Peer-to-peer lending via the internet hits £250m

Lending via three websites that link savers with borrowers – bypassing the banking system – has topped £250m.

The “new age” finance carries no protection for deposits, but is being tipped as a serious threat to traditional banks.

The peer-to-peer sites are led by Zopa, which has lent more than £200m since it started in 2005.

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