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When a small business can’t get a loan from a bank, they’ve increasingly been turning to alternative lenders. These lenders — OnDeck, CAN Capital, LendingClub, LenCred, Rapid Advance and many others — are willing to take on more risk, provide capital faster, and require less documentation than the big banks.
But why exactly has alternative lending exploded so much in the past few years?
Check out the infographic below on the seven big reasons alternative lending has become so popular for small businesses.