last year 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% Yesterday, 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.
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.