Ratesetter , a London - based peer - to - peer lender , has seen a hit of £ 80 million ( $ 104 m ) in struggling customers . In order to protect its 50,000 users , the company has had to dig into its own pockets . Ratesetter , which has seen £ 2bn lent via its online accounts , offered millions in loans to two companies which subsequently failed , and admitted the loans could not have cleared its credit policy . " We did something on behalf of our lenders that was quite clearly a mistake . It is not right for them to take that hit " , said co - founder Peter Behrens .
Ratesetter, a London-based peer-to-peer lender, has suffered a hit of £80m ($104m) in struggling loans. In order to protect its 50,000 users, the company has had to dig into its own pockets. Ratesetter, which has seen £2bn lent via its online platform, gave millions in loans to two companies which subsequently failed, and admitted the loans should not have cleared its credit policy. "We did something on behalf of our lenders that was quite clearly a mistake. It is not right for them to take that hit", said co-founder Peter Behrens.