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Alternative Lending Platform Market – Provision of Wide Range of Credit Options than Traditional Banks is expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 5.1% from 2022 to 2028

As stated in our extensive report; the Global Alternative Lending Platform Market accounted for USD 541.7 Billion in the year 2021.

Alternative credit offers a wide range of credit options other than traditional bank loans, primarily to consumers and business owners. This is the process of getting recognition from a non-bank or other financial institution that does not have a full bank license. As a result, alternative loans are attracting attention, especially among small and medium-sized enterprises. According to the SMEs Finance Forum, in 2018, there was a USD 5 trillion funding gap between SME funding needs and available institutional funding, and SMEs were looking for alternative financing 160;

Alternative credit has emerged as a convenient asset class. This is a minimal volatility option for both individual and institutional investors. These investments are accessible and provide decent returns in a short period. Alternative lending is witnessing constant global development, and financial regulators are working to find solutions for the safe growth of the sector. Regulatory agencies are creating sandboxes to support and accelerate progress in this sector in many developed countries such as the United Kingdom, Singapore, the United States, and 160;

The COVID19 pandemic had a positive impact on the alternative lending market. Due to the COVID19 pandemic, many countries impose strict blockades and movement restrictions to prevent the spread of the virus. As a result, although the number of customers on the alternative lending platform is relatively small, the number of users has increased significantly. This is because many small businesses need prompt credit approval to continue their business during difficult times. In addition, the COVID 19 pandemic caused financial difficulties, and most individuals applied for personal or educational loans.

North America dominated the market, recording the highest CAGR during the forecast 10;According to the Global Entrepreneurship Monitor, U.S. start-ups make up more than 17.4% of the country’s total population. This factor represents an excellent opportunity for cloud lending in the 160;

The well-known players of the Global Alternative Lending Platform Market include LendingClub Corporation, Prosper Marketplace Inc., Funding Circle Holdings PLC, On Deck Capital Inc., OurCrowd Management Limited, Social Finance Inc., GoFundMe Inc., LendingTree LLC, CreditEase Corporation, Kickstarter PBC and others.