenders. Look for a provider that offers the type of loan
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