U.K. peer-to-peer lending company Zopa has surpassed more than 100 million GBP in arranged loans as demand for unsecured personal loans has risen at a time when banks have become less willing to issue credit.

Zopa said in a statement that the success of its business model, in which members of its website agree to loan money to one another on their own terms, is partially a reflection of the low interest rate environment that the world is facing. CEO Giles Andrews told the press that he expects the firm to rapidly gain market share in the U.K. lending market to over 1% during the next few years.

Specifically, he said, “There is no reason we can’t have 10 or 20 per cent of the market. There are far more people wanting to borrow than there are lenders.

“We have the best performing loan book in the UK, better than the high street banks with a default rate of just 0.7 per cent. Zopa provides hard evidence that person-to-person lending works and can be hugely beneficial for both borrowers and lenders.”

“Both groups have enjoyed a far better deal than the banks offer. Given the banks show no sign of reducing the huge spreads they charge between borrowing and lending, we are sure this growth will continue.”