Milestone for new age lending

Peer-to-peer lenders, the ones who accept your money on a website and distribute it to a range of borrowers, have lent out over £250m.

That's up until the end of May. In fact their lending has probably topped £260m already, it's rising so fast.

I reckon the total has nearly doubled since this time last year, mainly because the interest rates paid to lenders appear very attractive.

The business is still very small compared to High Street banks.

But, as Andy Haldane from the Bank of England said recently, those big banks could eventually be replaced by peer-to-peer lenders.

That's if they don't start doing the same thing themselves.

Here's today's BBC Your Money with the peer-to-peer TV report.