Crowdlending

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Crowdlending (from English crowd (amount of people) and lending (lending or granting of credit)) refers to loans brokered over the Internet that are given by several or many private individuals to other private individuals or to companies . In doing so, the individual private individuals contribute their own selected amounts of money, which are combined into a loan that is passed on to the lender of their choice. Online loan marketplaces act as intermediaries and receive a fee for their intermediation activities. Another name is lending-based crowdfunding .

features

Crowdlending is primarily based on the idea of ​​enabling people and companies to take out loans who see little or no chance of obtaining a bank loan. Since the creditworthiness of borrowers with crowdlending is often lower than that of those who get bank loans, the lender usually receives comparatively high interest rates. Crowdlending can be broken down as follows:

  • Peer-to-peer lending (also: person-to-person lending or peer-to-peer credit , often abbreviated as P2P lending ). Both the lenders and the respective borrowers are private individuals.
  • Peer-to-business lending ( peer-to-business credit , often abbreviated as P2B lending ): While the lenders - as with peer-to-peer lending - are private individuals, the borrowers are entrepreneurs or to company.

Unlike crowdlending , the terms peer-to-peer lending and peer-to-business lending do not presuppose that there are a large number of lenders. Peer-to-peer lending or peer-to-peer lending can also be a 1: 1 relationship between the lender and the borrower. Ie: It is also possible that a single lender finances the entire amount that is given out to the borrower. In crowdlending, by definition, several or many lenders, the crowd , must be involved in raising the financial resources for the provision of a loan.

A further distinction is made as to whether crowdlending is based on interest-bearing or non-interest-bearing loans, whereby the granting of non-interest-bearing loans is also referred to as social lending . With social lending, the focus is on helping. The lender is entitled to repayment, but does not receive any interest on his stake.

Market development

The world's first crowdlending platform, Zopa from Great Britain , started providing peer-to-peer loans over the Internet in 2005. The volume of loans brokered on the basis of crowdlending totaled approx. 1.5 billion euros. By far the largest crowdlending marketplaces are Lending Club and Prosper , both from the USA. As a social lending platform, Kiva has the greatest importance.

According to a Forbes list, the 10 largest peer-to-peer lending platforms in Europe in 2013 were:

  1. Zopa (Great Britain),
  2. Ratesetter (Great Britain),
  3. Funding Circle (UK),
  4. Auxmoney (Germany),
  5. isePankur (Estonia),
  6. Pret d'Union (France),
  7. ThinCats (UK),
  8. Smartika (Italy),
  9. Comunitae (Spain)
  10. Funding Knight (Great Britain).

The crowdlending market in Germany developed more slowly than the corresponding markets in the USA and Great Britain. In Germany, eLolly appeared as the first provider in 2007, but has since ceased business. Two larger crowdlending platforms are auxmoney and smava , which started their loan brokerage activities almost at the same time as eLolly in 2007, but also demonstrated adaptability and perseverance in less successful phases. In December 2013, Lendico, the third competitor, entered the German market, followed by Zencap ( taken over from Funding Circle in 2015) in 2014 and Crosslend and kapilendo in 2015 .

Crowdlending is only developing slowly in Switzerland. BLKB was a pioneer, followed by new initiatives such as LEND.

criticism

After the online credit marketplaces in Germany were at times criticized, there are now mostly positive reviews from Stiftung Warentest . The trigger for the meanwhile significantly improved rating are improvements to the platforms, some of which have even fundamentally redesigned their business models. Basically, however, critics continue to refer to the sometimes high risks for investors who can completely lose their commitment if the borrower defaults.

Individual evidence

  1. ↑ Dominik Faßbender: P2P credit markets as financial intermediaries: An empirical analysis of German P2P credit markets for assessing suitability as financial intermediaries , Munich 2012.
  2. ↑ David Drake: Crowdfunding In Europe: The Top 10 'Peer-to-Peer' Lenders . English. Online at forbes.com April 23, 2013. Retrieved September 15, 2013.
  3. ↑ deutsche-startups.de December 1, 2013
  4. ↑ Can Kapilendo hold its own against its Rocket competition? In: Gründerszene Magazin. Retrieved May 24, 2016 .
  5. ^ Finews: BLKB: Lure offer from crowdlending pioneer. Finews, August 18, 2015, accessed August 18, 2015 .
  6. ^ Finews: Loan Fintech Lend receives prominent donors. Finews, June 17, 2016, accessed June 17, 2016 .
  7. ↑ Stiftung Warentest: Personal loans on the Internet In: Finanztest 6/2013 and test.de from May 21, 2013, accessed on November 20, 2014.
  8. ↑ Frankfurter Rundschau , July 6, 2014