Some experts consider online lenders more capable of evaluating small businesses that deserve funding, discouraging bank loans because of the lengthy application time, avoidance of small loan amounts, and avoidance of any potential risk.
Consider applying online if you need a faster loan or if you are a fairly new business; online lenders are much more likely to take a chance on you.
However, because bank loans require thorough proof of profitability, traditional lenders are more comfortable lending larger amounts with lower rates.