The Association reported a steady growth in levels of new lending in Q3 2017, as members lent £700m during the third quarter of last year.
“The final three months of 2017 saw considerable growth in levels of new lending transacted through platforms – with more than a quarter of a million consumers and businesses currently [having] a P2P loan – and £836m in new borrowing,” said Robert Pettigrew, director at the P2PFA.
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“At a time when the approach of more traditional lenders – particularly to small businesses – comes under increasing scrutiny, the P2P lending sector has a positive story to tell, which continues to drive marked levels of growth in borrower and lending volumes.”
Commenting on 2017, Robert continued: “The narrative underpinning 2017 for most P2PFA member platforms was one of sustained momentum consolidating collectively this most significant part of the alternative finance landscape as a lender of choice for consumers and businesses, as well as offering an investment product to attract the interest of a significant number of investors.
“It is noteworthy that – even though P2PFA members have facilitated significant growth in lending volumes over the course of the last decade through their platforms – default rates remain low, which underscores that their emphasis on credit quality is unrelenting.”
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