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P2P lending reaches £50million per month
It was back in April 2013 that peer to peer lending had grown to such a level that £850,000 of new loans were being arranged every day. That itself was a great achievement for an industry which was growing at around 100% per annum. In the space of six months the average loans arranged every day has grown to £1.5million and be the end of October this will equate to £50million of new loans per month. The peer-to-peer industry is now growing around 140% per annum (defined by loans outstanding). This has already exceeded our optimistic predictions, so 2014 will see the breaking of the £1billion mark (defined by loans arranged).