Loans in Germany: Auxmoney

Taking a loan is helpful or even necessary for many people at some point in their life. In Germany, you have several options regarding where and which type of loan to get; Auxmoney is one of the best providers, especially for foreigners.

Auxmoney is a German peer-to-peer lending online platform that eliminates the high cost and complexity of financing via traditional banks. It’s one of the best ways to get a loan online, fast, and with minimum requirements.

Auxmoney is a great alternative to the bank for people seeking a loan in Germany. For applicants with low credit rating, income, or foreign passports – this is the best financing option. Why so? This and more we will explain in this article.

About Auxmoney

Auxmoney is a peer-to-peer lending marketplace based in Düsseldorf, Germany, and was founded in 2007. It’s an online platform that eliminates the high cost and complexity of financing via traditional banks. Auxmoney has a very straightforward, fast, and easy process for borrowers.

They provide a high success rate also for people with lower credit scores. You can use the money borrowed with Auxmoney for any purpose. More than half of all loan requests are approved within 2 hours. 

Over the company’s history, Auxmoney has given over 325,000 loans of more than 2 milliard EUR. They are rated as 4,8 out of 5 in service and offerings.

Popular in Germany bank N26 has partnered with Auxmoney to provide loans to its customers. Therefore,  N26 users who are self-employed, freelancers, students, and more can request a loan thanks to Auxmoney.

Online loans from Auxmoney

Many people in Germany who need a loan apply for a loan from their local bank. However, getting financing from a traditional bank involves high requirements, a lot of bureaucracy, and time. An online loan from a provider like Auxmoney is an excellent alternative.

Auxmoney is one of the leading online loan platforms where you can get financing directly from investors.

From our research and experience, Auxmoney is by far the best and easiest place you can get a loan as a foreigner; the refusal rate is very low, as well as the requirements. It’s a private organization powered by investors’ funds, which is different from the traditional bank.

The loan application process happens online and is straightforward & fast. Auxmoney made lending as easy and transparent as possible.

Over the company’s history, Auxmoney has given over 400,000 loans of more than 2 milliard EUR. Auxmoney is rated as 4,8 out of 5 in service and offerings.

One of the major benefits of loans from Auxmoney is that you can get a loan with just bank statements; salary slips aren’t necessary.

Personal loans from Auxmoney are unsecured loans and don’t require collateral or a co-signer/guarantor. You can use this money for anything.

For instance, Auxmoney loans are often used for the following purposes:

  • Debt repayments
  • Financing education
  • Buying furniture
  • Paying for a vacation
  • Purchasing a car
  • Funding a start-up or self-employment
  • Tech and gadgets

Especially customers who have difficulties getting loan approval from traditional banks can have much better chances with Auxmoney. In fact, requests from students, self-employed, and employees in the probationary period are often get rejected by banks. On the other hand, Auxmoney offers loans for all those cases.

Business loans from Auxmoney

Auxmoney now also lends money to entrepreneurs and companies. Business owners can get a loan for up to 750,000 EUR.

However, you will need to submit additional documents to get approval for a business loan:

  • Last annual financial statement (balance sheet and P&L)
  • List of balances (maximum 3 months old)
  • Current debts and credits (with signature)

Consequently, you can get a loan with Auxmoney for any purpose. There is no other comparable place with such an extensive offering.

What is peer-to-peer lending?

Peer-to-peer lending (P2P) or crowdfunded loans is an alternative to getting a loan from a conventional bank.

It’s the practice of lending money to individuals or businesses through online services that match lenders with borrowers.

In that case, you don’t borrow money from one bank but from multiple private individuals, who invest their money in you for higher interest rates than leaving the money in a savings account. Since peer-to-peer lenders operate only online, they can save a significant amount of money and so offer good conditions for borrowers.

Loan with Auxmoney in detail

Source: auxmoney.com
Term durationLoan (EUR)Interest rateSuccess rateHighlights
12 – 84 months1,000 – 50,000between 3,95% and 16,2%; average 4,42%HighFast payout

The credit request at Auxmoney is free of charge and credit neutral. Therefore, you have nothing to lose by obtaining the credit offer.

Pros and cons of loans from Auxmoney

ProsCons
Fast and less bureaucratic processing (100% online)Interest rates can be high
Loan with a low credit scoreRelatively high costs
A stable income is not necessary, but you need to prove your ability to repay the loan
Money from private lenders
To apply for a loan, you only need your ID and the signed contract
Excellent option for freelancers, apprentices, and employees within their probation period
Credit request at Auxmoney is free and credit score neutral
You can apply for a loan even if a traditional bank refuses your loan request

Loan terms

Loan approval even with a low credit score
Favorable interest rates – from 5.40% / year for loan of 50,000 EUR
Money from private and institutional investors
Instant quote/offer
Loans from 1,000 EUR to 50,000 EUR
Loan term between 12 and 84 months
A completely online process with no paperwork
Loan approval even after refusal from a traditional bank
Identification via Postident & VideoIdent

Conclusion

Here is the summary of a personal loan with Auxmoney:

Approval4/5
Speed4,5/5
Service4/5
Costs3/5

How to get a loan with Auxmoney?

The main requirements are:

  • Residency in Germany
  • Current account with a German bank
  • Regular income of 1,000 EUR net per month
  • Bank statements from the last 6 months

If you meet these requirements, there should be no problem in receiving a loan from Auxmoney within the next few days.

From our research and experience, Auxmoney is by far the best and easiest place you can get a loan as a foreigner; the refusal rate is very low, as well as the requirements. It’s a private organization powered by investor’s funds, which is different from the traditional bank.

How to apply for a loan with Auxmoney?

  1. Create your personal digital profile 
  2. Fill out loan request – it takes a few minutes
  3. Quick review of financing options will be done
  4. Go through identification via VideoIdent
  5. Sign contract online
  6. The decision will be made, and money will be transferred to you within 24 hours or a few days

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Anna

Anna is an enthusiastic expatriate with experience of living in Germany, Austria and Greece. She shares her passion for living abroad on this website.

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