Ratesetter cancels George Banco lending agreement

Peer-to-Peer lender RateSetter has cancelled a deal to lend directly to guarantor George Banco’s customers. Last month RateSetter and George Banco entered a lending agreement as Ratesetter also announced the acquisition of Vehicle Stocking and Vehicle Credit. The partnership with George Banco was designed to build relationships with lenders.

RateSetter announced its decision to pull out of the direct lending on its website. The RateSetter announcement says “After further examination of the infrastructure required to do this, we concluded there were better uses of our development resources which may be deployed more effectively to source other borrowers. Therefore we will not facilitate lending directly to George Banco’s customers, and accordingly we have updated our Principles of Lending document which sets out our lending criteria.”

The full Ratesetter announcement can be found here.