Alternative finance is growing in popularity in the UK. In 2014, £1.74 billion was raised using alternative finance methods.
A recent survey carried out by Amicus, the property based lenders, shows just how popular alternative lending is. A significant percentage of the participants were using alternative borrowing or planned to use it in the future. The survey team concluded that demand for alternative lending products would increase by 26% over the next two years.
Alternative lending products offer many benefits. These include:
A simple application process
Applying for a loan from traditional finance providers is often long and complex. Typically, there are a lot of forms to fill out and it is usually necessary to produce a business plan to back up the application. Most alternative lenders do not require this level of information.
Fast decisions and easy access
Most alternative lenders decide very quickly whether they are going to lend. They will often make a decision within a few days, sometimes almost immediately. Many traditional lending institutions take several weeks to reach a decision, by which point the business opportunity a firm is pursuing could have disappeared.
With alternative borrowing packages, it is far easier to secure more money when it is needed. Many providers are more flexible about the way the loan is paid back.
At DJB, we offer a range of alternative lending products all of which are affordable and easy to access. Amongst our products are asset finance solutions and re-financing of existing assets. Please get in touch to find out more.