Online loan business is growing

£23 million mark was reached in total lending on the Zopa site according to reports. Over 3 years of Zopa’s existence lenders managed to gain 7.3% average return and within the last 3 months the figure grew up to 8.9% as per the company’s statements. These ratings surpass almost all of the best deposit account deals being offered by the banks.

Today traditional banks in the UK are tightening their lending criteria while Zopa, UK P2P loan market pioneer is sure in its rapid growth. Earlier this month the company exceeded 200,000 members mark.

The whole country is still suffering the negative impact of the 'credit crunch' while Zopa advises that the default rate on the site makes up 0.02 percent, the lowest default rate of any personal loan book in the UK.

"Reaching the 200,000 mark is very satisfying, but given the difficulty so many people in this country are facing when trying to secure a loan at a competitive rate, we know the number could be much, much bigger," says Giles Andrews, UK managing director and co-founder of Zopa