u003cemu003eAlternative lendingu003c/emu003e refers to the wide range of loan options available to consumers and business owners outside of a traditional bank loan. In other words, it is the process of receiving loans from non-banking institutions or other financial institutions that have not received a full banking license. Alternative lending has grown drastically over the last few years as traditional banks have failed to provide financing to blue-collar workers, freelancers, or gig workers because of their incomplete credit history.