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In this paper, we examine the dynamic cross-correlations between participants’ attentions to the P2P lending and offline loan (lending) with the method of multifractal detrended cross-correlation analysis (MF-DCCA). The empirical result mainly shows that (1) the power-law cross-correlation exists between participants’ attentions to the P2P lending and offline loan and is persistent, (2) the cross-correlation is more stable in the short term, and (3) the relation subjected to a small fluctuation is more cross-correlated than that under larger ones. Furthermore, we carry out the robustness test to verify the result. The Granger causality test indicates that participants’ attentions to P2P lending and offline loan Granger cause each other in the short term.

Dynamic Cross-Correlations between Participants’ Attentions to P2P Lending and Offline Loan in the Private Lending Market