You are here: Home - Investing -

Peer-to-peer lending sector more than doubled in 2013

0
Written by:
03/02/2014
The UK's peer-to-peer lending sector (P2P) increased by 121% during 2013, new data shows.

According to the Peer to Peer Finance Association (P2PFA), the industry trade body, cumulative lending at the end of quarter four 2013 hit £843m compared to £381m at the end of 2012.

At the end of last year, there were over 3,700 business borrowers, 70,000 consumer borrowers as well as more than 86,000 active lenders.

Christine Farnish, chair of the Peer-to-Peer Finance Association said: “More and more people now recognise the benefits that P2P lending can offer. No wonder the sector is growing so fast.

“2014 will be a significant year for the industry. We are about to pass the £1bn milestone of total monies lent and in April we become regulated by the Financial Conduct Authority, something we strongly support”. 

Peer-to-Peer lending first began in 2005 when Zopa launched in the UK.

Peer-to-peer allows businesses and consumers to lend to each other, generally offering lenders more attractive interest rates than traditional bank savings account while offering borrowers competitive loans.

Related Posts

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week