The BBC reports on the practices of internet lenders, noting that borrowers should be cautious when searching for online loans in order to protect their credit scores; TSB says some loan providers issue a hard inquiry for a loan price or quote which can harm borrowers who are only considering loan options; the bank is lobbying for more regulated practices and says, "Personal loans providers must agree never to perform a hard credit check until the customer chooses to actually purchase a loan in full knowledge of the price being offered." Source
UK consumer lending platforms reported originations of 154 million British pounds ($191.81 million) in January which topped a previous high in September 2016; Zopa led UK consumer lenders in January with originations of 80 million British pounds ($99.64 million); other consumer lenders contributing to the January record included RateSetter, Lending Works, Funding Secure and Lendable. Source
UK consumer lender Lending Works has lent over GBP50 million ($62.68 million) to UK consumers, also reporting over 10,000 clients; the firm's success has been helped by the launch of its innovative finance individual savings account which reported investments of approximately GBP1.5 million ($1.88 million) in the first 24 hours and has accumulated investments of over GBP8.8 million ($11.04 million) since February 2017; the firm's chief executive says it expects to reach originations of GBP100 million ($125.36 million) very soon; business growth is also expected to be helped by a new loan offering partnership with Revolut. Source
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