 TITLE: How Do Online Loans Work? CONTENT: What Is an Online Loan?\n-----------------------\nAn online loan can come from either an online-only lender or the online department of a more traditional lender. Often, these are unsecured personal loans, but you can get other types of loans online as well.\nAs with more traditional lenders, each online lending company has its own minimum eligibility and credit requirements. You can generally check to see if you prequalify for a loan with a soft credit inquiry that doesn't impact your credit scores.\nHowever, you may need to agree to a hard credit inquiry, which may hurt your scores a little, to complete an application. You'll also need to upload verification documents, such as a copy of a government-issued ID to prove your identity and pay stubs or tax returns to prove your income. If you accept a loan offer, you can have the money deposited directly into your bank account. END