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Weekly Review 6th June
This week there have been several important developments in the peer-to-peer arena.
Firstly Money&Co report that their £1million loan was fully filled with an average lender interest rate of 7.2%. This would be one of the largest peer-to-peer loans arranged within the sector, but what is more remarkable is that this was only the second loan on Money&Co. Their first loan for £500,000 wasn't fully subscribed, but still may be drawn down by the borrower. A further loan for £140,000 was fully subscribed at an average lender interest rate of 8.3%. Money&Co attracted individual loan bids from £10 to more than £50,000.
The peer-to-peer pawn broker FundingSecure announced they have arranged £1million of loans. This is a great achievement and shows that peer-to-peer can succeed in areas outside of simply personal and business loans.
Finally this week we had a discussion with a representative of a new company looking to launch later this year or early next year. They have an exciting and unique business model, and will be looking for lenders to trial their platform later this year. The P2P money website will be running an exclusive promotion in relation to this, and we will be publishing more details when they are available!