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Online & Mobile Banking

N26 partners auxmoney to expand loan offering

Monday 31 July 2017 | 10:35 AM CET

N26, a mobile bank, has partnered with auxmoney, a Europe-based credit marketplace, to offer loans to self-employed and freelancing clients.

The product from auxmoney includes credit offers for students, the self-employed and freelancers. As of April 2017, N26 also offers a current account for the self-employed.

The new functionality is available through the N26 app. Loan offers have been expanded to include EUR 1,000 to EUR 25,000 at a duration of 12 to 60 months with interest rates starting from 3,95%, depending on the client’s credit rating. 

The process of applying and being accepted for a loan is entirely digital. The customer specifies the desired amount and answers questions about their personal situation within the app. After applying for a loan, N26 or auxmoney do a credit check and follow up with a loan offer in a few seconds. If they agree with the terms, clients can use an electronic signature to complete the process. Currently, auxmoney is supported on iOS, but an Android version is in the works.

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