Trucredit has been an almost ubiquitous term when it comes to lending in recent years. But the opinions about Trucredit go far apart, some see an unfair rip-off, the others a new chance in the Trucredit portal. We clean up with rumors and explain what Trucredit can and can not offer.
What does Trucredit offer according to its own information:
- Trucredit enables loans that banks can not realize
- Opportunities for a loan for the self-employed, pensioners, students, housewives etc.
- Processing time within a few days
- Loan sums between 1,000 and 25,000 USD possible
- If private investors have found, the sum will be paid directly to the account
- Interest rates should be more attractive than those of the banks
How does Trucredit work?
Trucredit allows you to set private loan requests on the platform. The loan seeker selects the desired loan amount, determines the repayment term and also what interest rate he can pay. He gives a detailed explanation of what the credit is needed for. Potential borrowers can view this loan application and submit their bids. Trucredit also deliberately offers people with poor credit ratings the chance of applying for a loan. If you want to apply, you must be between 18 and 70 years old and have a checking account. There must also be an income provable.
The borrower can use his chances to increase, prove his credit rating or, for example, offer the car as collateral. Schufa entries are noted and displayed in Trucredit, but are not a knock-out criterion. The scoring Trucredit created in this case then turns out to be worse.
How is the Trucredit scoring determined?
Each borrower receives a scoring value from Trucredit. This will be presented to potential borrowers and help to find the right investments. There are more than 300 factors in the scoring, with the focus of course being on the creditworthiness of the customer. Based on the evaluated data, the customer is then divided into a score class.
What are the charges charged to the borrower?
For the pure registration and the setting of offers Trucredit raises no fees. Costs are incurred only when the loan is successfully brokered. Then, 2.95 percent of the total is borne by the borrower, and the lender has to assign 1 percent of his principal. What collateral can Trucredit offer?
Who wants to give a loan, gets from Trucredit some clues to be able to reliably assess the loan applications. On the one hand, there is the already themed scoring, on the other Trucredit also offers a recommendation system. The lender also has the option to inform himself in detail about the Usage Check and the Loan Seeker.
How long does it take from the loan application to the payment
Every credit application is available on the platform for a maximum of 20 days; if there are not enough investors, the request will be deleted. If enough investors find the desired amount, the necessary documents are sent to the borrower immediately. Once he returns the signed documents, there will be a review of the partner bank (this will take a maximum of 10 days) and then the money will be paid out to the checking account.
Maximum 20 days open credit request => X days until the borrower has returned the documents => maximum 10 days for review. Within a month, the payout is absolutely possible.
Which types of credit are offered?
Whether instant loan, car loan, personal loan or student loan, the possibilities are very diverse. The offers of Trucredit are barely capped for private individuals. Even those who simply need money for a holiday, have good chances with Trucredit as long as the creditworthiness is right. While banks generally expect a purchase price, Trucredit’s free use is relatively easy.