{"id":8007,"date":"2019-09-12T14:31:33","date_gmt":"2019-09-12T14:31:33","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=8007"},"modified":"2019-09-12T14:31:33","modified_gmt":"2019-09-12T14:31:33","slug":"alternative-funding-options-rise-uk","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/alternative-funding-options-rise-uk\/","title":{"rendered":"Are Alternative Funding Options on the Rise in the UK?"},"content":{"rendered":"
\"Are
Are Alternative Funding Options on the Rise in the UK?<\/figcaption><\/figure>\n

The loan sector has changed significantly over the years. While banks and traditional lenders used to be the only options available, these days businesses have access to a variety of funding options. Alternative funding has started to take over traditional lending. The question is, why has there been such a rise in alternative lending?<\/p>\n

Here, we\u2019ll look at why alternative funding options are gaining in popularity and the benefits they present.<\/p>\n

What is alternative finance?<\/h2>\n

Alternative finance is basically any form of finance not offered via traditional methods. Banks and building societies are the main traditional lenders which once ruled the finance sector. However, these days borrowers have a huge range of funding options open to them.<\/p>\n

Crowdsourcing, peer to peer lending, a merchant cash advance<\/a> and lines of credit are all viable options available to start-ups and small businesses in the UK.<\/p>\n

Why has it become more popular than traditional lending?<\/h2>\n

There are a lot of reasons why alternative funding has become more popular than traditional avenues. The fact it is easier to get accepted is potentially one of the biggest reasons behind its increasing popularity.<\/p>\n

Traditional lenders have really tightened their criteria in recent years. This has made securing finance much more difficult. Alternative funding on the other hand, doesn\u2019t tend to have the same strict requirements. This makes it a popular option for start-ups<\/a> in particular who don\u2019t yet have three years\u2019 worth of accounts to show lenders.<\/p>\n

So, the ease of application and the increased chance of getting the finance they require, is
\nlargely driving the increase in alternative lending.<\/p>\n

The benefits of alternative finance<\/h2>\n

Choosing alternative finance options provides businesses with a number of benefits. These
\ninclude:<\/p>\n

    \n
  • Funding isn\u2019t secured on assets<\/li>\n
  • It\u2019s easier and faster<\/li>\n
  • Affordable repayments<\/li>\n<\/ul>\n

    With traditional lending, the finance provided is usually secured against a company\u2019s assets. However, with alternative finance, it tends to be offered on an unsecured basis. Or, in the example of a merchant cash advance, funds are secured on future sales.<\/p>\n

    Alternative finance also tends to be easier to apply for and the funds are received much
    \nquicker. With banks and other traditional lenders, the money can take over a week to go into your bank account in the rare event that you are accepted. With alternative finance on the other hand, funds are often deposited the same, or next day.<\/p>\n

    Repayments also tend to be much more affordable via alternative platforms too. This is a
    \nmajor advantage for start-ups and those looking to grow their company.<\/p>\n

    Overall, it\u2019s not hard to see why alternative funding has become a popular option for UK
    \nbusinesses. It can help businesses which are struggling to receive traditional funding, while
    \nproviding a more affordable repayment plan.<\/p>\n

    This is an article provided by our partners network. It does not reflect the views or opinions of our editorial team and management.<\/b><\/p>\n

    Contributed content<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    The loan sector has changed significantly over the years. While banks and traditional lenders used to be the only options available, these days businesses have access to a variety of funding options. Alternative funding has started to take over traditional lending. The question is, why has there been such a rise in alternative lending? Here, […]<\/p>\n","protected":false},"author":7,"featured_media":8008,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3822],"tags":[],"acf":[],"yoast_head":"\nAre Alternative Funding Options on the Rise in the UK? - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/alternative-funding-options-rise-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Alternative Funding Options on the Rise in the UK?\" \/>\n<meta property=\"og:description\" content=\"The loan sector has changed significantly over the years. While banks and traditional lenders used to be the only options available, these days businesses have access to a variety of funding options. Alternative funding has started to take over traditional lending. The question is, why has there been such a rise in alternative lending? 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