RateSetter.com Sees Significant Growth In 6 Month Period
Ratesetter.com grows 100% in six months and indicators are suggesting that growth will continue.
Here is the press release:
UNITED KINGDOM, April 11, 2012 /Myintroducer.com/ — Peer-to-peer finance website RateSetter.com has today released figures which show the trend towards consumers taking out loans on a peer-to-peer basis is accelerating.
The company has now matched over £20m in personal loans – a figure that has doubled in only six months.
RateSetter launched in October 2010, six years after the industry leader, bringing a crucial innovation in the form of the Provision Fund, a compensation pot which has ensured every saver has received every penny; a unique feat in peer-to-peer lending.
RateSetter’s figures suggest that growth is set to continue: RateSetter matched £10m in its first year of business, and the next £10m has followed in just six months, with the business now matching over £2m every month. RateSetter has more than 100,000 registered users, with savers enjoying average rates between 4.3% for a monthly access account and an impressive 7.5% on its five-year fixed income product.
RateSetter founder and CEO Rhydian Lewis said:
“This exponential growth demonstrates that peer-to-peer is working. The traditional route to a loan of calling your bank manager is over: increasingly someone looking for a personal loan is more likely to check a price comparison site and then take out a peer-to-peer loan.
“RateSetter’s growth is a reflection of both shifting trends towards alternative finance as well as recognition of the value and service they can achieve borrowing and lending through RateSetter. “