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Encash fails to fill first P2B loan
Encash predicted lending £1million to businesses in 2012, but their first peer-to-business loan failed to be funded, having raised only a fraction of the £5250 requirement.
Within the question and answer section for the loan, one of the potential lenders stated:
I shall probably get banned for saying this, but perhaps you should look at a much bigger, better P2P lending site like Funding Circle?
Encash has arranged 27 peer-to-peer loans in 2012 for a total of £74,570 which was a drop of 71% (by loan amount) from 2011. Unfortunately Encash has not experienced the same success as Zopa which arranged loans worth over £79million in the same period.
The newcomers FundingKnight and ReBuildingSociety, also operating within the peer-to-business loans are already having more success. With the growing number of companies entering this arena there will be further casulties, and we wish Encash the best of luck in turning the situation around.