Through Cashlend you can directly request a loan from foreign investors. Cashlend is a European platform that collects money from individuals from Germany, England, Spain and the Netherlands. The platform works with a special bank that collects the money from these foreign investors for you and pays the loan to you. You then repay a fixed amount in installments and interest to this bank each month.
Update: Since mid-2017, Cashlend has temporarily stopped offering private loans for the Netherlands. Alternatively, there is Lender & Spender, among others, or take a look at the regular providers of private loans.
You can go to Cashlend for different types of loans. They are also there for people who need a loan to pay off debts for example. But also to buy a car, for a home renovation, a study or for medical expenses.
Cost of the Loan
The costs of a loan with Cashlend are on average the same as the other platforms for private money lending. For example, there are interest costs that depend on, among other things, your creditworthiness and the amount that you want to borrow. But you also pay administration costs. Here you will find an overview of the costs in a table.
|Interest costs||Administration costs||APR|
How does the application work?
Everyone can apply for a loan at Cashlend. They then draw up a profile of you. You will then be classified in a risk class. This risk class determines the interest and the cost percentage.
For example, if you have a reasonably high income and a permanent contract, you pay less interest. If you have a low income, you pay more interest. You can also request a loan from Cashlend with debts, for example because you have been in the red for too long. Or a credit card debt. You can then apply for a special loan that will pay off the old debt immediately.
More chance of a loan
You can also apply for a loan if you have ever had repayments in arrears. You then only pay a higher interest rate. It is therefore good to know that with Cashlend you are often more likely to get a loan than with a bank. Cashlend states: We can offer individuals who were not eligible for a loan in the past a new opportunity. As an additional benefit: we are also able to offer you credit terms and conditions that are adjusted to your unique financial situation.
You must enter a reasonable amount of information during the application process. You will also be asked to take a screenshot of your digital bank statements. This allows them to directly assess everything. You also need to come in front of the webcam so that the computer can confirm your identity. They then compare the photo on your identity card with the image of you on the webcam. This is done automatically.
Currently, in 2016, Cashlend provides loans to people from Spain, Germany, the Netherlands and the United Kingdom. The investors also come from these countries.