Yesterday Lending Works, the British peer-to-peer lending platform, released data showing that 28% of their customers take out loans to consolidate their debt, up from 23% last year, leading the lender to claim that this shows that “an increasing number of consumers are looking to peer-to-peer lenders as a means to proactively manage their finances in a simpler, more transparent and cost-effective manner”. The report also found that while there has been an increase in the use of P2P by consumers, it is still relatively small – just 1% compared with 4% for credit cards or over 10% for bank
Yesterday Lending Works, the British peer-to-peer lending platform, released data showing that 28% of their customers take out loans to consolidate their debt, up from 23% last year, leading the lender to claim that this shows that “an increasing number of consumers are looking to peer-to-peer lenders as a means to proactively manage their finances in a simpler, more transparent and cost-effective manner”. The research also revealed the majority of customers are taking out a loan to pay off credit card debt, followed by personal loans.