The graph presents the number of consumer lending platform users by age group in the United Kingdom in 2014, and provides a forecast thereof until 2020. The number of consumer lending platform users between the age of 25-34 in the UK is expected to grow from roughly 0.07 million in 2015 to roughly 1 million in 2020. An overview of all Digital Markets can be found here.
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Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group
(in millions)
Characteristic
16-24
25-34
35-44
45-54
55+
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“Consumer Lending Platforms” offer private users the option to place requests for loans in an online marketplace to find private investors who would invest at an appropriate interest rate. Portals such as Lending Club and Prosper apply a credit score and list the financial requests by intended purpose before fixing a lending rate. One or more investors can then serve the credit request. Although banks act in co-operation alongside the platform providers, the lending is done, in principle, without direct exposure, risk audits or the formal requirements normally associated with credit lending. This is attractive for many users because the processes are expedited, there is less demanded in terms of the borrower’s creditworthiness and the conditions are often more flexible than with traditional bank loans. Users are defined in this case as active borrowers on an online platform; applicants or investors who are only partially recorded as users are not included. The amount of outstanding, short-term installments or consumer loans recognized during the applicable year is used here as a benchmark. Comparison and online marketplaces for bank credit are not included in this segment.
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Statista (Digital Market Outlook). (September 30, 2015). Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group (in millions) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/
Statista (Digital Market Outlook). "Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group (in millions)." Chart. September 30, 2015. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/
Statista (Digital Market Outlook). (2015). Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group (in millions). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/
Statista (Digital Market Outlook). "Consumer Lending Platform Users in The United Kingdom (Uk) from 2014 to 2020, by Age Group (in Millions)." Statista, Statista Inc., 30 Sep 2015, https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/
Statista (Digital Market Outlook), Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group (in millions) Statista, https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/ (last visited August 25, 2024)
Consumer lending platform users in the United Kingdom (UK) from 2014 to 2020, by age group (in millions) [Graph], Statista (Digital Market Outlook), September 30, 2015. [Online]. Available: https://www.statista.com/statistics/497703/digital-market-outlook-consumer-lending-platform-users-by-age-group-uk/