Money for each other is a proven platform for individuals and companies that want to borrow money. The platform has been around since 2011 and has many completed projects. Until 2014, the platform raised an amount of more than 40 million euros in loans. The ambition for 2015 is to double this amount.
Although the platform is open to private individuals, there are more loans for companies. The bar for consumers is somewhat higher than that of companies (also because as a private individual you pay 125 euros placement costs) and it is easier to be accepted as a company.
Moreover, the amounts for loans from companies are considerably higher than those from individuals. In addition, you will encounter people with a high level of education at the platform, in contrast to Senduci, for example, which focuses specifically on consumer credit.
The type of loans that you can apply for here varies considerably. You can think of loans for renovating your house, loans for refinancing, loans for medical expenses, for transport or luxury consumer products. But if your application does not fall into this category, then there is always the “other” category.
What also makes this platform interesting is that you can determine the interest costs yourself. You choose a certain percentage for which you think you should pay back the loan. Of course you cannot opt for a very low interest rate, because then investors will not be very happy to give you credit. You must therefore choose this carefully.
Besides the interest you also pay other costs. You also pay a placement fee of 125 euros. You therefore pay this regardless of whether your loan is accepted. That is not so nice if you do not have a lot of money. This is a way of the platform to set the bar high. If you are unable to pay this amount and you want more certainty, then you should contact Senduci.
In addition, you also pay so-called inheritance tax. This amount is based on the total credit sum that you receive. You will therefore receive less money than what you ask for. This inheritance tax is not that high, it amounts to just over 2 percent of the total loan that you request. At Senduci you also pay these types of costs, but the percentage depends on your risk profile and is between 0.5 and 3.75%.
One of the biggest advantages of Ferloan is the large number of investors. Many investors are active on this platform. New subscriptions are sometimes ‘filled up’ within a few days, which means that there are enough investors for the loan. That is very special of course.
Gecoan Is therefore a proven platform with a large community of lenders and lenders. It is a good alternative for the banks that works. If you want to borrow money without a bank and see what it is like to borrow money through Crowdfunding, then Gecoan is a great platform for this.