Financial Reporter, 8th October 2013, UK brokers embrace peer-to-peer lending

The number of referrals by Loan Brokers to peer-to-peer lending is soaring according to data released today by platform RateSetter.

The ability for brokers to offer their clients P2P loans was only made available in January 2013 via a unique partnership developed by RateSetter. Since then over £13m in P2P loans has been matched by brokers including Norton Finance, the Loans Engine, and Freedom Finance, up 11% month on month.

RateSetter is one of the only P2P lending platforms which enable brokers to refer clients directly, managing the process in-house via a unique and advanced API.

Brokers referrals made up 20% of the total money matched by RateSetter in Q3 2013, and according to the founder and CEO Rhydian Lewis, the company expects the amount to grow to 30% by the end of the year.

Lewis said:

“We have successfully pioneered technology which enables loan brokers to offer RateSetter loans as part of a package to their clients and they are embracing the opportunity. P2P loans are amongst the most competitive on the market, and brokers are finding that they are in high demand from their own clients looking for a better deal. We are predicting it to hit over £20m loans matched via brokers by the end of 2013.”

Paul Stringer of Norton Finance said:

“Our ability to offer clients RateSetter loans has proved extremely popular. It is important we are able provide customers with a full range of loan products to meet their needs. With RateSetter loan rates amongst the most competitive this partnership is blossoming”.

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