We’ve written about N26 on a number of occasions and the German fintech start-up continues to grow and impress in the financial start-up space.
N26 is slowly but surely adding features to its existing offering so that it increasingly provides products offered by traditional banks. N26 already offers consumer credit loans in Germany if you’re a creditworthy employee. If you don’t fall into this category (and many people don’t), then N26 users who are self-employed, freelancers, students and more can now also request a loan from Auxmoney.
If you’re not familiar with Auxmoney, the start-up matches individual lenders with individual borrowers. It’s a credit marketplace like LendingClub, Younited Credit and others.
As of recently, if you go to the Credit tab in the N26 app, you’ll be asked how much money you want, the duration of the repayment and your current situation. Depending on your status, N26 will automatically suggest the best credit feature for you.
So if you’re a regular employee with a steady income, N26 will either give you money itself or match you with a third-party bank behind the scene. If you’re a freelancer, N26 will suggest lending money through Auxmoney.
Both products let you borrow between €1,000 and €25,000 at a duration of 1 to 5 years and with widely varying rates of interest. This is a good addition as anyone can now open a line of credit using N26’s app and seamless integration. At present, however, this feature is limited to Germany.