A spokesman for the main peer-to-peer lending site, Zopa, said customers were attracted by “bypassing bankers, their bonuses and the poor rates caused by their excessive profits”.
The site, which allows ordinary people with savings to lend them out at an average rate of 8pc, has now lent a total of £110m. Its rising popularity has led to four new peer-to-peer lenders being created in 2010, and the industry is now working on becoming properly regulated and establishing a code of conduct.
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