Another alternative to request fast money comes to Spain when your bank does not agree to grant you the loan you need for various reasons such as not having a payroll, lacking a person to endorse you , or being in one of the records of defaulters rai or asnef or simply because the bank does not have the suficinete capacity to give more credits.
Germany comes a new platform to grant loans
It is between individuals with the name of Borrowcorp. This company as we say has its origin in Germany that was born in December 2013 and a few months later decide to expand its business to Spain.
Its General Director for Georgina Smith says that they have already received a request for money in personal and private loans amounting to 45 million euros and explains its operation based on those seeking money or private borrowers and private lenders offering their money looking for a profitability. For this Borrowcorp make available to both this tool or web platform who are responsible for analyzing money requests and authorize operations. Once the loan is authorized by Borrowcorp, it is the investors who decide if they participate in the proposed loan.
Limited term to get the money he needs
The person who asks for the money has a limited term to get the money he needs . If the amount requested is reached by having sufficient investors participating in the credit, the petitioner receives his money at the agreed interest and subsequently he will pay each month in the agreed installment. Logically at higher risk of the operation, the interest rate will be higher.
This platform is intended to be a good alternative to what banks offer and its representative states that in Spain there are good profile borrowers to get credit but they are not being served by banks because of the scarcity of credit to SMEs and individuals . Borrowcorp accepts requests up to 25,000 euros, unlike other websites such as the community itself, which has a limit of 8,000 euros.
The transactions are analyzed
The transactions are analyzed with the utmost rigor, admitting that they have authorized approximately 5% of the requests received and nevertheless advise potential investors to diversify their holdings by intervening in several operations with small amounts instead of betting on a single operation.
Like the rest of the operators, Borrowcorp is waiting for the approval of the Law that will regulate this type of transactions p2plending or crowdlending of loans from private to private to know how to comply and adapt their product to the regulations.