Does Compound offer flash loans?

Could you elaborate on whether Compound, a leading decentralized finance (DeFi) protocol, offers the functionality of flash loans? These types of loans, known for their instantaneous execution and settlement, have become increasingly popular in the DeFi space. If Compound indeed supports flash loans, could you also discuss the potential advantages and disadvantages of utilizing this service on its platform? Furthermore, what kind of collateral is typically required for flash loans on Compound, and how do they differ from traditional lending practices? I'm interested in understanding the nuances of this feature and how it fits into the broader DeFi ecosystem.