Peer to Peer Loans

    Hallo Community,


    ich habe mich vor 8 Jahren bei Auxmoney versucht, war aber nicht wirklich zufrieden.
    Vor zwei Jahren habe ich in Mintos und Twino investiert und habe eine Rendite von 10-12%. Leider finde ich in keiner Fachliteratur Analysen zum Thema Peer to Peer.


    Hat jemand von euch Erfahrungen/ Analysen?
    Bevor mir einige zu ETFs raten. Ein Großteil meines Vermögens liegt bereits in ETFs, aber hier habe ich bereits genug Fachliteratur studiert.

    ich hab letztes Jahr eine Präsentation in meinem Fernstudium zu P2P Krediten gehalten. Würde sie anonymisieren und dir in die Konversation laden. Für 0 Euro. Interesse?

    Sorry, mein Name taucht in den Grunddaten der Datei auf. Aber reinkopieren geht natürlich. Ich habe das Wort Creditor falsch genutzt, soll Kreditnehmer heißen, tut es aber nicht. ;)


    Folie 1: How does crowdlending work?
    •Peer-to-peer or peer-to-business lending between individuals without the intermediate „bank“ •Individuals meet via a fintech platform online •The platform is not a bank and does not have a bank license, it only acts as a fiscal agent •Multiple investors reply to a request for credit •Creditors state their financial need, give personal information about financial status and desired use of credit •Investors search for credit that they want to invest into, according to risk considerations and interest desire •Fintech platform offers various services, including credit score calculation, split of credit amount into
    digestible size investments (lot-size transformation), collection of outstanding credits








    Folie 2:
    How does the process for investors and creditors work? Example Auxmoney!


    èInvestor


    1.Signs up with auxmoney.de 2.Opens account with FinTech Group Bank 3.Can search credit project based on own criteria, e.g. use of credit, interest rate 4.Automatic investments possible via „Portfolio builder“ (used by 70% of investors) ● •Fee of 1% to auxmoney • èTasks by auxmoney and SWK Bank 1.After match between investor(s) and creditor, auxmoney staff checks project and sends to SWK Bank 2.SWK Bank pays credit to creditor and sells it to investors 3.Debt collection up to foreclosure






    èCreditor


    1.Signs up with auxmoney.de 2.Verification process; Rejection in case of e.g. affirmation in lieu of an oath, insolvency, warrant, payment request confirmed by a court 3.Automatic check of credit worthiness 4.Resulting credit score is basis for interest rate 5.Credit amount, interest rate and duration to be decided by creditor 6.Credit project is published on platform 7.Title of project, financial situation of creditor, etc. can be published to increase credibility ● •Fee of approx. 2,95% to auxmoney plus 2,50 Euros to SWK Bank




















    Folie 3: Which types of lending are covered?
    Covered are:
    •Small-Medium-Enterprise Credits from individuals to companies ••Unsecured installment credits
    Consumer credits, e.g. to payback older credits, save on overdraw credit interest, buy furniture • • Not covered are:
    •Mortgage loans, e.g. for Real Estate •Re-selling of already running credits •Large volume credits for businesses










    Which types of lending are covered? Which types are not covered?
    Which types of lending are covered? Which types are not covered?
    Which types of lending are covered? Which types are not covered?


    Folie 4: Advantages/Disadvantages Investor
    èAdvantage investors


    •Very small investments possible, e.g. 25 Euros(lot-size transformation) •Higher interest than classical fixed interest investments at traditional banks •Loss of investment in 4% of projects, compared to 2,5% loss of traditional banks (in 2013), i.e. no extreme risk •Investment recommendations by platform •Diversification, an additional investment class has been founded •Only crowdlending platforms allow high level of diversification with very low investment volumes across
    thousands of potential creditors •Only crowdlending platforms can match peer-to-peer without personal contact between creditor and investor • èDisadvantage investors •No risk transformation, the investor carries exactly the risk of the creditor. But he can spread the investment
    across multiple creditors, which serves a similar purpose. •No term transformation, the investor has to serve the term request of the creditor •Risk of complete loss of investment, compared to fixed interest investments at traditional banks •High time investment for low investment amount •Zero-interest period between payment of investment from investor and award of credit to creditor •1% fee to e.g. auxmoney reduces profit

















    Folie 5: Advantage/Disadvantage Creditor
    èAdvantage creditors •Easy and fast access to credits •Receive a credit from home, no need to contact a bank and go through manual approval processes •Lower interest rate than with traditional banks •Creditor groups like students or self-employed often have less credit worthiness with traditional banks, but
    can receive a credit via crowdlending • • • èDisadvantage creditors •2.95% fee to auxmoney and 2,50 Euros to SWK Bank is a considerable cost, but bank credits can
    also come with a fee è no obvious disadvantage for creditors











    Folie 6: Conclusion



    •Crowdlending is not a substitute for classical banks (e.g. Jamin 2015, Becker 2018)


    •Crowdlending is an enrichment of the banking landscape both for interested creditors and investors •Crowdlending is more attractive in Americas and UK. Reason is the higher interest gap between bank offers
    and crowdlending (two-digit by bank vs. one digit by crowdlending) compared to Germany
    (usually one digit only). • •Future options •Mortgage credits for large volume investments at lower risk •Re-selling of already running credits •Large volume credits for businesses •









    Folie 6: Sources
    Becker, W. (2018): Crowdlending 2.0, in: Europäisches Forschungsfeld Mittelstandsforschung, S. 1 - 19.


    2.Dorfleitner, G.; Hornuf, L.; Schmitt, M.; Weber, M. (2017): FinTech in Germany, Springer, Cham.


    3.Jamin, G. (2015): Crowdlending-Plattformen – Funktionsweisen, Arten, Bewertung,


    in: WiSt – Wirtschaftswissenschaftliches Studium, Heft 4, S. 215-217.


    4.Kiesel, F.; Schiereck, D.; Urbanek, F. (2017): Erfolgspfade im Crowdlending am Beispiel der Kreditvergaben
    über Auxmoney, in: Corporate Finance, Heft 11-12, S. 353 – 357. 5.Oehler, A. (2016): Formen des Crowdfunding: Handlungsbedarf für die Verbraucherpolitik?, in:
    Sachverständigenrat für Verbraucherfragen, Berlin. 6.URL: http://www.auxmoney.de, accessed on Dec 19, 2018
    7.URL: https://www.bafin.de/DE/Aufsic…ng/crowdlending_node.html,
    accessed on Dec 19, 2018 8.URL: https://de.bergfuerst.com/ratgeber/crowdlending, accessed on Dec 19, 2018 9.URL: https://trusted.de/crowdlending, accessed on Dec 19, 2018





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    "Einnehmen SOLLTE" würde ich auf 0% tippen. 10% der Haushalte in Deutschland haben überhaupt Aktien, davon würde ein Bruchteil sinnvoll in P2P gehen können.


    "Einnehmen KÖNNTE": Klar kannst du das machen. Mich hindert daran, dass ich monatlich nur 500 Euro anlege. Wenn ich die jetzt noch sinnvoll streuen will und das ganze überwachen verbringe ich zig Stunden mit der Verwaltung und überarbeitung meines P2P Portfolios. Der ETF Sparplan hat dagegen null Aufwand. Das passt besser für mich.


    Hätte ich mehr freie Zeit und Spaß an sowas würde ich vlt 10% meines Vermögens in p2p beimischen. Das ist aber eher nen Bauchgefühl als irgendwie empirisch unterfüttert.

    Bandora & Mintos bilden vollautomatisierte Assistenten an. Falls man das nicht möchte, kann man Roboter definieren, die für einen kaufen. Ich programmiere momentan Roboter und bin sehr zufrieden.


    Mich wundert es, dass es keine Rahmenbedingungen gibt für Finanzexperten. Bei ETFs zu Bonds gibts, zurückliegend bis Markowitz, Anhaltspunkte, wie das Mischverhältnis aussieht. Bei Peer to Peer gibt es gar nichts.