The total amount lent by Zopa savers to Zopa borrowers has now passed the £250 million mark.

This follows loan figures in October that were 90% up on the same month last year.

“Passing the quarter of a billion milestone with monthly volumes way up on just a year ago, proves that increasing numbers of people are looking beyond the banks to find the best savings and borrowing rates,’ said Giles Andrews, CEO and Cofounder of Zopa.

“At Zopa responsible borrowers with a good credit record can get rates lower than the banks are offering and with no early repayment penalties. And long suffering savers no longer need to watch inflation eat their savings while banks continue to pay derisory rates – lenders have enjoyed an average fixed rate return of 5.4% p.a. on loans they’ve made over the last 12 months, after charges and average defaults have been deducted.”

“We bring responsible people together around an approach that is uniquely self-supporting and presents UK savers and borrowers with a better alternative to their bank.”