Looking for online loan? Who looks for good deals, first has many questions. We continues to help and provides the searchers with all the important information. The platform’s focus is clearly on consumers. Do not worry, no credit is given to anyone to secure a commission. But this is objective information that helps to find your own credit. The demands on credit differ and are individual. A good credit must fit – we can pave the way!
The special features of our company:
- Absolutely objective
- Easy to understand and clearly written
- With background knowledge and basics
- All major banks in the big comparison
- Guide looking for the personal loan
How to use the online loan comparison!
It is not at all difficult to find an online loan from private individuals that is inexpensive and offers good conditions. If you are on the lookout, you should first clarify three questions:
- How much should the loan amount be?
- How long should the credit run?
- Is it a classic personal loan? Or should it be a loan from private individuals?
Our credit comparison shows that there are quite serious offers from private people in the market. The difference to a business with a bank: For a loan between private individuals both parties are not commercial. Online loans from a private person are for many an alternative to a bank.
In any case, you should understand what a loan from a private individual actually is. What is the difference to other forms of credit?
From Private to Private: Find the best credit from individuals
For a loan between individuals, both parties are not commercial.
A short digression at the beginning: Do not be confused, because sometimes normal installment loans are called personal loans. This form of loan is not meant here. There is a clear separation: A installment loan is a loan in which a partner is commercial. A private-to-private loan is on both sides private individuals. So if the mother lends money to her daughter, it is a personal loan. If the daughter prefers to go to her house bank, she asks for an installment loan.
Anyone who embarks on a search on the net today will be astonished: it has long been no longer just the lending of relatives, friends and acquaintances as personal loans. There are numerous platforms that make it possible to connect private individuals who lend each other money – without a bank in the background! If you have no income that comes in monthly, it usually looks bad at a typical bank. In such cases, loans from private to private are often a good alternative!
Security test: How reputable are online loans from individuals?
For the time being, it should be made clear: The risk of private loans is higher for lenders, as borrowers were often rejected by banks.
- Interest rates should be within a reasonable range. Compare with the usual bank rates for cheap online loans!
- Serious offers through online platforms such as Creditend and Moneyor
- Trusted credit providers require a realistic financing plan.
- Term and interest rates are set by the two parties, but should be in a range to be borne by the borrower.
- A reputable provider concludes a written contract. A security for both sides!
A lender carries a high level of risk when lending to a private individual. Because it is difficult to check the creditworthiness of a borrower as a private individual. Therefore, loans are often awarded in the circle of friends and acquaintances. Our credit comparison has shown, however, that there are now also good online platforms that provide a secure offer in the field of loans from individuals.
Diversity of ideas – variety of credit!
Today, it is no longer just the bank that is the only address that can be approached with financing issues. More and more loans from private individuals are now being awarded. The advantage is that you can often avoid complicated applications. As a lender, you have the great feeling of promoting a good idea and can choose projects that meet your personal expectations.
But even a financial benefit can arise for the lender. In times of low interest rates, lending to a private individual may be more profitable than another investment. It is also positive that you can start with low sums. In our test, there were amounts from 50, – €, which were awarded by private for private.
The comparison: Is a loan from private individuals suitable for you?
Let’s get to the personal profile: Which type of credit are you? What are your claims for a loan? For that you should answer the questions truthfully – for your own good! Only then can you finally find a suitable solution. There are countless different loans: cash loans, car loans, installment loans and many more.
We give you an objective overview and help you make the best choice.
- Is this the first loan you apply for? Or have you ever been rejected?
- Why do you want a loan? Name the purpose.
- The repayment is feasible for you?
- You can rely on a good financing plan?
- The services and conditions are you clear?
- Did you compare the offer to a bank loan?
You should only take out a loan if you have usually agreed to these questions.
Private home loans: 5 questions at a glance
1. What interest will be added?
One should not talk around the bush: If you as a private person granted a loan to an unknown person, you take a considerable risk. In many cases, these will be individuals who have either not been accepted by a bank or who do not have regulated income. This risk costs! Many lenders can compensate for the risk with handsome interest. It is important to keep an eye out that your situation does not become unfavorable. Some lenders take advantage of the situation of the loan seekers. Pay attention to fair and reasonable interest.
2. Do you have to provide collateral for an online loan?
There are no specific regulations that legislators make in a private business. Some lenders require the same guarantees that are customary at a bank. These include, for example, salary statements or guarantees.
3. Is a contract an important requirement?
There are, as I said, no legal obligations. A private loan can theoretically be given informally. The repayment would then be agreed orally. However, we advise against it, so that both partners are on the safe side and it comes in the end not to a dispute. In addition to the amount of the loan and all the important data relating to the persons, this contract includes the term, the interest, the amount of the installments and the possibility of special repayment.
4. Can I not pay a rate in between?
Often it is difficult to set a monthly rate and one would like to be able to stop in between, if the bottleneck can not be overcome. However, a borrower has this right only if it is contractually agreed that this possibility exists. Here, too, communication is everything: Inform the lender always in advance, if it comes to payment problems!
5. Is the term different from other loans?
The term is agreed between the two parties and is at its own discretion. There is no difference between other loans. However, it is advisable to agree on a realistic term so that the installments can also be managed. Too long a term is again to avoid, so that the interest incurred as low as possible. Find a good mediocrity.
Excellent Mediation: With the latest online platforms
You would rather not try the kinship and beg for a loan from your grandmother? In that case, you may be interested in the providers that are currently in the private-home loan market.
Tailored ideas, financing from private
When you have many ideas, you often need money to make them a reality. Especially self-employed people can sing a song about it: Anyone who starts a new project is usually faced with financial difficulties that need to be overcome. There are now online platforms for loans. If you have an unusual idea without having financial cushions, very few banks will show interest. Private loans can be the solution in such cases!
Which online platforms are there for top loans?
There are several platforms, the leaders in this area are Creditend, creditity and Moneyor. Our credit comparison has proven that these providers have a very good offer. We give an overview:
Creditend: platform for diverse demands!
It’s a proud sum: Creditend has already raised more than 100 million euros in loans. These are largely private-to-private loans. Since 2011, Creditend has also provided loans from institutions and banks. This diverse offer has clear advantages: anyone looking for a loan can compare directly whether it would be better to choose a private or a bank loan.
Make loan application uncomplicated at Creditend
- How do you sign up? You have to provide all the information that a bank would normally like to have on a loan application. It’s about name, date of birth and address, you have to prove the income and be able to give an account.
- How high are the costs? The costs are determined by the duration. They are between 2.5 to 3.0 percent of the loan amount, while the minimum is 40, – €.
- What interest is there? Here you can not give a flat-rate answer, as the interest is agreed personally. According to Creditend, there is an average effective interest rate of 6.7 percent.
- What is the cost? The account statements are calculated with 16, – Euro per year. You do not have to request them. Obligatory, however, is the monthly service fee of 2.50 euros.
- The highest credit you can get at Creditend is 75.000, – Euro.
creditity: Private loans for exciting projects
- Registration: Initial request with personal data (name, date of birth and address), financial situation, desired amount, project outline. After a test by creditity, the actual application can be made. There are still a few documents required: payroll statements and bank statements of the last three months, as well as a copy of your passport or identity card. With a positive rating from creditity, investors now have 14 days to support the project.
- Costs: The exact amount of the creditity fee is calculated individually and depends on both the duration of the loan and the credit profile (for example, according to the Private credit). The creditity fee will be deducted from the total loan amount before it is transferred to the account.
- Interest: The amount of interest is agreed between the two sides regardless of the platform.
- Additional Charges: creditity charges a fee of 0.25% – 4.50% of the total credit.
- Amount of the loan: The maximum amount of a loan is 30,000, – Euro.
- Duration: 5 years maximum
Moneyor: The old hand among the platforms!
Not only Creditend has been around for a while. Moneyor also has a few years of experience. Both platforms were founded in the same year. Moneyor is after our test also a good address and the services of the provider are thoroughly recommended! Moneyor is based in Dusseldorf and has already brokered more than 11,000 loans. There is a cooperation with Bank.
Free registration: Moneyor
- A simple registration: At Moneyor it is very straightforward. The name, address and usual information about a person must be given. Already one is registered!
- Moneyor charges a so-called placement commission. However, this sum will only be deducted if it comes to a successful contract. The commission is 2.95 percent of the loan amount.
- Moneyor states that there is an effective interest rate of about 10 percent.
- As usual, account statements cost: Bank charges EUR 17.50 per year for this service. Every month a service fee of 2.50 Euro applies.
- The highest credit is at Moneyor at 20,000, – Euro.
- If you can not repay, a debt collection company will be turned on – a common practice.
With a top fee model, all three providers have distinguished themselves. In addition, they provide an excellent placement service. How can the platforms be differentiated from each other? Here you should look especially at the conditions. Interest rates are always different. All give self-employed the opportunity to apply for a loan. In our opinion, that gives us a plus.
Will there be more private loans in the future ? It turns out that the platforms are enjoying increasing popularity. Maybe people prefer to invest their money in concrete projects of other people than in a bank’s investment package. The development will remain exciting!
5 tips and tricks for dealing with personal loans
1. Do not forget the contract!
A contract is the best for everyone! This avoids uncertainty and is on the safe side. Insist on a contract for your own benefit. Even the lender will feel better with such a document in his pocket.
2. Keep your eyes open at high interest rates!
Even if you’re happy to find a lender, do not be fooled! This clearly includes fair interest! Otherwise, you should not make use of the loan.
3. Financing plan is the alpha and omega!
If you can not gauge what your finances look like, you can not make a loan. You have to be sure that you can afford the installments. It helps to make a proper cash flow and set up a plan beforehand.
4. Rate breaks in the contract!
Everyone has payment problems. Even if it does not look like this at the moment, you calculate that there could be financial bottlenecks. So, if the contractor agrees, you should first find a ruling on how to handle a possible rate break.
5. Credit comparisons help!
You can not decide everything by yourself. The opinion of experts helps to get a good picture and to discover a top credit!