Alternative lending

Alternative lending refers to borrowing money through non-traditional channels outside of banks and credit unions. It includes online platforms that connect borrowers with investors or lenders directly, often offering quicker approval and flexible terms. Examples include peer-to-peer lending, payday loans, and crowdfunding. This approach provides access to financing for individuals or businesses that might face challenges with traditional lenders, often with less paperwork and faster processes. However, interest rates can vary, so it's important to compare options carefully. Overall, alternative lending expands borrowing choices beyond traditional financial institutions.