2015 proved to be a record breaking year for P2P lending, and the number of borrowers almost doubled, at 96% to 273,000 since 2014.
According to new figures released by the Peer-to-Peer Finance Association(P2PFA), over £2.2 billion was lent across the industry in 2015.
Since the introduction of P2P lending, the total amount lent is £4.4 billion, meaning the amount let also has doubled through 2015!
This shows the growing interest in the industry and that an increasing number of investors sees the potential to grow their savings faster than they would do through a traditional savings account.
P2PFA also reports a growth in users of P2P lending, and in the past 12 months, the number of lenders increased by more than a fifth, at 22%, to just over 128,000, while borrowers have almost doubled, at 96% to 273,000 (Source: P2PFA published data http://p2pfa.info/data)
In a press release, Christine Farnish, chair of the P2PFA, said: “Year-on-year, peer-to-peer lending continues to grow and have a strong impact across all markets. The growth demonstrates that more lenders and borrowers believe our industry to be a real alternative to traditional lenders. This is only enhanced by our members’ approach to transparency and strict business conduct rules. 2016 is another important year for the industry as we look forward to the April launch of the Innovative Finance ISA.” (Source: P2PFA Press Release February 1, 2016 http://p2pfa.info/record-growth-for-peer-to-peer-lending-in-2015)