If you want to take out a loan, you do not necessarily have to resort to an installment loan from a bank. Meanwhile, there is also the possibility of online personal loans to avail. This then runs through certain providers who specialize in arranging loans between private individuals. In our personal credit test, we took a closer look at the offers of these companies and presented the test winner.
Facts about the personal loan test winner
- Arranging loans between private individuals
- Loans between 1,000 and 25,000 euros possible
- The amount of interest depends on the moneyor score
- Interest rates start at 6.99 percent
- After successful lending, a fee of 2.95 percent is due for borrowers and one percent of the loan amount for investors
What is meant by a personal loan?
Who does not know that? You want to finally buy a long-cherished dream of a car or a new washing machine, but can not afford this due to lack of financial resources. With a personal loan, customers have the opportunity to get a bit closer to their dream. Personal loans are brokered between private individuals. These are usually characterized by lower interest rates than a house bank. Furthermore, the chances of getting a loan are higher, as customers with a rather bad Private credit score get the opportunity to borrow money.
In Germany, for legal reasons, a bank must take over the financial management of the loan. Such a personal loan is particularly interesting for self-employed who want to build an existence. With a financial institution, entrepreneurs often have little chance of getting a loan, as they insist on income proofs, which a customer, who is only just starting his business, can show. For a personal loan, lenders tend to focus on a coherent business plan and realistic budget planning.
General information about the test winner moneyor
The idea for the company moneyor was born in 2006. The following year, the moneyor GmbH was launched. Since then, the company has already brokered nearly 35,000 loans and funded loan requests in excess of € 200 million. moneyor is the largest online marketplace for peer-to-peer lending and has attracted over 50,000 private investors. The company consistently has only positive reviews and opinions and has been certified by the TÜV. moneyor is located in Dusseldorf and customer support is available by phone Monday through Friday from 10am to 6pm. In addition, customers can also contact the company’s employees by e-mail.
Personal credit test: moneyor has convinced us
With our personal loan test winner, customers can receive a loan quickly and easily. The registration is absolutely free for credit seekers. For this, the desired amount must first be selected. The possible loan amounts are between 1,000 and 25,000 euros. Subsequently, customers are asked to specify what the money should be used for and the loan request can be sent. In just a few minutes, borrowers can find out if available lenders are available for financing. Borrowers can increase the likelihood of lending by providing lenders with accurate accounts and credit information. moneyor calculates for each customer an individual moneyor score, which is determined on the basis of the personal credit rating. On the basis of this score then the appropriate interest rate is given.
As far as the costs of the test winner moneyor are concerned, according to our online personal loan test, a one-time placement fee of 2.95 percent of the loan amount is due for successful lending. But not only credit seekers can benefit from the principle of a personal loan. Lenders can view the lending of their money as an investment and benefit on average from a high interest rate. This is the test winner on average at 6.77 percent and thus promises a higher return than many investments at banks.
The registration is free for investors, as well as for borrowers, with our personal loan test winner moneyor. Only after a successful investment in a loan project, a fee of one percent of the investment is due. The fee will be retained after repayment of the first installment.
As usual in Germany, moneyor handles the loan via a bank. In this case, the Bank takes care of a smooth process. The South West Bank is a direct bank specializing in the provision of online credit.
Our conclusion: A good alternative to the house bank
Thanks to moneyor, borrowers no longer have to rely on their bank when it comes to applying for a loan. The principle is as simple as it is ingenious: loans are transferred from private customers to private customers.
Borrowers benefit from significantly higher credit opportunities and investors from high returns.