What is auxmoney. How does the credit process work? auxmoney is a renowned credit marketplace from private for private (p2p loans). The way it works is very simple: auxmoney offers investors the opportunity to invest in loan projects that have been created by private individuals.
This means that loans are granted by private investors to private applicants. The partner bank of the auxmoney lending platform serves here only as an intermediary, since the granting of loans in Germany is possible only banks and is strictly regulated by law.
Both investors and people who need a loan only need to register for free at auxmoney. auxmoney thus serves in the loan processing only as an interface between borrower and lender. Lenders can invest in any loan project of their choice through auxmoney for as little as €50 and receive interest on their investment, which is automatically calculated by the platform for each loan project using the so-called auxmoney score of the borrower.
Experience and our auxmoney test have shown that the platform is an ideal way to both apply for a loan and profitably invest in consumer loan projects. In this guide, we would now like to briefly outline the basic function of the auxmoney portal.
Frequently asked and important questions about auxmoney:
Who can get a loan from auxmoney?
Through this credit marketplace, all consumers, self-employed, housewives, students, freelancers and even the unemployed can apply for a loan. The decisive factor for a successful loan project is basically the creditworthiness of the applicant.
In order to increase the chances of investing in a loan application on the part of investors, the person interested in a loan can deposit extensive creditworthiness information and information about himself or offer his car as collateral.
However, through auxmoney loans can not be applied for credit free, because the credit status of a borrower is always queried. A negative Schufaeintrag does not exclude the creation of a credit project, but whether the loan request ultimately find investors, remains to be seen in such a case.
What requirements must I meet as a loan applicant?
A borrower must have an age between 18 and 70 years, a residence in Germany and a bank account with a bank located in Germany. In addition, a fixed income is important so that the installments for the personal loan can be paid on time. Of course, every borrower is required to have a sufficient credit rating, which is already determined within the identification process.
Can I get a loan from auxmoney despite a negative credit record??
Even people with negative Schufa can apply for a loan through auxmoney. In this case, the auxmoney score is more negative according to the previous debt, which in turn affects the conditions and interest rate for the personal loan and the chance of success of the loan project. What is the auxmoney score. How is it calculated? The respective auxmoney score of a borrower. The resulting interest on the loan amount depend in turn on ca. 300 different factors from which the borrower rating is created. Above all, the creditworthiness of the borrower is important here.
According to the calculated data for the auxmoney score, the private borrower is classified in a score class. This score class ultimately determines the amount of interest on a loan. In addition, this result gives lenders information about the risk of default on a loan. How safe. Serious is auxmoney? Parties immensely safe. Therefore also proves to be reputable. Due to the comprehensive check of the borrower's creditworthiness via Schufa. With the help of the internal recommendation system, investors have ideal securities when granting personal loans. In addition, lenders can get extensive information about the details of the loan seeker for each project.
Many borrowers also use their cars as collateral for an installment loan, which provides additional security for an investor. A borrower has the possibility to withdraw his loan project at any time, as long as no investor bid has been made yet. An early repayment of the remaining loan amount is of course possible at any time.
What fees are charged by auxmoney?
The application is free of charge for both parties. Fees are only charged when a loan project has been successfully brokered in full. For the mediation between borrower and lender, the operator of the auxmoney credit platform charges 2.95 percent of the loan amount from the borrower and from the lender 1 percent of the investment amount, as soon as the loan is established.
If for various reasons there is no credit mediation, the loan applicant does not have to pay any fees. This very consumer-friendly solution is one of the many reasons why the auxmoney platform is so popular.
How can I borrow money through auxmoney at short notice?
After free registration and identification via the auxmoney website, each potential borrower can create their own project for the loan. Here are loan amounts up to 25.000€ possible.
On the home page of the portal is a special input mask (see picture below), in which the borrower can select the loan amount and the intended use of the desired loan.
Input mask for loan requests on the auxmoney homepage.com
After clicking on the button "Start loan request" the borrower is taken to the next page, where the details of the loan project must be entered. In addition, in this step you can see the possible loan conditions. However, these data are only a preliminary calculation that may differ from your own loan agreement due to various factors.
The preliminary calculation of the loan conditions in step 2 may differ later on.
How quickly the loan amount will be disbursed?
Each loan project has a maximum term of 20 days. The loan approval and borrowing take place immediately, as soon as the requested loan amount is fully covered on the part of the investors and the loan agreement documents, which the borrower then receives by mail, are completed and returned.
In the next step, the partner bank of the auxmoney platform carries out another check of the documents. Once this process is completed, the borrower receives the disbursement of the loan amount within ten working days from the bank to their own checking account.
What types of loans are available at auxmoney?
For example, the following types of loans can be applied for:
– Installment loan – Instant loan – Top-up loan – Follow-up loan – Car loan – Student loan
These types of loans are just a few examples, because the credit platform can be used to create a wide variety of credit projects for private purchases, for a cash loan, for a special financing, for an individual installment loan, personal loan, for an instant loan and for an express loan in an individual loan amount.
The loans through auxmoney.com are suitable very well for all private people, who would like themselves to finance for example a vacation, wish themselves a new vehicle, need a certain amount for a small acquisition or for the renovation of the dwelling.
Regarding the purposes for the loan amount, the loan applicant has almost all avenues open to him, which is not always the case with a loan from a bank. Banks usually require certain counterparts or even guarantors as collateral for a loan and if the applicant does not have these securities for the loan amount at hand, the loan application is often rejected by a bank.
How to become a lender with auxmoney?
In principle each private person can function as a backer and invest its money in one or more private credits, if the capital necessary for it is available. However, the application to a borrower's loan project is binding, so the investor must always carefully consider how much capital he can and wants to invest in a particular project. auxmoney generally recommends that investors divide their capital into several projects.
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auxmoney is very helpful for people interested in credit to get fast and cheap personal loans. For investors the portal offers the possibility of making a safe and profitable investment with attractive yields by the interest completely without bank. Numerous experiences of lenders show that it is an attractive way to invest money and achieve a good return on investment. Even Stiftung Warentest speaks positively about this service. Has determined the clear advantages of auxmoney in an extensive financial test. If you want to know more about this test and the result, you can always consult the corresponding test report on the Internet.
On the website there is a comprehensive guide on how to obtain a personal loan or invest money through the portal. Also extensive information on the topics of default rate, lending and many other topics can be found directly on the website. Among the credit platforms that can be found on the net today, the auxmoney credit portal enjoys an excellent reputation!
Have you had experience with Auxmoney as a borrower or lender?
We would be happy if you would share your experience with us. You can simply use the comment form below. Through your experiences other people can also benefit from the service. Whether as a lender or as a borrower: What is your experience?? Are you satisfied with the credit marketplace. Would recommend it? Let us know!