New figures from the P2PFA show over £500 million of new consumer and small business loans have been provided by peer-to-peer platforms since April, the fastest rate of growth yet. Cumulative lending by P2PFA members now stands at over £3.15 billion.
The news follows last week’s Budget decision by Chancellor George Osborne that peer-to-peer loans will be covered by a new, third type of ISA from next April.
Commenting on the figures, Christine Farnish, Chair of the P2PFA said:
“We have passed yet another milestone with P2PFA members facilitating over half a billion pounds of new loans in the last six months. At this rate we may hit £4bn by the New Year.
“Strong growth continues across all parts of the market, reflecting the increasing trust that both lending consumers and borrowers have in P2P platforms. We expect that growth to be further stimulated by the very welcome changes on ISAs. This can only benefit both consumers and the wider economy.”
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Notes for Editors
For historical data, please visit our website at: http://p2pfa.info/data
About the P2PFA:
1. The Peer-to-Peer Finance Association is a membership body representing the peer-to-peer finance industry in the UK. The P2PFA sets standards of good practice, provides information about the sector and works with government and regulators to ensure that peer-to-peer lending can compete fairly in the market.
2. Christine Farnish is Independent Chairman of the P2PFA.
3. On April 1 2014, peer-to-peer lending became regulated by the Financial Conduct Authority.
4. The P2PFA is holding its annual conference, the P2PFA Summit, at the LendIt Europe event in London on 20/21 October 21 2015.
5. The P2PFA’s current membership includes: Funding Circle, Landbay, Lending Works, LendInvest, Madiston LendLoanInvest, MarketInvoice, RateSetter, ThinCats and Zopa.