Consumers who need a loan usually contact their house bank or a direct bank. In recent years, a good alternative has become established on the Internet: personal loans, also known as P2P loans (English: peer-to-peer).
In this article, you can read what differentiates the different providers and what you absolutely have to look out for with a personal loan.
The request for a loan from private succeeds
If you choose a platform, the first step is to register with your personal data and a description of your loan project. Describe your concerns as detailed and honest as possible. The people who want to lend you money are interested in detailed information about you and the use of the loan, so please provide information on:
- Your person, for example you are married, how old are you?
- Lender offers the possibility to upload a personal photo. This instills more trust in investors, but you will then no longer remain anonymous.
- Describe your personal situation: What is your job and how long do you work in your current job? Do you have other payment obligations? Do you have to pay rent or do you own your own property? For example, you can deposit a car as additional security (vehicle letter).
- What do you need the loan for? Are you planning a renovation, buying a new car for work, or do you want to redeem an expensive bank loan?
- How much money do you need? Remain realistic when planning: If you calculate too low, another credit request may be required. If you plan too high, investors can be deterred or you pay too much interest.
- How and for how long do you plan the repayment? Show what monthly installments you can afford and how long you will repay the loan. Any proof of your solvency reduces the interest rate and increases the loan commitment.
- Additional certificates and information from credit rating significantly increase the chances of getting a loan!
Is a personal loan the same as a personal loan?
No, financing through a bank is called a personal loan. Here, a bank lends a certain amount of money to a private individual. With a loan from private to private, the money for the loan actually comes from a private individual. With platforms, a bank is only active in the background for payment processing, but is not involved in the current lending as with a personal loan.
Is a loan through a private person cheaper?
It cannot be said in general whether a personal loan from a bank or a P2P loan is cheaper among private individuals. If you have a very good credit rating and your credit rating data is in order, you will receive good conditions and interest in both ways. If a bank rejects their loan request, a credit marketplace can mean an additional opportunity. Self-employed and freelancers also get good conditions here and usually also the money they need.