Peer-to-peer credit

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Peer-to-peer loans ( English peer-to-peer lending or person-to-person lending ) are loans that are granted directly by private individuals to private individuals (English peer to peer ) as personal loans without a financial institution such as z. B. a bank acts as an intermediary (see also disintermediation ).

Technologically, peer-to-peer loans were made possible and spread primarily through the Internet. In 2005 , Zopa was the first company in Great Britain to set up an Internet credit facility. In 2006 it was the Prosper Marketplace platform in the USA and in Germany eLolly introduced the first marketplace for this type of loan in 2007.

A basic distinction must be made between the online marketplace and family and friends models for peer-to-peer loans . A special variant is the granting of such loans as small loans or microloans to entrepreneurs in developing and emerging countries. The focus here is not on the lender's intention to make a profit, but on supporting the work of the borrower for charitable reasons (often referred to as social lending ).

Models

With the online marketplace model of peer-to-peer lending, private lenders can find private borrowers - and vice versa. This model brings borrowers and lenders together through an auction-like process. The marketplace model can contain further intermediate stages or the sale of a loan, but the loan is always sold to an individual or a pool of individuals in the end.

The Family and Friends model, on the other hand, dispenses with the auction process and focuses on borrowers and lenders who already know each other. This model does not focus on finding a loan, but on cooperation and support in the formal processing of the loan. Another form of peer-to-peer credit is crowdlending , in which a group lends money to an individual or individuals to a group.

Peer-to-peer credit models seek to revive the social component of credit that has been lost in centralized banking models. Lenders can decide for themselves who they lend money to, for what purpose and for how long. Peer-to-peer loans are also based on the theoretical assumption that existing interpersonal relationships or other forms of social ties improve fiscal responsibility and thus the repayment rate. So-called microloans in developing countries also take advantage of this effect.

In 2005, $ 118 million was lent worldwide, followed by $ 269 million the following year, and $ 647 million in 2007 using peer-to-peer loans. In 2012, the worldwide volume was approx. 1.5 billion euros. In 2015, peer-to-peer loans with a volume of EUR 2.1 billion were granted in Europe alone. By far the largest peer-to-peer credit marketplace in the world is the Lending Club platform from the USA . According to the 2013 Forbes ranking list, the ten largest in Europe are the following platforms: 1. Zopa (Great Britain), 2. Ratesetter (Great Britain), 3. Funding Circle (Great Britain), 4. Auxmoney (Germany), 5. Bondora ( Estonia), 6. Pret d'Union (France), 7. ThinCats (Great Britain), 8. Smartika (Italy), 9. Comunitae (Spain) and 10. Funding Knight (Great Britain).

Personal loans and microfinance

Peer-to-peer lending has also developed in the microcredit sector. Some of these platforms allow loans to be made to institutions, companies and individuals who did not get them from conventional sources such as local banks. These microloans make it possible to alleviate poverty and support small businesses in developing countries or guarantee them financially.

Lending to small business owners

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Kiva was launched in 2005 as the first micro-credit platform. Small business owner loans can be made through Kiva. Often this is done through local microcredit institutions. By November 2008, more than 100 such partner institutions had worked with Kiva. Other microcredit platforms are MYC4 (Denmark), Rang De (India), dhanaX (India) and veecus.com (France).

Legal situation in Germany

The extent to which the operation of an internet platform for brokering peer-to-peer loans is subject to approval by the Federal Financial Supervisory Authority (BaFin) under Section 32 KWG depends on the specific design of the offer. Since, according to the information provided by BaFin to Der Spiegel, "every single creditor who lends his money 'commercially' is subject to authorization", users who "repeatedly offer loans with the intention of making a profit" may be required to obtain authorization , "[D] The platform operator would be indirectly involved in illegal transactions and would have to be prepared for the corresponding consequences."

The P2P platforms Auxmoney and Smava have therefore included banks in the loan brokerage process, which are the actual contractual partners between borrowers and lenders. These institutes ( SWK Bank for Auxmoney and Fidor Bank for Smava) have the necessary full banking licenses for such transactions.

Austria

The Lendico.at platform of Lendico Deutschland GmbH, a company of the Samwer brothers , has been active in Austria since April 2014 . This platform works together with the German Wirecard Bank and thus meets the regulatory requirements of the financial market supervisory authority . Previously, the attempt by bankless-life.at in 2009 had failed after a few months due to a lack of a banking license at the supervisory authority, which prohibited the operation.

criticism

After the online credit marketplace Auxmoney in particular initially came under fire in 2010, the business model there has since been modified. The Stiftung Warentest now sees the online credit marketplaces in Germany as an alternative for private individuals to be able to take out loans outside of the banking sector. She recommends investors to carefully examine offers and, due to the risk of loss, only invest a small part of their money in a project.

literature

  • Fabian Blaesi: P2P Lending. Internet personal loan marketplaces. Books on Demand, Norderstedt 2010, ISBN 978-3-8391-4932-4 .
  • Dominik Faßbender: P2P credit markets as financial intermediaries: An empirical analysis of German P2P credit markets for assessing suitability as financial intermediaries Grin Verlag, Munich 2012, ISBN 978-3-6561-2149-7 .

Web links

Individual evidence

  1. ↑ http://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2015-uk-alternative-finance-benchmarking-report.pdf
  2. ↑ Crowdfunding In Europe: The Top 10 'Peer-to-Peer' Lenders In: Forbes.com, April 23, 2013, accessed December 16, 2014.
  3. ↑ Private lending on the Internet: "Ebay des Geldes" . In: Spiegel Online , November 9, 2006, accessed December 16, 2014.
  4. ↑ Hermann Sileitsch-Parzer: Loans: It works without a bank - but not . In: Kurier , October 18, 2014, accessed February 15, 2016.
  5. ↑ Bettina Pflüger: A loan from me to you . In: Der Standard , March 14, 2014, accessed October 9, 2015.
  6. ↑ Personal loans via Auxmoney: trap for loan seekers . In: Finanztest , No. 11/2010, October 19, 2010.
  7. ↑ Smava and Auxmoney: Personal Loans on the Internet . In: Finanztest , No. 6/2013, pp. 14–15, test.de from May 21, 2013, accessed on December 16, 2014.