Almost $2.3bn in P2P loans was generated in the UK throughout 2014 with the UK’s P2P lending volume standing at $35.62 per person while it was just $20.70 in the US.
Wellesley & Co has pointed to positive regulation and complete transparency for the success of peer-to-peer lending in the UK especially at a time when people are dissatisfied with traditional banks.
A new report by BI intelligence has provided an in-depth analysis on the factors that have helped to nurture this growth and has also highlighted the risks that could potentially stunt growth.
The overview found that “UK consumer attitudes stimulat a thriving alternative finance market” with internet penetration rate at one of the highest in the world.
Growth is set to continue with the new Innovative Finance ISA when it’s launched in April 2016 which could allow customers to earn tax-free returns double that of traditional ISAs.
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