In the last ten years, alternative lending services have made borrowing money easier, especially for those who became increasingly out of reach for many traditional lenders. But their current level of popularity raises the question: are they really “alternative” anymore?
In reality, alternative lenders are just a part of a growing wave changing how many institutions operate, a wave led by millennials (with their love for technology and new things) overtaking the economy. Alternative lenders are becoming the new “normal”. In fact, traditional lenders, worried about their positioning in the next few years, are increasingly partnering with alternative lenders to create hybrid products that combine easy accessibility with big-name security. As much as traditional lenders might not like the idea, alternative lending companies are here to stay, and it is time to stop thinking of them as “alternative”.