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Mumbai, Jun 24 () To make digital lending more transparent, the Reserve Bank on Wednesday directed banks, NBFCs and digital lending platforms to disclose full information upfront on their websites to customers. <p>The direction comes against the backdrop of several complaints relating to exorbitant interest rates and harsh recovery measures, among others, against lending platforms. </p><p>While the banks and non-banking finance companies (NBFCs) are being directed to disclose the names of agents engaged by on their websites, digital lending platforms have been asked to tell their customers upfront the names of the bank/ NBFC on whose behalf they are disbursing loans. </p><p>"…outsourcing of any activity by banks/ NBFCs does not diminish their obligations, as the onus of compliance with regulatory instructions rests solely with them," the RBI said in a communication to the scheduled commercial banks and NBFCs. </p><p>The RBI further said that immediately after sanction of loan, a letter must be issued to the borrower on the letter head of the bank/ NBFC concerned. </p><p>"A copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement shall be furnished to all borrowers at the time of sanction/ disbursement of loans," the RBI said, and also asked the banks and NBFCs to create awareness about the grievance redressal mechanism. </p><p>Issuing these guidelines, the RBI said that often digital lending platforms tend to portray themselves as lenders without disclosing the name of the bank/ NBFC at the backend, as a consequence of which, customers are not able to access grievance redressal avenues available under the regulatory framework. </p><p>Also it added, several complaints have come to notice against the lending platforms relating primarily to exorbitant interest rates, non-transparent methods to calculate interest, harsh recovery measures, unauthorised use of personal data and bad behavior. </p><p>Although digital delivery in credit intermediation is a welcome development, the RBI said, concerns emanate from non-transparency of transactions and violation of the guidelines on outsourcing of financial services and Fair Practices Code of banks and NBFCs. </p><p>The banks and NBFCs, RBI said, "irrespective of whether they lend through their own digital lending platform or through an outsourced lending platform, must adhere to the Fair Practices Code guidelines in letter and spirit." </p><p>Besides, it added, the banks and NBFCs must also meticulously follow regulatory instructions on outsourcing of financial services and IT services. </p>The RBI also said any violation by banks and NBFCs (including NBFCs registered to operate on 'digital-only' or on digital and brick-mortar channels of delivery of credit) will be viewed seriously. NKD CS MR

RBI asks banks, NBFCs to disclose digital lending agents upfront

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Goldman Sachs</span></p><p class="caption">Boe Hartman.</p></div><p></p></div></div>Goldman Sachs has promoted a technology expert to chief information officer of its retail arm, GS Bank USA.</p><p>Boe Hartman has been named head of consumer and commercial banking technology and chief information officer of GS Bank USA, which operates the online-lending platform <a href="https://www.marcus.com/">Marcus</a>, according to a memo from technology division coheads John Madsen and  Umesh Subramanian.</p><p>They report to the <a href="http://www.businessinsider.com/goldman-names-elisha-wiesel-chief-information-officer-2017-1">firmwide chief information officer, Elisha Wiesel</a>. </p><p>Hartman was already chief technology officer and head of digital finance technology within GS Bank. He joined the firm in 2014 from Barclaycard, where he was chief information officer.</p><p>Goldman Sachs <a href="http://www.businessinsider.com/goldman-sachs-launches-consumer-loan-platform-marcus-2016-10">launched its online lending tool, Marcus.com, in October</a>, offering fixed-rate, no-fee personal loans of up to $30,000 for two- to six-year periods.</p><p>That followed the launch of its digital savings account platform on GSBank.com last April, offering customers a 1.05% interest rate on deposits, which can be as little ast $1. GS Bank bought GE Capital's online deposit platform last April.</p><p>Marcus has since won a <a href="http://bankinnovation.net/2016/02/12-coolest-brands-2017-in-banking-page-3/">couple</a> of <a href="https://www.fastcompany.com/company/goldman-sachs">awards</a>. It's led by digital finance head Harit Talwar.</p><p>"There are some - what is colloquially called fintech players - who have good technology platforms but who don't have their own balance sheet," Talwar said in a recent video <a href="http://www.goldmansachs.com/careers/blog/posts/harit-talwar-innovation-in-digital-finance.html">on Goldman Sachs' website</a>.</p><p>"Then we have some large banks who have their balance sheet, but perhaps because they have product and channel conflicts and they have legacy technology sytems, don't have a modern online digital lending platform. We have combined the two."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-proof-for-financial-crime-prosecution-2017-1">What prosecutors have to prove in order for you to be charged with a financial crime</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="52eW0wOTE6-Lxd3h2qxEK3QIZ-389cLt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Goldman Sachs just announced a big promotion in its new online business

New Delhi, Jan 10 () PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).
<p> "PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.
</p><p> PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.
</p><p> It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book.</p><p> 
</p><p> Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit.
</p><p> PaySense's management team will become part of PayU's credit team.
</p><p> PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.
</p><p> PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.
</p><p> "This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.
</p><p> In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.
</p> Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added.  SR  RVK

PayU to acquire controlling stake in PaySense

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">click here</a>.</li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Rocket Mortgage propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>

Here is a list of the top nonbank and alternative lenders in 2019

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">click here.</a></li></ul><p>Nonbanks and alternative lending institutions are making their way into the banking industry - posing a major threat to incumbent banks. Alt lenders' ability to utilize technology and provide efficient and effective lending services to underserved businesses and individuals is allowing them to penetrate the market and find success. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Below we break down what alternative lending is, list the top alt lenders in the industry, and detail how alternative financial institutions are threatening the dominance of incumbent banks.</p><h2>What is alternative lending?</h2><p>Small businesses typically struggle when attempting to receive financing, so oftentimes they turn to alternative lending - where funds are provided outside of traditional banking. Nonbanks - financial institutions that do not have a full banking license - also offer different lending options to smaller businesses. </p><p>Nonbanks can engage in typical bank-related services like credit card operations and various lending services, such as mortgage lending. These lenders provide users with easier access to obtaining loans - especially for consumers who may not have the best credit.</p><h2>Nonbank and Alternative lending industry trends</h2><p>The presence of alternative lenders and digitally advanced nonbanks is continuing to grow in the banking industry - pressuring traditional financial institutions to digitize their own lending options. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>According to Oracle's Digital Demand in Retail Banking study of 5,200 consumers from 13 countries, over 40% of customers surveyed think nonbanks can better assist them with personal money management and investment needs, and 30% of respondents who haven't tried a nonbank platform said they're open to trying one.</p><p>Alt lenders are also garnering attention, particularly from small- and medium-businesses (SMBs). According to data reported by <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap">SME Finance Forum</a>, in 2018 there was funding gap of $5 trillion between the financing needs of SMBs and the institution-based financing available to them - causing SMBs to seek alternative funding options. </p><p>Alt lenders use technology like artificial intelligence and machine learning to gather data and onboard customers, and Business Insider Intelligence's <a href="https://www.businessinsider.com/smb-lending-report">SMB Lending Report</a> explains that if incumbents don't explore technology advancements, alt lenders could begin taking a larger share of the market.</p><h2>Types of nonbank alternative loans</h2><p>Nonbanks offer customers and businesses a variety of loan options including: mortgage loans, small business alternative loans, and peer-to-peer loans. </p><h3>Nonbank mortgage loan</h3><p>Due to the regulation of mortgages, it can be difficult for incumbents to digitize the lending process, and the inability of traditional banks to adapt to the digital landscape has lead to an increase in alt lenders supplying mortgage loans to consumers. </p><p>Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a> found that the top five US banks - Wells Fargo, Bank of America, and JPMorgan Chase, US Bancorp, and Citigroup - only accounted for 21% of total mortgage originations, which is a huge decline from their 50% combined market share in 2011.</p><p>Alt lenders are a threat to incumbents because they can provide traditional financial products, like mortgage loans, to consumers at a lower cost with more relaxed eligibility criteria. This combined with their technological offerings allows alt lenders to provide mortgage loans in a more attractive way. </p><h3>Small business alternative loan</h3><p>Loan applications from microbusinesses and small businesses are commonly rejected by traditional financial institutions. Due to the looser regulations for alt lenders, they can capitalize on the high demand of smaller businesses. </p><p>According to a <a href="https://www.richmondfed.org/-/media/richmondfedorg/community_development/resource_centers/small_business/pdf/credit_survey/sbcs-2015-report.pdf">survey</a> from the Federal Reserve Bank of Richmond, in 2016 only 58% of loan requests from small businesses were approved by incumbent banks, compared to 71% approved by alt lenders that same year. </p><p>Alt lenders have the ability to leverage a broad set of data and machine learning - allowing them to reach further into the small business lending market than incumbent banks. </p><h3>Peer-to-Peer (P2P) loan</h3><p>Peer-to-Peer loans - one of the most popular forms of alternative lending - bring together a borrower, an investor, and a partner bank through an online platform. Leveraging metrics, like credit scores and social media activity, P2P platforms can link borrowers to lenders at suitable interest rates. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>P2P lending platforms facilitate interactions without actually owning the loans - allowing them to keep costs low. This quality is particularly attractive to customers looking to refinance existing debt at the lowest rate possible. </p><h2>Top nonbank and alternative lenders</h2><ul><li style="font-weight: 400;"><strong>SoFi: </strong>This startup initially focused on student loan refinancing, but has expanded to include mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi closed a $500 million funding round led by Qatar Investment Authority - posing a threat to incumbent banks. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></li><li style="font-weight: 400;"><strong>Quicken Loans: </strong>This established nonbank is known for its Rocket Mortgage, an online mortgage application that takes less than10 minutes to complete. In Q4 2017, Quicken Loans became the largest US residential mortgage originator by volume - even beating out Wells Fargo.</li><li style="font-weight: 400;"><strong>Kabbage: </strong>This was one of the first online lending platforms and uses third-party data to avoid SMBs submitting wrong information. The startup offers business-to-business operations, and in July 2019 it secured $200 million revolving credit facility after already receiving a $700 million securitization agreement three months prior. </li><li style="font-weight: 400;"><strong>PayPal:</strong> PayPal is a popular P2P lending service poised to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app commonly used by millennials, and is on pace to drive $100 billion in volume in 2019.</li></ul><h2>Alternative lending market</h2><p>Even though traditional banks still hold the largest market share for business lending, growth has continued to slow - suggesting an increased demand for alt lending platforms. Through technology that uses AI and machine learning, alt lenders are able to efficiently onboard customers.</p><p>According to Business Insider Inteligence's SMB Lending Report, SMBs make up nearly all of private sector businesses in the US and employ 60% of all workers in the country. However, SMBs usually have trouble when applying for loans at incumbent banks and instead turn to alternative lending platforms. </p><p>Due to the massive SMB market size, alternative lending companies are positioned to threaten to incumbent banks, and unless traditional banking institutions update their lending practices, alt lending technologies could potentially overhaul legacy processes and gain a greater percent of the overall market share.</p><h1>Banking Industry Analysis</h1><p>With the integration of digital technology, so many facets of the banking industry are undergoing constant change, and it's critical for top decision makers to stay informed on the rise of alternative lending trends. That's why Business Insider Intelligence is launching Banking, our latest research coverage area that will keep you up to date on how nonbanks and alternative lending are impacting the banking industry.</p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=banking&amp;itm_campaign=banking"></a>Read the <a href="/banking">latest banking industry news </a> &amp; featured articles:<ul><li><a href="/banking-industry-trends">Banking Industry Trends 2019</a></li><li><a href="/future-of-banking-technology">Future of Banking Technology</a></li><li><a href="/mobile-banking-market-trends">Mobile Banking Market in 2019</a></li><li><a href="/banking-as-a-service-industry">Banking as a Service Explained</a></li><li><a href="/largest-banks-us-list">Largest Banks in the US</a></li></ul></p>

A look at the nonbank and alternative lending industry in 2019

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">click here.</a></li></ul><p>Nonbanks and alternative lending institutions are making their way into the banking industry - posing a major threat to incumbent banks. Alt lenders' ability to utilize technology and provide efficient and effective lending services to underserved businesses and individuals is allowing them to penetrate the market and find success. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Below we break down what alternative lending is, list the top alt lenders in the industry, and detail how alternative financial institutions are threatening the dominance of incumbent banks.</p><h2>What is alternative lending?</h2><p>Small businesses typically struggle when attempting to receive financing, so oftentimes they turn to alternative lending - where funds are provided outside of traditional banking. Nonbanks - financial institutions that do not have a full banking license - also offer different lending options to smaller businesses. </p><p>Nonbanks can engage in typical bank-related services like credit card operations and various lending services, such as mortgage lending. These lenders provide users with easier access to obtaining loans - especially for consumers who may not have the best credit.</p><h2>Nonbank and Alternative lending industry trends</h2><p>The presence of alternative lenders and digitally advanced nonbanks is continuing to grow in the banking industry - pressuring traditional financial institutions to digitize their own lending options. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>According to Oracle's Digital Demand in Retail Banking study of 5,200 consumers from 13 countries, over 40% of customers surveyed think nonbanks can better assist them with personal money management and investment needs, and 30% of respondents who haven't tried a nonbank platform said they're open to trying one.</p><p>Alt lenders are also garnering attention, particularly from small- and medium-businesses (SMBs). According to data reported by <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap">SME Finance Forum</a>, in 2018 there was funding gap of $5 trillion between the financing needs of SMBs and the institution-based financing available to them - causing SMBs to seek alternative funding options. </p><p>Alt lenders use technology like artificial intelligence and machine learning to gather data and onboard customers, and Business Insider Intelligence's <a href="https://www.businessinsider.com/smb-lending-report">SMB Lending Report</a> explains that if incumbents don't explore technology advancements, alt lenders could begin taking a larger share of the market.</p><h2>Types of nonbank alternative loans</h2><p>Nonbanks offer customers and businesses a variety of loan options including: mortgage loans, small business alternative loans, and peer-to-peer loans. </p><h3>Nonbank mortgage loan</h3><p>Due to the regulation of mortgages, it can be difficult for incumbents to digitize the lending process, and the inability of traditional banks to adapt to the digital landscape has lead to an increase in alt lenders supplying mortgage loans to consumers. </p><p>Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a> found that the top five US banks - Wells Fargo, Bank of America, and JPMorgan Chase, US Bancorp, and Citigroup - only accounted for 21% of total mortgage originations, which is a huge decline from their 50% combined market share in 2011.</p><p>Alt lenders are a threat to incumbents because they can provide traditional financial products, like mortgage loans, to consumers at a lower cost with more relaxed eligibility criteria. This combined with their technological offerings allows alt lenders to provide mortgage loans in a more attractive way. </p><h3>Small business alternative loan</h3><p>Loan applications from microbusinesses and small businesses are commonly rejected by traditional financial institutions. Due to the looser regulations for alt lenders, they can capitalize on the high demand of smaller businesses. </p><p>According to a <a href="https://www.richmondfed.org/-/media/richmondfedorg/community_development/resource_centers/small_business/pdf/credit_survey/sbcs-2015-report.pdf">survey</a> from the Federal Reserve Bank of Richmond, in 2016 only 58% of loan requests from small businesses were approved by incumbent banks, compared to 71% approved by alt lenders that same year. </p><p>Alt lenders have the ability to leverage a broad set of data and machine learning - allowing them to reach further into the small business lending market than incumbent banks. </p><h3>Peer-to-Peer (P2P) loan</h3><p>Peer-to-Peer loans - one of the most popular forms of alternative lending - bring together a borrower, an investor, and a partner bank through an online platform. Leveraging metrics, like credit scores and social media activity, P2P platforms can link borrowers to lenders at suitable interest rates. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>P2P lending platforms facilitate interactions without actually owning the loans - allowing them to keep costs low. This quality is particularly attractive to customers looking to refinance existing debt at the lowest rate possible. </p><h2>Top nonbank and alternative lenders</h2><ul><li style="font-weight: 400;"><strong>SoFi: </strong>This startup initially focused on student loan refinancing, but has expanded to include mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi closed a $500 million funding round led by Qatar Investment Authority - posing a threat to incumbent banks. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></li><li style="font-weight: 400;"><strong>Quicken Loans: </strong>This established nonbank is known for its Rocket Mortgage, an online mortgage application that takes less than10 minutes to complete. In Q4 2017, Quicken Loans became the largest US residential mortgage originator by volume - even beating out Wells Fargo.</li><li style="font-weight: 400;"><strong>Kabbage: </strong>This was one of the first online lending platforms and uses third-party data to avoid SMBs submitting wrong information. The startup offers business-to-business operations, and in July 2019 it secured $200 million revolving credit facility after already receiving a $700 million securitization agreement three months prior. </li><li style="font-weight: 400;"><strong>PayPal:</strong> PayPal is a popular P2P lending service poised to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app commonly used by millennials, and is on pace to drive $100 billion in volume in 2019.</li></ul><h2>Alternative lending market</h2><p>Even though traditional banks still hold the largest market share for business lending, growth has continued to slow - suggesting an increased demand for alt lending platforms. Through technology that uses AI and machine learning, alt lenders are able to efficiently onboard customers.</p><p>According to Business Insider Inteligence's SMB Lending Report, SMBs make up nearly all of private sector businesses in the US and employ 60% of all workers in the country. However, SMBs usually have trouble when applying for loans at incumbent banks and instead turn to alternative lending platforms. </p><p>Due to the massive SMB market size, alternative lending companies are positioned to threaten to incumbent banks, and unless traditional banking institutions update their lending practices, alt lending technologies could potentially overhaul legacy processes and gain a greater percent of the overall market share.</p><h1>Banking Industry Analysis</h1><p>With the integration of digital technology, so many facets of the banking industry are undergoing constant change, and it's critical for top decision makers to stay informed on the rise of alternative lending trends. That's why Business Insider Intelligence is launching Banking, our latest research coverage area that will keep you up to date on how nonbanks and alternative lending are impacting the banking industry.</p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking_launch"></a></p>

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">click here.</a></li></ul><p>Nonbanks and alternative lending institutions are making their way into the banking industry - posing a major threat to incumbent banks. Alt lenders' ability to utilize technology and provide efficient and effective lending services to underserved businesses and individuals is allowing them to penetrate the market and find success.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Below we break down what alternative lending is, list the top alt lenders in the industry, and detail how alternative financial institutions are threatening the dominance of incumbent banks.</p><h2>What is alternative lending?</h2><p>Small businesses typically struggle when attempting to receive financing, so oftentimes they turn to alternative lending - where funds are provided outside of traditional banking. Nonbanks - financial institutions that do not have a full banking license - also offer different lending options to smaller businesses. </p><p>Nonbanks can engage in typical bank-related services like credit card operations and various lending services, such as mortgage lending. These lenders provide users with easier access to obtaining loans - especially for consumers who may not have the best credit.</p><h2>Nonbank and Alternative lending industry trends</h2><p>The presence of alternative lenders and digitally advanced nonbanks is continuing to grow in the banking industry - pressuring traditional financial institutions to digitize their own lending options. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>According to Oracle's Digital Demand in Retail Banking study of 5,200 consumers from 13 countries, over 40% of customers surveyed think nonbanks can better assist them with personal money management and investment needs, and 30% of respondents who haven't tried a nonbank platform said they're open to trying one.</p><p>Alt lenders are also garnering attention, particularly from small- and medium-businesses (SMBs). According to data reported by <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap">SME Finance Forum</a>, in 2018 there was funding gap of $5 trillion between the financing needs of SMBs and the institution-based financing available to them - causing SMBs to seek alternative funding options. </p><p>Alt lenders use technology like artificial intelligence and machine learning to gather data and onboard customers, and Business Insider Intelligence's <a href="https://www.businessinsider.com/smb-lending-report">SMB Lending Report</a> explains that if incumbents don't explore technology advancements, alt lenders could begin taking a larger share of the market.</p><h2>Types of nonbank alternative loans</h2><p>Nonbanks offer customers and businesses a variety of loan options including: mortgage loans, small business alternative loans, and peer-to-peer loans. </p><h3>Nonbank mortgage loan</h3><p>Due to the regulation of mortgages, it can be difficult for incumbents to digitize the lending process, and the inability of traditional banks to adapt to the digital landscape has lead to an increase in alt lenders supplying mortgage loans to consumers. </p><p>Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a> found that the top five US banks - Wells Fargo, Bank of America, and JPMorgan Chase, US Bancorp, and Citigroup - only accounted for 21% of total mortgage originations, which is a huge decline from their 50% combined market share in 2011.</p><p>Alt lenders are a threat to incumbents because they can provide traditional financial products, like mortgage loans, to consumers at a lower cost with more relaxed eligibility criteria. This combined with their technological offerings allows alt lenders to provide mortgage loans in a more attractive way. </p><h3>Small business alternative loan</h3><p>Loan applications from microbusinesses and small businesses are commonly rejected by traditional financial institutions. Due to the looser regulations for alt lenders, they can capitalize on the high demand of smaller businesses. </p><p>According to a <a href="https://www.richmondfed.org/-/media/richmondfedorg/community_development/resource_centers/small_business/pdf/credit_survey/sbcs-2015-report.pdf">survey</a> from the Federal Reserve Bank of Richmond, in 2016 only 58% of loan requests from small businesses were approved by incumbent banks, compared to 71% approved by alt lenders that same year. </p><p>Alt lenders have the ability to leverage a broad set of data and machine learning - allowing them to reach further into the small business lending market than incumbent banks. </p><h3>Peer-to-Peer (P2P) loan</h3><p>Peer-to-Peer loans - one of the most popular forms of alternative lending - bring together a borrower, an investor, and a partner bank through an online platform. Leveraging metrics, like credit scores and social media activity, P2P platforms can link borrowers to lenders at suitable interest rates. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>P2P lending platforms facilitate interactions without actually owning the loans - allowing them to keep costs low. This quality is particularly attractive to customers looking to refinance existing debt at the lowest rate possible. </p><h2>Top nonbank and alternative lenders</h2><ul><li style="font-weight: 400;"><strong>SoFi: </strong>This startup initially focused on student loan refinancing, but has expanded to include mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi closed a $500 million funding round led by Qatar Investment Authority - posing a threat to incumbent banks. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></li><li style="font-weight: 400;"><strong>Quicken Loans: </strong>This established nonbank is known for its Rocket Mortgage, an online mortgage application that takes less than10 minutes to complete. In Q4 2017, Quicken Loans became the largest US residential mortgage originator by volume - even beating out Wells Fargo.</li><li style="font-weight: 400;"><strong>Kabbage: </strong>This was one of the first online lending platforms and uses third-party data to avoid SMBs submitting wrong information. The startup offers business-to-business operations, and in July 2019 it secured $200 million revolving credit facility after already receiving a $700 million securitization agreement three months prior. </li><li style="font-weight: 400;"><strong>PayPal:</strong> PayPal is a popular P2P lending service poised to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app commonly used by millennials, and is on pace to drive $100 billion in volume in 2019.</li></ul><h2>Alternative lending market</h2><p>Even though traditional banks still hold the largest market share for business lending, growth has continued to slow - suggesting an increased demand for alt lending platforms. Through technology that uses AI and machine learning, alt lenders are able to efficiently onboard customers.</p><p>According to Business Insider Inteligence's SMB Lending Report, SMBs make up nearly all of private sector businesses in the US and employ 60% of all workers in the country. However, SMBs usually have trouble when applying for loans at incumbent banks and instead turn to alternative lending platforms. </p><p>Due to the massive SMB market size, alternative lending companies are positioned to threaten to incumbent banks, and unless traditional banking institutions update their lending practices, alt lending technologies could potentially overhaul legacy processes and gain a greater percent of the overall market share.</p><h1>Banking Industry Analysis</h1><p>With the integration of digital technology, so many facets of the banking industry are undergoing constant change, and it's critical for top decision makers to stay informed on the rise of alternative lending trends. That's why Business Insider Intelligence is launching Banking, our latest research coverage area that will keep you up to date on how nonbanks and alternative lending are impacting the banking industry.</p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-alternative-lending-nonbank-industry">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking_launch"></a></p>

<ul class="summary-list"><li><keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword> warned that <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> investors are "likely to get hurt" if the digital asset space does not have rules in place.</li><li>The <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> chair also said crypto platforms that ask users to invest money for returns will be regulated. </li><li>His comments came after <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> abandoned its plans for Lend, its crypto lending program.</li></ul><p>US Securities and Exchange Commission Chair Gary Gensler warned that cryptocurrency investors are "likely to get hurt" if the digital asset space does not have the same kind of protection against fraud and manipulation that certain traditional banking instruments have. </p><p>"This crypto space is now certainly of a size that without those investor protections of banking, insurance [and] securities laws [and] market oversight, I do think somebody is going to get hurt," Gensler said during the <a href="https://www.ft.com/content/3e8f6c2f-6580-40f6-b6df-3368bb5f20d1">Financial Times' Future of Asset Management North America conference.</a> "A lot of people are likely to get hurt."</p><p>The SEC chief also said crypto platforms that ask users to invest money for returns will be regulated. As such, they "should consider the securities laws carefully and talk to the agency about getting registered."</p><p>If they have not registered in the past - as they should have - Gensler said they should do so now.</p><p>His comments came after <a href="https://markets.businessinsider.com/stocks/coin-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Coinbase Global</a> on September 20 announced it was <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">abandoning plans for Lend</a>, its crypto lending program that drew the ire of the SEC. Announced in June, Lend would've allowed customers to earn 4% interest on their cryptocurrency holdings by lending tokens.</p><p>The decision to ditch the Lend program was revealed after Gensler <a href="https://markets.businessinsider.com/news/currencies/sec-gary-gensler-crypto-regulation-exchanges-coinbase-securities-lending-2021-9?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">hardened his stance against crypto exchanges</a>. The SEC had also warned Coinbase it was planning to take enforcement action, saying its Lend product was considered a security. </p><p>Still, Coinbase has other plans to further integrate digital assets into the realm of traditional banking. On Monday, the company unveiled a new feature that will allow <a href="https://markets.businessinsider.com/news/currencies/coinbase-direct-deposit-paycheck-salary-cryptocurrency-no-transactino-fee-usd-2021-9">users to deposit their paychecks directly</a> into their accounts on the cryptocurrency exchange.</p>

SEC's Gary Gensler warns a lot of people are 'likely to get hurt' without crypto rules like those for bank deposits, insurance

<ul class="summary-list"><li><span style="font-weight: 400;">This is a preview of the </span><strong><em><em>SMB Lending Report</em></em></strong><span style="font-weight: 400;"> from Business Insider Intelligence.</span></li><li><a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-nonbank-alternative-lending-companies">Business Insider Intelligence offers even more insights like this with our brand new Banking coverage. Subscribe today to receive industry-changing banking news and analysis to your inbox.</a></li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p><a href="https://www.rocketmortgage.com/">Rocket Mortgage</a> propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><p><strong><em>Interested in getting the full report? Here's how to get access:</em></strong></p><ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <strong> <a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase &amp; Download Now</a></strong></li><li>Subscribe to a<span> </span><strong><em>Premium</em></strong><span> </span>pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. 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