An online credit marketplace for the provision of personal payday loans . payday loan seekers can publish their payday loan requests for free. Private investors can then invest in the project and receive a return on their investment in the payday loan. Both parties, borrowers and investors. The big advantage offers over traditional lending is the fact that the bank is an expensive intermediary, so payday loan costs are very low for both parties. In addition, borrowers can get a payday loan even with bad Schufa. In addition, you can now easily and conveniently complete your payday loan from home. The private lending and lending of money are therefore very much in vogue.

Payday loan costs for borrowers

The payday loan costs or fees for borrowers are very manageable. There are no costs associated with registering, creating and publishing a payday loan project . Also free is the score, which is the basis for the interest rate. Using this score, credit seekers are divided into different risk classes based on around 300 credit quality features, which determines the interest rates of the payday loans.

Only with successful financing of the project fees for the mediation of 2.95% of the payday loan amount, which are already included in the monthly installments of the payday loan. This arises from credit term and credit rating. In addition, SWK Bank charges a service fee of 2.50 euros per month. This means that the payday loan costs are incurred only when a credit is established and your desired payday loan is close to disbursement. The costs for borrowers are accordingly manageable.

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Payday loan costs for investors

Also the payday loan costs for investors are very low. Compared to other investment opportunities, where high fees are often required to open an account or high transaction fees, the costs incurred by payday loan investors are negligible. Only 1% of the investment will be charged to payday loan as an investor fee. For the registration in the system, the sighting and bidding of credit projects are free.

Also, the fees of the collection institution in case of late payment of a borrower, the investor does not have to carry. The payday loan costs for investors are thus reduced to the fees for investors. In addition, investors regularly receive free information through various media so that no information or action is missed.

Payday loan costs – uncomplicated and cost effective

P2P payday loans that allow people-to-person credit, reducing borrower costs and increasing returns for investors. The fact that payday loan does not have a bank intermediary in private-to-private lending eliminates much of the cost of the traditional lending business. This benefits both investors and borrowers. Also handles the payday loans through a bank. The reason for this is the law in Germany, which states that payday loans may only be transacted through a financial institution. At SWK Bank is responsible for the proper processing of the payday loans. The difference to the traditional lending of the commercial banks is that the SWK-Bank is responsible only for the settlement and not for the mediation. Therefore, payday loan’s costs are very low for both borrowers and investors because they primarily have money and do not want to spend it.

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