Compared to banks, alternative lenders tend to be less strict with their criteria. What to expect: Depending on the lender, the application process for a personal loan can vary. However, this descriptor is typically used to refer to the numerous online portals that exist today, LowestRates.ca included. What they are: Alternative lending is a broad classifier that includes private lenders and title loan companies. Here’s what you need to know about the differences between alternative and traditional lenders: ![]() According to their results, nearly 54% of survey respondents said their first application for a personal loan was via an alternative lender (between 20). ![]() A 2018 survey conducted by Smarter Loans found that alternative lenders are rapidly gaining popularity among people looking for personal loans. ![]() The alternative lending space is flourishing, giving Ontarians more financial options than ever before - many of which can be set up from the comfort of your couch. Banks used to be the primary source of personal loans, but times have changed.
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