P2P Lending Scales New Heights


HilltopSmaller

We warmly welcome more good news in our sector. The latest figures from the Peer-to-Peer Finance Association (P2PFA) show "over £500 million of new consumer and small business loans have been provided by peer-to-peer platforms since April, the fastest rate of growth yet," says the P2PFA.

Cumulative lending by P2PFA members – including eight of the longest-established players in P2P crowdfunding - now stands at over £3.15 billion, according to the P2PFA.

P2PFALogo

"The news follows last week's Budget decision by Chancellor George Osborne that peer-to-peer loans will be covered by a new, third type of ISA from next April. Christine Farnish, Chair of the P2PFA said: 'We have passed yet another milestone with P2PFA members facilitating over half a billion pounds of new loans in the last six months. At this rate we may hit £4 billion by the New Year.

"'Strong growth continues across all parts of the market, reflecting the increasing trust that both lending consumers and borrowers have in P2P platforms. We expect that growth to be further stimulated by the very welcome changes on ISAs. This can only benefit both consumers and the wider economy.'"

P2PFAQ2Figs

Julia Groves, managing director of the Trillion Fund and director of the UK Crowdfunding Association, said in This Is Money, the online personal-finance arm of the Mail group, that the total number of members of crowdfunding platforms is now more than ten thousand. "She said that figure was set to increase because of the introduction of peer-to-peer Isas in the Budget. She added: 'A huge number of bank accounts and cash Isas have been paying less than the rate of inflation, so the new Isa is good news.'

"However, she agreed there were too many services in some areas, adding: 'There are ten property crowdfunding platforms now. Do we really need ten? There is always a worry there will be a bubble.'"



FOLLOW MONEY&CO. ON TWITTER

Search news

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -

More news

2019
AugustJuly
June
May
April
March
February
January
2018
DecemberNovemberOctoberSeptemberAugust
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
MayMarchFebruary

Search blogs

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -

More from blogs

2018
2017
2016
NovemberOctoberSeptemberAugustJulyJuneMayMarchFebruaryJanuary
2015
DecemberNovemberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary
2014
DecemberNovemberOctoberSeptemberAugustJulyJune



Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.