Leading peer-to-peer finance website RateSetter.com has confirmed that the company has broken the £10m lending barrier for a single month.
Looking deep into the figures that RateSetter have released for the month of August it shows that the finance website is still the only leading peer-to-peer platform where every Lender has received every penny of capital and interest expected.
August has been a record month for RateSetter, as well as matching more than £10 million for the first time in one single month but they also had their busiest day ever on the 18th where the money matched was £733,479.
These records have had a huge impact on the company as they have now matched over £100 million since their launch in 2010 and the finance website currently have £63,679,984 loans underway.
RateSetter is not a bank or does it lend money itself. The website helps ordinary people lend and borrow money. The process of the website is very simple with borrowers saying how much they want and then set an interest rate they are willing to pay. Lenders for the site then say how much they would like to invest and the interest they would like to receive. It is then down to RateSetter themselves to match the lenders with the borrowers.
The report from RateSetter shows that 81% of the people who use the site to borrow money are homeowners and are using the site to help them purchase a new car with the average loan size being £5,620.
Looking into the stats and information about the lenders on RateSetter is that 74% are male and from the South East region of the country. The average amount of money lent is roughly £11,500.
As RateSetter continues to grow they will be looking to reach out to other parts of the county and to get more women lending money through them.