New peer-to-peer lending site RateSetter.com has lent £612,984 since its launch on 7 October.

Over 1,500 customers have registered in the first month, while on average, 6.8% was available for savers in the 36-month market, with a high of 7.2% and a low of 6.3%.

The average rate in RateSetter’s ‘rolling monthly market’ has been 3.7%, peaking at 4.9% and dipping below 3.0% for a short time, which it said was due to a sudden influx of lenders.

15% of borrower applications have been approved by RateSetter over the month of operation, though this figure is expected to rise as more creditworthy borrowers come to the site. RateSetter expects rates for savers to increase in both monthly and 36-month markets over time as the number of approved borrowers on the site increases.

RateSetter.com claims lenders have expressed support for RateSetter’s ‘Provision Fund’, a separate pot of money into which borrowers pay a fee based on their creditworthiness. This fund is used to compensate lenders in case of default, though in the first month of operation there have been no missed payments.

RateSetter founder and CEO Rhydian Lewis said: “We have been delighted by the level of interest so far. The amount lent and number of people registering to use the site has been beyond our expectations for where we would be at this stage.