Kredit von Privat

auxmoney Kredit von Privat Review

Unlike a classic instalment loan, the "Kredit von Privat" is not a bank loan in the traditional sense – it is arranged through the auxmoney lending platform, which connects private investors with borrowers. This model is particularly suited to people who find it harder to get an offer from a traditional bank, for example due to minor negative Schufa entries – auxmoney assesses creditworthiness individually rather than applying rigid bank standards.

Interest Rate and APR

The product database lists this loan with a nominal rate from 4.75% p.a. and an APR from 5.07%. auxmoney's current application page, however, makes clear that the actual rates are entirely individual and depend "on your creditworthiness and the specific terms of your loan contract" – a blanket "from" rate practically does not exist there. The 4% example shown on the page is clearly there only to illustrate the loan calculator, not as a realistic rate expectation. In practice, this means the best rate of 4.75%/5.07% quoted in the database cannot be reliably promised in advance – the actual terms are only revealed after a (non-binding) inquiry.

Loan Amount and Term

An important note on the loan parameters: the database states a loan amount of €1,000 to €25,000 over a term of 49 to 60 months. auxmoney's current offer page differs significantly, stating "loans from €1,000 to €50,000" with "flexible terms between 12 and 84 months." Since the live page shows the more current and considerably wider parameters, these figures are the more relevant ones for assessing the product: in practice, auxmoney loans of up to €50,000 with terms from one to seven years can be applied for.

Costs and Repayment

According to the database, a processing fee of 2.95% of the loan amount is charged – this is not contradicted on the offer page, which only mentions a "non-binding & free inquiry," referring to the application itself rather than necessarily the loan's overall cost. On the plus side: according to auxmoney, extra repayments are "possible free of charge at any time," so early repayment causes no additional costs. According to the database, the monthly instalment starts at around €188.14 as a rough reference figure for smaller loan amounts.

Requirements

Applicants must be of legal age and resident in Germany, have a regular income, and demonstrate "basic creditworthiness." A German bank account is required for disbursement and repayment. Unlike many traditional banks, auxmoney does not automatically exclude applicants with Schufa entries – what matters is that these are "not too severe." This makes the offer potentially interesting for people with a mixed credit history as well, though without any guarantee of approval.

Pros and Cons

Pros

• Individual creditworthiness assessment instead of rigid bank standards
• Generally possible even with minor Schufa entries
• Free extra repayments at any time
• Wide range from €1,000 to €50,000, terms up to 84 months

Cons

• No reliable "from" rate in advance – actual terms only known after individual review
• Processing fee of 2.95% of the loan amount
• Not a traditional bank, but loan brokerage through a platform with private lenders

Verdict

auxmoney is aimed primarily at borrowers who might struggle to clear a traditional bank's creditworthiness hurdles, but in exchange charges a 2.95% processing fee and provides no binding rate quote in advance. Anyone looking for an uncomplicated alternative with individual assessment, and who factors in the processing fee, will find a flexible offer here with a generous amount and term range – but comparing it against a traditional bank offer first is always worthwhile.