In 2014, only 7 per cent of SMEs considered non-bank lenders; by 2025, this has surged to 55 per cent.

This massive growth was unpacked by the team in this week's episode of Broker Daily's Finance Specialist.

Non-bank lenders have gained market share due to flexibility, niche offerings, and faster approvals compared to traditional banks.

Non-bank lending is now a crucial part of SME finance, offering speed and flexibility that traditional banks can't. However, responsible lending and broker guidance are essential to prevent debt traps.