Online lending refers to the process of borrowing money through digital platforms, often without the need for traditional banks. Borrowers can apply for loans via websites or mobile apps, providing necessary information and documentation electronically. This method offers convenience and faster approval times compared to conventional lending. Lenders in the online space can include peer-to-peer lending platforms, credit unions, and fintech companies. These entities use technology to assess creditworthiness and determine loan terms. Online lending can cater to various needs, such as personal loans, business financing, or student loans, making it accessible to a wide range of borrowers.