The trade body for the fast-growing UK peer-to-peer lending industry is preparing to introduce a rule against allowing institutions to cherry-pick the most desirable loans at the expense of retail investors.
WebBank provides the money that gets it all started
Bank of England Governor Mark Carney tells the Davos World Economic Forum that we’re looking at “an Uber-type situation” for banking: just as the simple car-hailing Uber-app has suddenly turned the traditional taxi industry on its head, Carney sees an “imminent” threat to established banks from unregulated, disruptive financial technologies.
A damaged or non-existent credit history doesn’t have to prevent a small business from getting the funding they need. From merchant cash advance and peer-to-peer lending to online marketplaces, more than any other time in the past, business owners have options.
Peer to peer lending is finally starting to gain traction but not enough people are aware of its possibilities.
Since launching our 0.25% rebate program, we have helped a number of business owners get loans through our partners.
The challenger bank will lend funds through the website’s marketplace.
“It costs as much to underwrite a $150,000 loan as it does to write a $1 million loan,” Mills explained.