Loan between individuals
It is a sort of loan between individuals (literally “social loan”) that can be obtained or disbursed directly from the web, by registering on specific platforms as an applicant or as a lender (see also I need money urgently).
The rates and returns shown in the table are subject to changes (also in relation to the characteristics of the applicant or provider), therefore we recommend consulting the official websites.
The rise of this method of financing is explained by the fact that today it becomes increasingly difficult for a person (especially for a self-employed with a VAT number, a precarious worker, or who starts doing business with a start up) to get money in loan from a bank, and when it happens the interest rates are quite high. Worse still when the need for money becomes urgent and usury loans are used.
How to get loan
Social lending, in these cases, can represent the ideal solution (see also Crowdfunding). But how do these platforms work in detail and how to get loans in the safest way possible? Here are 5 tips not to go wrong.
- Be sure to go to a secure platform
In Italy the first thing to do, if you want to rely on social lending is to check that the platforms that deal with loans between private individuals are trustworthy and safe, with authorization and supervision by the Infra bank and included in the rating circuit CRIF.
- Have the necessary requirements
Signing up to one of the aforementioned platforms and applying for a loan does not mean that the loan was automatically obtained. In fact, there are requirements to be met by the applicants, which are checked in advance, in order to secure the lender and platform on the ability of debt solvency.
Among the requisites required, common to most social lending platforms, there is the lack of protests or prejudicial, being of age but not exceeding 70 or 75 years of age, being resident in Italy, not being reported as bad payers and being current account holders.
- Return to the right rating to get the desired amount
At this point, once the requirements have been analyzed, whoever has to disburse the loan will issue a judgment (result of evaluations and crossings between data, with positive or negative opinions) which will make the applicant fall into certain rating ranges. If the rating is low, it means that the security of the solvency is lower and, consequently, the interest rate will be higher. Paradoxically, if you are an atypical worker, you will fall into the most risky rating class, with higher interest to pay.
- Earning as a lender
Lenders can also get money and profits through social lending, and this happens thanks to the interest rates applied on the loans. Anyone can become a lender, under Italian law, to do so only occasionally. Lenders are however always protected by the platforms, so much so that this type of activity is currently quite secure.
- Guard the contract Finally, when choosing to lend money through social lending platforms, the advice is to keep the contract legally issued. This protects against any administrative penalties from the Inland Revenue and allows you to know what to do in the event of insolvency on the part of the person who requested the loan.