Lendermarket reports drop in lending in September

Lendermarket saw its lending dip in September but its investors earned greater returns.

The Dublin-based peer-to-peer lending marketplace said its investors funded over €6.45m (£5.6m) of loans last month – down from more than €9.74m in August.

16 778 new loans were added to the platform in September, down from 29,147 in August and 31,366 in July.

However, investors earned €505,517 in returns in September, up from €409,760 in returns in August.

Lendermarket also said that the average nominal interest rate last month was 14.71 per cent, which is higher than its average annual return of 14.1 per cent advertised on its website.

Read more: Lendermarket investors funded £11m of loans in May

The platform connects private and institutional investors with consumer loans issued by European originators. It now has almost 11,000 registered investors who have funded more than €300m in consumer loans, and earned more than €5.7m in interest.

According to a blog on the company’s website, the number of active platform investors has been growing steadily month by month in the year to date.