Who can get a P2P loan?

P2P loans are often accessible to people who have difficulties with traditional banks: freelancers, employees on probation, people with weaker Schufa scores. Requirements: German bank account, residence in Germany, regular income.

Experience Report / Erfahrungsbericht

P2P Lending in GermanyPrivate Loan Experiences & Tips 2026

Q: What is a P2P loan exactly?

P2P stands for 'Peer-to-Peer' meaning 'person to person'. Instead of borrowing money from a bank, you receive it from private investors who want to invest their money. Platforms like auxmoney or smava connect borrowers with investors.

Q: How fast can I get a P2P loan?

Processing time varies. The loan application takes a few minutes. Funding by investors can take 1-7 days. After complete funding, the payout happens in 2-4 business days.

Borrow money from private individuals instead of banks? P2P loans offer an alternative, especially when traditional banks reject you.

Person to Person

Flexible Criteria

BaFin Regulated

What is P2P Lending?

P2P = Peer-to-Peer = person to person.
Instead of borrowing money from a bank, you receive it from private investors who want to invest their money. Platforms like auxmoney or smava connect you (borrower) with investors (lenders).

Not a bank loan, but regulated

German Terms You Should Know

P2P-Kredit = Peer-to-Peer loan (person to person)

Kreditnehmer = Borrower

Anleger/Investor = Investor/Lender

Kreditprojekt = Loan project (your loan request)

Finanzierungsquote = Funding rate (% of loan funded)

Bonitätsscore = Credit score (Schufa score)

How Does P2P Lending Work?

Submit Loan Application

You register on a P2P platform and provide the loan amount, term, and purpose. Your creditworthiness (Schufa) is checked.

Project Goes Live

Your loan project is published on the platform. Private investors can invest in your project - often starting from just 25 per investor.

Funding by Investors

Multiple investors contribute to your loan until the desired amount is reached. This can take from a few hours to several days.

Payout & Repayment

After full funding, the money is transferred to your account through a partner bank. You repay in monthly installments.

P2P Platforms Overview

auxmoney

Largest P2P platform in Germany

Min.

1,000

Max.

50,000

Interest

3.5% - 19.9%

Pros

High acceptance rate
Also for self-employed
Fast processing

Cons

Higher interest possible
Fees for borrowers

smava

Loan comparison + P2P brokerage

Min.

500

Max.

120,000

Interest

1.9% - 14.9%

Pros

Also compares bank loans
No brokerage fee
Many partners

Cons

Not purely P2P
Rejection with bad Schufa

P2P Loans: Advantages and Disadvantages

Advantages

Higher acceptance: Possible even with weaker Schufa
For freelancers: Less strict income requirements
Flexible: Also during probation or with temporary contracts
Online process: Completely digital, no bank branch
Alternative: When banks reject you

Disadvantages

Higher interest: Often more expensive than bank loans
Fees: Brokerage fees may apply
No guarantee: Funding not always complete
Waiting time: Funding can take up to 7 days
Public: Loan project visible to investors

Compare Loan Offers Now

Compare different loan providers - including P2P platforms. Rate inquiries are Schufa-neutral and do not affect your score.

* Representative example: Net loan amount 10,000, term 84 months, effective annual rate 3.99% - 15.99% (depending on creditworthiness). This is a brokerage offer.

When Does a P2P Loan Make Sense?

P2P can be useful when:

• You have been rejected by banks
• You are self-employed or freelancer
• Your Schufa score is not perfect
• You are on probation period
• You need more flexible criteria

Better choose bank loan when:

• You have good creditworthiness
• You want the lowest interest rates
• You are permanently employed
• You want to avoid fees
• You need immediate payout

User Experiences

"As a freelancer, it was difficult at banks. It worked at auxmoney - the interest was a bit higher, but I had the money in my account after a week."

- Markus R., Freelancer, Hamburg

"Important to know: The interest rates are higher than at a bank. But when you urgently need money and have no other option, it is a solution."

- Sandra K., Employee on probation, Berlin

"I received different offers through smava - including from regular banks. In the end, a bank loan was cheaper for me, but the selection was good."

- Thomas M., Civil servant, Munich

"The funding took 5 days for me. That was longer than expected. So not ideal for urgent cases, but it worked."

- Lisa W., Student (part-time job), Cologne

P2P Loan vs. Bank Loan

Criteria	P2P Loan	Bank Loan
Interest Rate	3.5% - 19.9%	1.9% - 12%
Acceptance Rate	Higher (flexible criteria)	Lower (strict requirements)
For Self-Employed	Well suited	Often difficult
Payout Time	3-10 business days	1-5 business days
Fees	Brokerage fee possible	Usually none

Frequently Asked Questions

What is a P2P loan exactly?

P2P stands for "Peer-to-Peer" meaning "person to person". Instead of borrowing money from a bank, you receive it from private investors who want to invest their money.

Are P2P loans legitimate in Germany?

Yes, established P2P platforms like auxmoney work with partner banks and are regulated by BaFin (German Financial Supervisory Authority). The payout is made through a regular bank.

Are P2P loans more expensive than bank loans?

Usually yes. Because P2P loans are often given to borrowers with higher risk profiles, interest rates are typically higher than traditional bank loans.

How fast can I get a P2P loan?

The application takes a few minutes. Funding by investors can take 1-7 days. After complete funding, payout happens in 2-4 business days.

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