Online lenders are financial institutions that provide loans through the internet, allowing borrowers to apply for and receive funds without visiting a physical bank. They often offer a variety of loan types, including personal loans, business loans, and student loans, making it convenient for individuals and businesses to access funds quickly. These lenders typically use technology to streamline the application process, often providing faster approvals and funding compared to traditional banks. Borrowers can compare rates and terms from multiple online lenders, such as LendingClub or SoFi, to find the best option for their financial needs.