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|"Deloitte P2P report has missed the point" - comment from Kevin Caley, founder of ThinCats|
|Monday, 23 May 2016|
Responding to Deloitte’s report that the peer-to-peer lending industry poses little threat to the high-street banks, Kevin Caley, Founder and Chairman of peer-to-peer lender ThinCats, said: “Deloitte’s report appears to misunderstand how peer-to-peer lending works when it claims high rates will deter businesses from turning to alternative finance. Rates of lending and borrowing are dictated by supply and demand, so if businesses are no longer willing to pay them, the market dictates that they will fall.
“Since its relatively recent inception, peer-to-peer lending has offered an alternative and often more accessible route to much-needed funding, benefitting thousands of small and medium sized businesses. The sector’s popularity has exploded in recent years, with last year’s industry lending figure of £2.2billion equalling the total lending figure in all the years prior to this.
“This said, the industry is under no illusion that it will topple high-street banks, which have existed for hundreds of years, nor does it want to become like them. The sector is becoming more mainstream, but it will always remain an alternative to high-street banks, whether you’re a saver looking for better returns or a business unable to find the loan to suit your needs.”
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