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RateSetter increase net lending to £20million
After mentioning that peer-to-peer lenders in the UK have arranged more than £300million in loans, RateSetter have now passed the £20million mark in current loans. It was only back in April when we announced RateSetter had arranged £20million in loans, now this is almost £30million, so this represents a massive 270% year on year growth.
RateSetter were the first peer-to-peer company to offer a provision fund, which would cover losses from bad debts, so lenders are not out of pocket. The provision fund has covered all bad debts to date, and can currently cover twice the predicted bad debt. To date, RateSetter have the lowest bad debt of any unsecured peer-to-peer lender, and well below estimates.
Well done to everyone at RateSetter !