Savers turn to peer-to-peer lending

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More savers are turning to online firms such as RateSetter and Zopa in the search for better returns on their cash, a consumer group has found.

A survey of 4,500 Which? subscribers in April found that 9% had used a peer-to-peer (P2P) lending website such as these in the last two years, rocketing from 2% when similar research was carried out a year ago. The overwhelming majority of savers (81%) who had used a website put their main reason down to the poor returns on offer generally.