Business Insider Intelligence is launching its brand new Banking coverage in early September. To obtain a free preview of our Banking Briefing, please click here. Nonbanks and alternative lending institutions are making their way into the banking industry – posing a major threat to incumbent banks. Alt lenders' ability to utilize technology and provide efficient and effective lending services to underserved businesses and individuals is allowing them to penetrate the market and find success.
Below we break down what alternative lending is, list the top alt lenders in the industry, and detail how alternative financial institutions are threatening the dominance of incumbent banks.
What is alternative lending?
Small businesses typically struggle when attempting to receive financing, so oftentimes they turn to alternative lending – where funds are provided outside of traditional banking. Nonbanks – financial institutions that do not have a full banking license – also offer different lending options to smaller businesses.
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