The alternative financing market shows no signs of slowing.
For years, the Canadian credit market, for example, had been dominated by a few banks – some of which didn’t make lending easy for consumers or for small to medium-sized enterprises (SMEs).
In fact, those that couldn’t secure a loan weren’t left with a good deal of options. That is, until they were offered financing from alternative lenders, creating big opportunity for companies such as Lendified Holdings Inc. (TSXV:LHI), Payfare Inc. (TSX:PAY), Mogo Inc. (NASDAQ:MOGO)(TSX:MOGO), goeasy Ltd. (TSX:GSY)(OTC:EHMEF), and Equitable Group Inc. (TSX:EQB)(OTC:EQGPF).
Also, consider this. For one, “Alternative lenders and funders in Canada are becoming more of a force to be reckoned with by a number of measures. Indeed, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the 2018 State of Alternative Lending in Canada, a study conducted by online comparison service Smarter Loans,” reports Debanked.com.
Two, “There is an enormous need among underserved Canadian small businesses to access capital quickly and easily online, supported by trusted and knowledgeable customer service experts,” said Noah Breslow, chairman and chief executive of OnDeck, as also quoted by DeBanked.
