Starting peer-to-peer lending programs could help credit unions attract younger, value-focused members as well as compete effectively with alternative online lending platforms, according to a new report from the Filene Research Institute.
Filene published "Peer-to-Peer Lending and the Future of Cooperation" in association with Credit Union Central of Canada. Sean Geobey, an assistant professor in the University of Waterloo's School of Environment, Enterprise and Development, wrote the report.
Drawing from events that took place in the United Kingdom, where peer-to-peer lending is more established, the report estimated the U.S. market for peer-to-peer consumer loans could grow to $5.1 billion per year and small business loans to $7 billion.
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