A report published by the Peer-to-Peer Finance Association shows that cumulative lending at the end of quarter four in 2013 hit £843 million compared to just £381 million at the end of 2012.
The data also shows that at the end of 2013 there were over 3,700 business borrowers, 70,000 consumer borrowers as well as more than 86,000 active lenders.
Peer-to-Peer lending first began in 2005 and allows businesses and consumers to lend to each other, offering lenders attractive rates to boost their savings and borrowers loans on competitive terms.
Commenting on the figures, Christine Farnish, Chair of the Peer-to-Peer Finance Association said:
“More and more people now recognise the benefits that P2P lending can offer. No wonder the sector is growing so fast”.
“2014 will be a significant year for the industry. We are about to pass the £1billion milestone of total monies lent and in April we become regulated by the Financial Conduct Authority, something we strongly support.”
