UK peer-to-peer lending had a strong third quarter, according to the Peer-to-Peer Finance Association (P2PFA)
Robert Pettigrew, the director of the Association, told CrowdfundInsider:
"“The performance of P2PFA platforms, in terms of the level of lending and the number of borrowers has seen continued steady growth during the last quarter – with more than £700 million lent over the period of which more than £472 million of loans went to businesses during these three months. "
The P2PFA was first established in 2011 to act as the voice of peer-to-peer lenders in the UK and to promote responsible business practices in the sector. Cumulative lending by the association's members shows a healthy growth compared to one year ago - from £4.2billion up to £7.1 billion. There is a table in the article.
The growth is even more remarkable when we consider the new aggregate figures no longer include Ratesetter. One of the UK's 'big three' alternative lenders, Ratesetter resigned from the P2PFA in July because it accepted it could not comply with the association's standards.
This announcement is a useful contrast to other stories that have come out over the summer about a lack of demand from borrowers, at Zopa and elsewhere. Another Crowd notes Mr Pettigrew's emphasis on lending to small businesses.
The P2PFA is very keen on transparency and publishes data on its members' activities. You can inspect the data at http://p2pfa.info/data