How does Auxmoney work? Clearly explained

Auxmoney promises fast loans with few hurdles in advertising. This practical tip explains how Auxmoney works.

How does Auxmoney work? This is how lending works

At Auxmoney, loans are not granted by banks, but by individuals. With Auxmoney you can both take out a loan and invest your money and become a lender.

• If you would like to receive a loan through Auxmoney, you must first register for free. After entering your personal data, your creditworthiness will be checked. This takes only a few minutes. You will then see the interest rate at which you can get a loan.
• If you have been classified as creditworthy, you can submit your project to Auxmoney. In this project, you explain to investors what you need the money for, how much money you need and when the loan will be repaid. The terms are between 12 and 60 months, the maximum loan amount is 50, 000 euros.
• If your project goes online, all other Auxmoney members can view the project and invest if necessary. Private investors can support your project from as little as EUR 20. If enough investors have invested so that the desired amount has been reached, the loan will be paid out.
• To do this, Auxmoney works with a bank. The money usually ends up in your account after a few days.

Is Auxmoney worth it for borrowers and investors?

• At Auxmoney you also get a loan with a poor credit rating and negative Schufa entries. There is no credit only for arrest warrants, bankruptcy, openly titled claims or an affidavit.
• Even as an investor, you can earn money with Auxmoney in the long term. However, there are some things to consider. Before using Auxmoney as an investment, you should first find out about the security of Auxmoney for investors.

In the next practical tip, we will show you the 5 best alternatives to Auxmoney.