How does the loan provider work? – credit search informs
Does the vendor what he promises? What services can borrowers and donors expect here?
Advantages and disadvantages of trucredit
| The registration is free
Opportunities for credit even with negative Schufa
Free credit check
Can be applied completely online
| Application only for users up to 69 years
Of course, there is a credit risk for investors
How does trucredit work? The P2P principle
Instead of simply deciding who gets a loan and on which terms, trucredit relies on the P2P (Peer to Peer) principle. This lifts the provider from other loan platforms.
This means that the loans here are financed by private investors or investors. Thus, even borrowers have opportunities that have already been rejected by banks, for example because the Schufa is not perfect or because you work independently.
Is trucredit reputable?
Whether trucredit is reputable is relatively easy to answer with a few points: The provider has been successfully on the German market for many years, has particularly in recent years once again had more success and built a large, loyal user base. Also thousands of reviews on the net can be guessed that trucredit is serious, we can find no evidence that it is working with unfair methods.
Above all, trucredit offers the advantage that you yourself have an influence on whether and on what terms you get a loan. Our trucredit test has shown that the interest rates offered can easily compete with other providers. In our next trucredit test, we’ll show you more about what the provider is all about.
trucredit as a borrower
As a borrower, trucredit works extremely easy. You register for free, make a loan request, specifying the amount of the loan, repayment term and purpose. Afterwards one learns within shortest time whether the credit can be financed and at what interest.
You also have the option – which you should also use to improve your chances – to describe the intended use in more detail. So, if you want to raise a larger loan to start a business, you should get as detailed information as possible to help investors make their decision. This can also improve the chances for good conditions, especially for good interest rates.
In total, trucredit can finance between € 1,000 and € 50,000. The maximum value is therefore lower here than with many other credit platforms such as Smava (€ 120,000).
How is lending at trucredit?
At this point we show in detail how the way to a loan works at trucredit.
First of all, simply enter the terms of your personal loan request on the trucredit website, that is, the loan amount you want and the purpose.
Then, unless you already have an account and logged in, you will be asked to open an account with trucredit. This process is free and you do not make any further commitments.
Next, the personal information such as name and place of residence and a phone number to reach under. In addition, it must be stated, for example, whether one lives for rent or has an apartment, which is likely to affect the terms of the loan. Who owns a property is usually classified by its credit rating better.
Subsequently, information on the personal finances are obtained in order to further assess the creditworthiness. Here is also asked for about outstanding loans or mortgages. Be sure to be honest here as the data is reviewed by trucredit.
After that, only the final confirmation is missing and the loan offer can be obtained. We said it only takes a few minutes to find out if the loan can be financed and on what terms.
trucredit as an investor
As an investor or investors trucredit is of course a bit more complicated, but also here the effort is very manageable. First of all, it should also be noted that also here the registration is completely free.
Only if you have successfully invested in a loan project, you pay 1% of the investment. Thus, as an investor, one bears only the risk of the investment itself. The average return that trucredit can expect for its investments is around 5.5% per annum, according to the company, which is of course much more attractive than what one day or even a time deposit account can offer today,
As well as the borrower, as an investor or investor, you first give your personal details, then you receive an email with an activation link and you can log in. An entry is possible here already from 25 euros and you have the choice to invest his money by hand in various loan projects or to let the spread of the plant automatically.
For example, you can invest 1000 euros, which are invested in 40 different projects at 25 euros each. The money comes from an investor account that you invest with trucredit. Here you deposit the amount to be invested and reserve about the amount to be invested in a particular project.
Thus, the entry into the investment business at trucredit as an investor for beginners is possible and far less complicated than about investing in stock transactions.
Invest at trucredit
There are six asset classes available for diversification, with E describing the shortest investment time with the highest risk and AA the longest investment time with the lowest risk:
AA with a return of 3 percent
A with a return of 4 percent
B with a return of 5 percent
C with a return of 6 percent
D with a return of 6.5 percent
E with a return of 6.8 percent
At this point, we collected reports from various pages and from forums to ensure the broadest possible insight into the personal experience of borrowers and investors.
trucredit experiences of borrowers:
“Unfortunately, we did not have any luck with our bank for a planned project; we were not granted a loan, it was refused.
Then my partner and I asked for this provider and after a few days, the financing was at a competitive interest rate. “
“I have been with trucredit for several years and have had positive experiences. From the request to the payment it took only a few days, the contact with the customer service was very friendly. The loan repayment via SDF Bank works very well. I am completely satisfied and can only recommend trucredit. “
“The credit is not better or worse than elsewhere. Pro: Online application goes fast, conditions are fine. Cons: Could be a bit cheaper and I had to wait 4 days to pay out. “
trucredit experiences of investors / lenders / investors
“For about 4 years I have been investing regularly at trucredit – sometimes automatically, sometimes I decide for myself which projects I want to support. I find the risk well distributed and the promised return interesting!… Once a month – as in a clockwork – I get paid interest and repayments on my account and will be notified by e-mail. The payments were always reliable and accurate to the day. What more do you want?”
“I can not name anything particularly positive, except perhaps the fact that I definitely have more return than I would have on the checking account. On the other hand, I could also say that my equity investments yield slightly more returns. All in all, I consider it a decent investment. Here, of course, as always, one must distribute his money properly, because investing everything in a product would be wrong in my view. “
“All in all, I’m absolutely unhappy with trucredit and will not be lending any more loans there. Afterwards I’m glad to have just started a test balloon here. “
Conclusion to trucredit
Especially since a change in some conditions in 2013, trucredit has again positioned itself as an alternative to the traditional bank loan and now also achieves good results with established testers such as Stiftung Warentest as a reputable provider. As a result, the image of the company has also improved once again, which of course, more investors and borrowers use the platform. Also, our own trucredit experiences and those of many people on the Internet cast a very positive light on the company. Incidentally, TÜV trucredit has also certified seriousness and safety. Thus one can say that the lender occupies a leading position among the credit platforms.