According to data from iResearch, peer-to-peer (P2P) lending topped 800 billion Yuan in China in 2015, soaring 248.3% versus the previous year. iResearch forecasts that China’s P2P lending will maintain its growth in the near future and its market will exceed 3.7 trillion Yuan in 2019.
According to data from iResearch, there were 2,985 P2P lending providers in China in 2015, up 93.3% compared with the previous year, indicating that it was still in the fast developing stage. However, due to the tightening of China regulatory authorities’ regulator on P2P lending, China’s P2P lending providers decreased significantly in 2016. Thus, iResearch anticipates that the number of P2P lending providers will amount to 4,275 in 2016. Rising 43.2% from 2015, and the growth is expected to drop to 10.8% by 2017.
According to data from People’s Bank of China, only 25.1% of individuals have got loan approvals from traditional banking institutions and left personal loan record in the personal credit information basic data base of People’s Bank of China as of 2014, and the main borrowers were from credit card holders.
iResearch holds the opinion that it was so hard to get loan approvals from traditional banking institutions, which could be attributed to following factors. Loan applicants needed to go to the bank outlets on their own, but most traditional banking institutions that could offer consumption loan only had outlets in first and second tier cities of China, which added to the difficulty of application. What’s more, the application process for loaning from traditional banking institutions was very complex and time-consuming.
Under the condition, the number of P2P lending borrowers hit 39,701,000 in China in 2015, the active ones of which reached 6,813,000，according to iResearch. With the further development of P2P lending, Internet users will understand more on it. Therefore, iResearch expects the active P2P lending borrowers will increase and will account for 31.5% of the total by 2018.