The credit experience
Credit experience would be very important to me, so I can do everything right. Creditend is probably a credit broker, at least that’s how I understood it. aux-money experiences 2018 “The loan offer as part of the test procedure
The company was launched in 2007. In the online credit marketplace, interested parties can set up a loan project to be financed by private investors. In addition, the company acts as an intermediary and cooperates with the Swak Bank on loan processing issues. Investors can invest money by investing in a loan project. The conditions that apply to the borrowers for the loan project depend on different characteristics.
Debtors with the highest credit ratings are assigned to a corresponding scoreclass and can assume a more favorable interest rate. In doing so, we not only dealt with the Group’s financing offer, but also with the opportunities it offers investors. In the following test report we examine the conditions for borrowers and private investors.
In addition, service offerings and other services are important factors to consider in our Cofidel experience. Are you looking for a loan offer with favorable conditions, so you can look for a variant of bank loans with us. There is not a good credit rating for every loan seeker. In addition, Cofidel lending operations have a financing opportunity through private lenders mandated by low creditors.
In most cases, the loan projects are fully secured in the shortest possible time. In total, the loan projects must be sponsored by private individuals within 20 days. If this does not happen, the borrowers have the option of canceling an existing loan project. A loan application can be submitted free of charge to inquire about the terms and conditions. The borrower decides for himself whether or not the loan terms are suitable.
As reasonable proved the possible credit lines. In this way even small wishes of borrowers can be met. It can also be a car loan, the repayment of other loans and other purposes are selected.
In terms of maturity, the duration of aid is between 12 and 60 months. After the non-binding credit check, the debtor learns immediately whether a financing option exists. As part of the loan application, various personal data must be provided. In addition, an identification is necessary if the loan project is to be financed.
Together with the Swak Bank, the company handles the settlement of the loan. These contract documents are not to be sent to aid but to the system bank. More detailed postal address information can be found on the Cofidel website. In the case of Cofidel, the Cofidel score is calculated according to the loan request. Different aspects will be included in the rating, including the score of the Schufa and the collateral provided by the borrower.
There is also the score class X, in which only manual embedding is possible. Borrowers in the AA-Score class have the best credit rating and can expect an interest level of 3.95 percent or more. Loan projects of category A are subject to a correspondingly increased interest rate risk, so that the interest here starts at 16.2 percent.
Investors who invest in a D-D loan project can take advantage of high yield opportunities. However, the default risk is also greater because the borrower can no longer meet his payment obligations. For valuation class X, the nominal loan interest rate is 16.3 percent or more pa
Nominal interest rate per annum for a loan
The nominal interest rate per annum for a loan depends on the valuation class in which a borrower currently stands. Investors have an opportunity to assess collateral better. For a loan project of scoreclass AA, a loan project has a higher repayment probability.
On the other hand, the risk of loss on lower-rated loans is greater. Investors in these areas can achieve better interest rates without default. Upon successful financing of a loan project, the loan amount will be paid by the Swak Bank to the borrower. Swak-Bank is also responsible for the processing of the repayment.
This includes the repayment of interest payments to the lenders. The Swak has charged a monthly fee of 2.50 EUR for this service. Of course, the costs do not apply until the loan has been disbursed. Because aid money acts as an intermediary, borrowers still have to calculate with agency fees. You will be charged when granting a loan.
Required are fees of 2.95% of the loan amount, which are already included in the monthly installment of the loan. The creation of a loan project via aid-money is free as is the publication. Likewise, there are no additional expenditures on the part of auxiliary funds for determining the Schufa score of a borrower.
Our experience with Cofidel has shown that freelancers and freelancers can also avail themselves of a loan project financed by private investors through Cofidel. Firms can not borrow for aid. Not every house bank grants for self-employed loans, so that a variant over Auxgeld is offered. When granting credit to a house bank, it is also relevant for granting credit that the borrower is no longer in the probation period.
Employees who are still in probation can also take out a loan from Cofidel. In summary, it turns out that Cofidel is beneficial in this respect and of interest to different types of borrowers. Cofidel also has requirements for the debtors. Certainly not every borrower gets a loan. In terms of the loan’s best before date, borrowers must have reached legal age.
In addition, Cofidel also has a maximum age for granting loans of 69 years. The borrower must also have a German bank account. Before borrowing, borrowers should carefully consider whether the planned monthly installment can actually be repaid.
Because the economic circumstances of a borrower can change over time, for example, because he receives a salary increase, the possibilities of unscheduled repayment is an essential point. From our Cofidel experience we have found that interim repayments are free, which can be of great benefit to many debtors.
In addition, there may be a risk for borrowers of early full repayment of the loan. It is calculated by the house bank and corresponds to the remaining loan amount still to be paid. Again, the borrowers should take into account the possible additional costs. To increase the chances of financing a loan project, borrowers can better position themselves by describing the loan project.
You can also upload pictures of the loan project or your own personality. The requirement profile for the investor is the age of majority and an account with a domestic bank. To make an investment through the online credit marketplace of Cofidel, you first need an investment account. Investors can invest in a loan project both by hand and by machine. If you would like to view the individual loan projects yourself before making an investment decision, you should invest the money manually.
It can be included in a loan project with a minimum investment of EUR 25 or more. The low minimum investment also makes it easy to split equity between multiple loan projects to spread the risk of loss. When looking at the score classes, the investor can orient himself on the expected average returns. Average return, as evidenced by our Cofidel test, is 5.5 percent.
Investing in a loan project with a score class of AS can result in a potential return of 3.0% pa for investors. In contrast, an expected return of 6.8 percent can be achieved by investing in an overall project with Scoreclass A. Investors are – as already said – free to invest their own money or to create automated.
For this purpose, the company provides you with the portfolio builder, which you can use free of charge as an investor. The portfolio builders can be set individually so that the investor himself can decide on the investment strategy. The investment via the portal generator consists of the score classes A to E. The minimum investment amount for the use of the portfolio builder amounts to EUR 1.000, -.
The investment amount is spread over various loan projects. If you want to create automatically, you will find the service in the section “Personal Online-Bereich” under the menu item “Invest”. In addition, the company offers a reinvestment service, which can also be used free of charge. Through the service, repayments can be reinvested in new loan projects. Amounts starting from 25 EUR are created automatically at the start of the service by investors.
After our experience with Auxgeld also the security is an essential component. Auxgeld acts as an intermediary and is not regulated. The Swak works with the Swak Benchmark in the course of loan processing, so that the security environment of the partner must also be taken into account. To safeguard client funds, Swak-Bank has the statutory deposit insurance system.
Also subject to compulsory deposit insurance are the books of the cooperation partner biw AG. Cofidel attaches great importance to secure data transmission. To contact the customer service of Cofidel, there are different ways for interested parties and consumers. For investors and borrowers, we provide Frequently Asked Questions (FAQ), which contain information rich in knowledge.
With our Cofidel experience, we were unable to locate a live chat to contact a customer service representative on the Internet. The scope of services also includes an application for investors. We could not find an investor app from Cofidel that can be used with Android devices. The website provides interested readers with various press releases on aid funds for inspection.
All in all, the column is quite exciting, in order to orient itself further on the topic Cofidel. Anyone interested in the background of Cofidel will find the management in the section “About Cofidel”. So far, more than 67,400 loans have been granted and the average nominal interest rate is 9.65 percent.
The purpose of the loan varies from borrower to borrower. The statistics show that Cofidel takes more loans for a car loan than for the financing of training measures. In our Cofidel test, we found that individuals can cancel a loan project through the online credit marketplace, even if the credit rating does not turn out to be particularly good.
Certainly, not all loan requests can be satisfied with help money. However, creditworthy people also have a chance. Freelancers, freelancers and students can also take advantage of assistance money to avail a loan. When calculating the score class, different credit-worthy properties are important. Depending on the result class, the application of the nominal interest rate is waived. For borrowers who move eg in the scoreclass A1, the interest is more favorable than for borrowers in the scoreclass E.
The score class provides investors with information on how to assess the safety of a loan project. Already from 25 EUR per loan project the investment is possible. The portfolio builder can also be used for investment purposes. Investors can also use the portfolio builder to implement their personal investment strategy. The willingness to take risks is not high for every investor, so that a securities-oriented investment can also be made in credit projects with the associated credit rating classes.
Investors should be aware that a default can occur even if the borrower no longer pays the monthly payments. The fee for investors is 1% of the investment amount only once.
The data collection for the loan application is carried out by: smava GmbH Kopernikusstr. 35 10243 Berlin E-Mail: [email protected] Internet: www.smava.de Hotline: 0800 – 0700 620 (Service Hours: Mon-Fri 8 am-8 pm, Sat 10 am-3 pm) Fax: 0180 5 700 621 (0 , 14 € / min from landline, mobile max 0.42 € / Min) Authorized representatives Managing Director: Alexander Artopé (founder), Eckart Vierkant (founder), Sebastian Bielski Responsible for journalistic editorial content acc. § 55 II RStV: Alexander Artopé Data Protection Officer: Thorsten Feldmann, LLM Register Court: Amtsgericht Charlottenburg, Berlin Registration Number: HRB 97913 Sales Tax ID: DE244228123 Imprint
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