RateSetter recently announced its lenders have now delivered more than £2 billion in loans to people and businesses across the UK and in doing so have earned over £76 million in interest. According to the online lender, 94% of its lenders are individuals looking for a decent return on their money by investing, and accepting some degree of risk, rather than settling for the pitiful interest rates offered on bank deposits.
RateSetter’s CEO and founder, Rhydian Lewis, said:
“Less than seven years ago, we wrote the first RateSetter loan from my living room. It has been fantastic to see the development of the business since and this £2 billion milestone is an exciting moment for RateSetter, as we continue to experience strong growth. Of course, the real measure of good lending is whether loans perform and money is repaid. I am delighted that £1.3 billion has been repaid to date, delivering more than £76 million in interest to people across the country who lend through RateSetter’s platform.”
In 2010, we wrote our first loan – seven years on and RateSetter investors now have funded £2bn of loans! pic.twitter.com/Yh8dGL5yC5
— RateSetter (@RateSetter) July 31, 2017
The news of RateSetter’s latest milestone comes just after the peer-to-peer lender was hit with a series of significant operational challenges as several large loans struggled. As previously reported, series of events have culminated in approximately £80 million worth of loans being taken over by the P2P Lender.
RateSetter is notably one of the UK’s largest P2P lenders have originated over £1.8 billion in loans and a prominent member of the UK Peer to Peer Lending Association (P2PFA).