The internet portal auxmoney, founded in 2007, is one of Germany’s pioneers in the field of P2P loans. As an established provider of its guild, the Düsseldorf-based online marketplace for private-to-private loans (also called P2P or peer-to-peer loans) can boast impressive figures: for example, the more than 240,000 members have the largest number of permanently available loan projects at their disposal. Analogous to the business principle of Social Lending, auxmoney primarily serves those loan customers who are sceptical about the instalment loans of their house bank.
How auxmoney works
In concrete terms, the loan search at auxmoney is as simple as it is ingenious: the borrower publishes his anonymised loan request directly on the portal as a personal loan project. The borrower selects the amount of the loan, the term and the desired interest rate. In order to attract as many investors as possible to the loan project, the loan seeker should comprehensively present the actual purpose of the loan, his financial and professional situation and, of course, himself. Furthermore, it is possible to put one’s own creditworthiness in even better perspective by means of additional certificates (e.g. a credit report from SCHUFA Holding AG).
In the meantime, word has spread among many consumers that at auxmoney all parties involved can benefit from the principle of P2P loans, in that borrowers earn a lower interest rate and investors a higher return than is usual in the market. The operator auxmoney, in turn, earns its money through one-off fees for the publication and activation of the credit projects as well as through the certificates, which are subject to a fee. In addition, auxmoney charges a commission of 2.95% of the loan amount for each successful loan project. The participating lenders also have to pay a fee for each successful involvement in a credit project.
The instalment loan from auxmoney
Even though auxmoney has quickly become Germany’s largest online marketplace for loans from private to private, these P2P loans are not yet comparable to the usual market offer: The available loan amounts range from €1,000 to €20,000, and the terms range from 12 to 60 months. In contrast to most banks, which only grant instalment loans for employees, auxmoney also offers loans for self-employed persons at any time.
Representative example of a loan:
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Telephone: 01805 / 888 155 (Mon-Fri 10 am - 6 pm; € 0.14/min. from a German landline; Mobile: max. € 0.42/min.)
E-mail contact: firstname.lastname@example.org
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