Asking your parents or friends for a loan? Quite unpleasant. However, online platforms such as "Auxmoney" or "Smava", where you can borrow money from strangers, are becoming increasingly popular. Can this be serious? We answer the most important questions.
How does a personal loan from the Internet actually work?
The principle of personal loans on the internet is actually quite simple: the customer registers on the chosen platform, enters the desired loan amount and waits to see if a private investor agrees to lend them the amount. Most providers work with a partner bank that acts as an intermediary between lender and borrower.
How much do I know about the lender?
Normally you don't get any information about the private investor. This is because when a bank acts as an intermediary, neither party has to disclose their identity.
Is this just as secure as a bank loan?
Yes, if both parties sign a reputable, standardized loan agreement. In addition, the intermediary bank usually ensures that everything is above board.
Do I have to say what I need the money for?
This is usually not an obligation. However, it makes you more trustworthy and increases the chances that someone will say: Yes, I'll give this person my money. You can also upload a photo of yourself - this gives lenders an even better impression.
What does the brokerage cost me?
If a deal is made, you will have to pay a brokerage fee with most portals. This is usually between 2 and 3 percent. Watch out for hidden costs: Some smaller portals take money for mere registration, for example. Others simply sell residual credit insurance. Always read the terms and conditions and contracts for personal loans on the Internet carefully!
What are the advantages and disadvantages?
The advantage: You can get money relatively easily. This is a good opportunity for start-ups in particular. The disadvantage: Since private investors take a certain risk, interest rates are often higher than with a normal bank loan. The rule is: the higher the risk for the lender, the more interest is charged.
Do I also need a credit report?
Not necessarily, but online platforms also carry out some kind of credit check. However, you don't have to have a top rating to get a loan.
What if I can't pay back the money?
If the loan installments due are not paid even after several reminders, a debt collection company will take over.
The 3 largest providers
www.auxmoney.de: Whether for moving house, a new car or a major vacation - the company has already facilitated around 70,000 personal loans on the Internet. The verdict of Stiftung Warentest: reputable.
www.smava.de: This portal also impressed Stiftung Warentest. It works very similarly to Auxmoney.
www.lendico.de: Is still a relatively young company. However, the consumer advice center in Hamburg criticizes the fact that the interest rates are sometimes difficult to understand.