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 researchers to claim that this shows that “ an increasing number of consumers are looking to peer - to - peer lending 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.