Peer-to-peer lender reaches £100m in arranged loans and expects to grow

first_img whatsapp whatsapp Thursday 30 September 2010 10:19 pm Tags: NULL ONLINE peer-to-peer lender Zopa has smashed past the £100m arranged loans mark as demand for alternative banking surges.The bank says the success of its model, where individual lenders and borrowers agree their own terms, is partly a reflection of low interest rates. Chief executive Giles Andrews told City A.M. he expects the firm to rapidly increase its share of the UK lending market from one per cent over the next few years.He said: “There is no reason we can’t have 10 or 20 per cent of the market. There are far more people wanting to borrow than there are lenders.“We have the best performing loan book in the UK, better than the high street banks with a default rate of just 0.7 per cent. Zopa provides hard evidence that person-to-person lending works and can be hugely beneficial for both borrowers and lenders. “Both groups have enjoyed a far better deal than the banks offer. Given the banks show no sign of reducing the huge spreads they charge between borrowing and lending, we are sure this growth will continue.” KCS-content Sharecenter_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndo Peer-to-peer lender reaches £100m in arranged loans and expects to grow Show Comments ▼ last_img read more

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