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RateSetter Grows Into Business and Property Loans
In a recent blog, Rhydian Lewis explained how his P2P lending company is expanding to lend to more different types of customers.
The founder of RateSetter, the largest consumer loans P2P lending company when measure by monthly loans, showed how they have progressed beyond lending to consumers only.
Looking at the £260 million-worth of loans outstanding in December, 8% are secured property loans and another 8% are to businesses, albeit the self-employed.
Rhydian assures that it will expand into other types of loans, such as loans to limited companies, slowly and cautiously.
By hiring experts with over 25 years experience in different fields of lending, Rhydian wrote: “This cautious, gradual approach sees us have criteria that are every bit as stringent as traditional lenders – if not more.”
The majority of loans, by far, remain consumer loans, at over 80%. But Rhydian wrote: “We believe diversification of lenders and borrowers is important to the health of our ecosystem.”
It will certainly be easier to keep growing at its phenomenal rate of 200% per year – twice the average rate in the industry – if it opens up other channels.
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