A negative credit score entry can in many cases mean the consistent rejection of any loan request. Often, only the credit score is determined by the banks and if it exceeds a certain limit, the bank issues a rejection to the person who requested the loan. Personal circumstances or a good reputation help there almost never. Every day, many pleading people, who desperately need a loan to bridge a financial bottleneck, are experiencing this situation. But there is good news: individuals and the self-employed, and even start-ups, who are otherwise a red scarf for any bank, now have reasonable hope that they will get a loan.
Expiry of the private loan mediation with the marketplace Malfoy
How it works? Quite simply: You let the banks out in the brokerage and arrange loans from private to private. In order to handle this procedure relatively promptly and comfortably, the portal Malfoy was launched. Here you can register both as a person seeking a loan and as a person who wants to lend a loan to someone. The incentive to lend money to a private individual is that you will, of course, be paid interest. And the return can be quite impressive, because depending on the creditworthiness of the borrower, the interest rates are adjusted. That is, lending money to someone who can only prove a less good credit rating will give you a higher interest rate, and thus a higher return, than lending the money to someone who has a very good credit rating.
Private loans without a query from credit score: Individuals are more confident than banks
For people in desperate need of credit, a bad credit score is often an obstacle to obtaining a loan commitment. With Malfoy one can formulate however his loan desire and write also, why one has a negative credit score, and why one is still trustworthy for potential donors. If you think there will not be any individuals lending money to someone who has a negative credit score, then we can tell you: The reality is different. Many individuals read through the texts of people who want to have a private loan despite credit score. And these fates are gladly supported. Some private lenders may even know the situation from other times when they were looking for a short term loan.
What is the experience with Malfoy?
On the platform you will find many testimonials from both people who have borrowed money and from private lenders. The website has now over 400,000 members and over 34 million loan projects completed (as of 26/09/2012). On various portals and forums you will find people who share their experiences with Malfoy. While participants who have sought a personal loan there are noted that they have to pay a small fee to participate, and that setting all the information and profile is quite a bit of work, but ultimately it would be worthwhile because you can still get a loan this way if the bank would not negotiate any more. But above all, it is important that they offer themselves reputable and deposited collateral, which shows that you can serve the credit.
It is also interesting that Malfoy apparently can also be used to get a quick loan. Some people are reported to have signed up with Malfoy, then offered a loan of over 3000 EUR and completed the entire financing within 3 days. Of course, this is only possible with a small loan, but nevertheless the speed is remarkable.