Peer-to-peer lending grows by £700m in Q3
Investors lending through peer-to-peer platforms have lent cumulatively almost £6.5 billion, according to data from the P2PFA.
"Data from the third quarter of 2016 highlight the strength of peer-to-peer lending in the United Kingdom"
The figures show strong and sustained growth in the sector, with more than £700 million of new lending transacted between July and September, as well as a continued increase in the number of borrowers and lenders.
P2PFA Chair, Christine Farnish, said: "Data from the third quarter of 2016 highlight the strength of peer-to-peer lending in the United Kingdom, and underscore the value that this form of alternative finance is providing to the economy for borrowers – both business and consumer – as well as lenders. Peer-to-peer lending continues to deliver a competitive alternative to traditional lending.
"As Lord Turner said last week: at an accelerating pace, direct non-bank lending has extended to segments previously almost entirely dominated by banks. The direct lending industry will grow and play a useful role in our overall credit supply system."
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