Varies according to product or instrument
From 1 day to several months
Alternative finance is a catch-all term for any type of business finance that does not come from a mainstream provider such as a high street bank.
Put simply, alternative finance describes any finance provided outside of the traditional banking system. Some people have a narrower definition that includes only the internet-based platforms on which borrowing and lending take place, usually between private individuals and businesses. We however prefer the broader definition.
Banks often have lending criteria that smaller businesses can’t meet, which is why businesses might look at non-bank options such as: