What is the difference between a bank loan and an online lender?

Banks offer lower interest rates (6-12% for qualified borrowers), larger loan amounts, and SBA programs, but require 2+ years in business, strong credit, and thorough documentation with 2-4 week approval timelines. Online lenders (Bluevine, OnDeck, Fundbox) approve in 24-72 hours, accept weaker profiles, but charge significantly more (factor rates or 30-80% APR equivalents). Use banks for established businesses; online lenders for speed and lower qualification bars.