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There are many reasons to think about a loan. Whether a long-cherished wish, which is finally to be fulfilled or urgently needed acquisitions or repairs, not always the necessary small change is on the high edge.
Now you can choose from a variety of forms of credit, from which you can choose the most suitable one. One of these forms of credit is the so-called personal loan.
What does private credit mean in Dortmund?
Such a loan, as the name implies, involves lending from one private individual to another private individual. This type of loan is also referred to as P2P credit, which is derived from the English peer to peer, and means something like: from equal to the same. Such a loan is given either within the family or among friends, here usually interest-free, or on specially designed for this type of credit online platforms.
Note: The “personal loans” offered by banks and credit institutions have nothing to do with the P2P principle, but merely designate a common bank loan that is used for private purchases, ie a consumer loan.
The online P2P credit for Dortmund
Special online platforms bring together loan seekers and private lenders. Although the principle of the P2P platform was initially aimed at private borrowers, traders who want or need start-up capital, for example, are now commonplace. The prospective borrower places his desired loan on the platform and hopes that interested lenders will provide him with a loan. In most cases, the desired loan is not made possible by one investor, but by several people who make different sums available.
In order to be as attractive as possible to the investors, the loan seeker provides information about himself, ie his profession, his monthly income and any existing collateral, as well as personal details such as age and marital status. A few personal words and photos also inspire confidence and sympathy.
Loans from private investors in Dortmund
Based on the information provided, the platform determines the creditworthiness of the borrowers and divides them into credit categories. Factors such as low income or irregular, a bad Private credit or low collateral worsen the credit rating. However, this does not mean that a personal loan is excluded and that no investor will engage in lending, because the worse the credit rating, the higher the interest rate the borrower has to accept for the personal loan, since there is a statistically higher default risk.
As a result, investors have correspondingly higher earnings opportunities through interest income if they lend their loan to a borrower with a lower credit rating. So even people with poorer creditworthiness are quite attractive investments for you investors, which is why in online personal loans and individuals also have opportunities for a loan that banks and savings banks denied a credit for credit reasons.
The personal loan, like a standard installment loan, is repaid over a fixed term. The interest and installment amount is fixed at the repayment. The payout can, if enough lenders have found, be paid out within a very short time. Smaller sums of money can usually be paid out faster than larger ones, since a larger number of investors must be won for this.
What are the advantages of personal loans via an online platform in Dortmund?
A personal loan has some advantages over regular bank loans.
- Private credit-neutral loan request in Dortmund
A loan application to banks or savings banks in Germany is always recorded in the Private credit, even if in the end no credit is taken. P2P loans are Private credit-neutral.
- Credit opportunities even with bad credit
For low-risk lenders, even people with bad credit ratings are interesting because they can achieve the highest interest rate here. So even loan seekers have a chance that will be rejected by other banks.
- low threshold and unbureaucratic
The trend is more and more to online banking. Applying for loans without having to leave home is no longer a rarity today. P2P platforms for Dortmund offer low-threshold offers without much bureaucracy.