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Peer-to-peer lending exceeds £300million
The P2P Money website can exclusively report today that peer-to-peer lending in the UK has now passed the £300million mark in arranged loans. This is another milestone in the peer-to-peer industry which is currently growing at a rate of approximately 60% per annum.
There are four major companies operating in this arena. Zopa, who started the concept of peer-to-peer lending in 2005, is the clear leader having arranged over 73% of all loans in the UK. In second place is Funding Circle who arrange peer-to-business loans. This is followed closely behind by RateSetter who also arrange peer-to-peer loans with the additional protection to lenders of their provision fund. These top three companies are also members of the P2P Finance Association. In fourth place, but certainly not least, is ThinCats who also arrange secured peer-to-business loans.
Other companies operating in this space are One Stop Credit, YES-secure, Squirrl.com and YouAngel.
Peer-to-peer lending in the UK remains an innovative and high growth part of an otherwise depressed financial services sector.