The graph presents the number of consumer lending platform users by income split in the United Kingdom in 2016. The number of consumer lending platform users with a medium income in the UK was expected to reach 0.4 million. An overview of all Digital Markets can be found here.
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Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)**
Characteristic
Users in millions
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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.
** Income is defined as personal net income and is divided into three categories: low income is defined as the country-specific bottom third of the personal income allocation. Medium income is defined as the country-specific average third of the personal income allocation. High income is defined as the country-specific top third of the personal income allocation.
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Statista (Digital Market Outlook). (September 30, 2015). Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)** [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/
Statista (Digital Market Outlook). "Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)**." Chart. September 30, 2015. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/
Statista (Digital Market Outlook). (2015). Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)**. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/
Statista (Digital Market Outlook). "Consumer Lending Platform Users in The United Kingdom (Uk) in 2016, by Income Split (in Millions)**." Statista, Statista Inc., 30 Sep 2015, https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/
Statista (Digital Market Outlook), Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)** Statista, https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/ (last visited August 25, 2024)
Consumer lending platform users in the United Kingdom (UK) in 2016, by income split (in millions)** [Graph], Statista (Digital Market Outlook), September 30, 2015. [Online]. Available: https://www.statista.com/statistics/497716/digital-market-outlook-consumer-lending-platform-users-by-income-split-uk/