Alternative Lending Market To Garner Immense Returns With Revenue $807.8 Billion By 2028 “The global alternative lending market size is estimated to reach USD 807.8 billion by 2028 according to a new report by Million Insights. The market is expected to expand at a CAGR of 5.3% from 2021 to 2028. The minimum interest rate is the key factor that drives the growth of the market.”
The global alternative lending market size is estimated to reach USD 807.8 billion by 2028 according to a new report by Million Insights. The market is expected to expand at a CAGR of 5.3% from 2021 to 2028. The minimum interest rate is the key factor that drives the growth of the market. In addition, the upsurge of innovative operating models is also acting as the driver for the market. The development of small and medium-sized enterprises, particularly in emerging countries, is another factor fueling the growth of the market. However, lack of borrower protection is the major restraint for the market. Most of the key players operating are adopting different strategies such as mergers and acquisitions to capture maximum market share globally. In addition, almost all players working in the market are actively looking to diversify sources of financing. The COVID-19 pandemic has positively impacted the market. The business has witnessed steady growth due to the COVID-19 pandemic as most of the sectors suffered huge revenue losses and their request for loans increased largely to recover from these losses. Moreover, the consumer request for personal loans and educational loans also increased due to the impact of the COVID-19 pandemic. Thus, the COVID-19 pandemic has played an important role in pushing the development of the market. The crowdlending (business) segment contributed to the global market revenue share of more than 65% in 2020. Crowdlending provides private individuals, SMEs, and self-employed people an interesting alternative to a traditional bank loan, allowing them to get finance in a straightforward way and in reasonable conditions.
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