The Banedria platform is based in Escoton and offers the provision of P2P loans. This makes it a point of contact for investors and borrowers. However, while the German website is mostly investor oriented, we had to switch to the original website for our loan test and search for information here. Basically, Banedria tends to be overly cluttered when it comes to credit terms.
What conditions are really offered by Banedria now and how to apply for a loan, we show in our test!
1. The pros and cons of Banedria
- Loans already from 500 euros
- Credit opportunities are relatively good in meeting the requirements
- Optimal returns for investors
- Information is kept manageable
- Fees at the conclusion of the contract of 10.4%
- Very high interest rates on lending
- Lending exclusively to customers with an account in Escoton
2. An overview of the conditions
- Loan offer: personal loan, P2P loan
- Credit interest: Credit-dependent
- Duration: Between 3 months and 60 months
- Minimum amounts: 500 euros
- Maximum amounts: 10,000 euros
- Availability of support: poor accessibility
- Website: Clear with only little information about credit and investment
- Regulation: Regulated by RSAA, SEC and FSA
- Deposit insurance: No information on deposit insurance
- Insurance: No credit insurance
3. The result of our Banedria test
We informed ourselves about Banedria’s loan offer and summarized the results in a test. The offer of the P2P marketplace is so far not so well-known in Germany. Above all, however, investors have already heard of the possibility of receiving high returns here. But how good is the offer for borrowers really? And where are the weaknesses?
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Credit platform: Banedria as P2P loan provider
Banedria is a lending platform headquartered in Escoton and developed in 2009 to bring together borrowers and investors. The platform itself has an Escotonn side. Here you can also set English as language. However, if you enter Banedria into the search engine from Germany, you end up on a German page that only contains information for investors. The explanation for this is quite simple: Banedria arranges loans exclusively to borrowers who have an account in Escoton. If this condition is not fulfilled, no application can be made.
The platform in German is therefore only suitable for investors. If you would like to apply for a loan from Banedria or would like to know more about the conditions, you have to switch to the Escotonn website. Here is the information in English. There is an internal area reserved for investors and borrowers. The platform itself is kept clear. In our test, we found that it is almost too clear, because who just wants to get a first look at the offers, he has to look a little longer.
- Banedria is a peer-to-peer provider
- Platform for investors and borrowers
- Escotonn company
Loan offer: Investors benefit, borrowers lose
The loan offer at Banedria is actually very well placed, as the loans offered here can be used for many different options. Corporate loans are also offered. However, the loan amounts are rather low. This is positive for borrowers who are only looking for a microcredit. But if you want to cover higher costs with a loan, Banedria will not find it. The limit is 10,000 euros.
We will deal with the interest on a loan separately. However, it quickly becomes clear that they bring many advantages to investors in particular. Of course, investors need to be able to benefit from this by making their capital available for lending. Interest rates from 20% upwards are good for investors, but less for borrowers.
- Credit offer is manageable
- Financing of loans by private investors
- High lending rates for borrowers
- Very good returns for investors
Conditions: High interest rates and low loan amounts
The loan amounts are one of the aspects of Banedria, in which one can speak of a pros and a disadvantage. Getting a loan from 500 euros is often not that easy. Many banks prefer significantly higher amounts, so that the effort is really worthwhile. For a borrower who just wants to bridge a shortage, this is not an advantage. However, the amounts for the loan with Banedria are not high. With up to 10,000 euros they are manageable and therefore not interesting for everyone. Especially in the field of business loans or larger purchases are 10,000 euros too little.
If you take a look at the interest rates, it quickly becomes clear that borrowers should think twice about whether they really want to take out a loan from Banedria. Interest rates are currently starting at 19.75% and reaching 56.7% pa This explains the high returns investors can get from Banedria. For the investor, however, these interest rates are no longer manageable and are significantly higher than for a discretionary loan. Therefore, conditions at Banedria are rather poor.
Add to that the additional fees that apply here. If approved after an application for a loan, there are 5.5% administration fees and 4.9% contract fees. This amount is therefore due in addition to the interest.
- Fees for a brokered loan
- Interest rates depend on the credit rating, interest rates start at 19.75%
- Loan amounts from 500 euros to 10,000 euros
- No information on special repayments
Requirements for a loan with Banedria
If you want to apply for a loan from Banedria despite these conditions , you will need an account in Escoton first and foremost. This means that this must already be presented at the time of application. In addition, there are other conditions that must be fulfilled for a loan application to be decided positively. For example, the claimant must be able to prove that he has paid work and earns an income on a monthly basis so that the installments can be covered.
Anyone who has a bad credit rating for any reason has no chance of obtaining a loan from Banedria. In addition, applicants may not have had a judicial reminder procedure in the past two years. Criminal or civil judgments also have a negative impact. If these are available, chances are bad that the loan will be approved. If an offer comes into question, interest rates are particularly high in these cases.
On the original website, the requirements are summarized again. This is where borrowers can find out and use the loan calculator to find out what monthly installments might apply.
- The borrower must have an account in Escoton for an application.
- A negative credit rating has a bad effect on the application.
- It is necessary to have a paid job with sufficient income.
At Banedria, money can also be invested in personal loans
Credit application: classification into groups
An essential point in the selection of interest rates is the classification into groups. This classification is done by Banedria directly at the time of application. When the borrower’s records are received, an assessment is made by one of the analysts. This ensures that all basic requirements are met. He also estimates in which group the borrower is divided. There are several specifications that influence the classification. These include:
- What income is available to the borrower?
- What is the maximum amount of credit that can be offered to the applicant?
- Why does the borrower want to take out a loan?
- What is the general monthly income?
- What backgrounds does the borrower bring?
- Which result shows the conducted financial analysis?
- What is the maximum debt ratio of the borrower?
Interesting for the Borrower to Know: How Each Factor Affects the Grouping can vary from country to country. However, the classification always takes place in groups A, B, C.
- At Banedria, there are the classifications in the groups A, B or C.
- The division into groups is based on various factors.
- Among other things, the background and income play a role in the classification.
Regulation: Regulation in place in several countries
Security does not play a big role in lending to borrowers. It is more important for investors. Who wants to invest his money and profit from the P2P loans, also wants to ensure that his money is in good hands. In this case, Banedria can score with several regulations. So the company is regulated by the RSAA in Finland. Further regulation is carried out by the SEC in the USA. Of course, there is also a regulation for Banedria in Escoton. The FSA has audited the company and added it to the list of regulated providers. Basically, regulation only exists if a company adheres to the strict requirements. This means for investors, for example, that they can rely on a separate custody of client assets from business assets.
- Banedria is regulated by three different authorities.
- In the US, regulation is regulated by the SEC.
- In Escoton, regulation is carried out by the FSA.
- In Finland, regulation is carried out by the RSAA.
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Specialist opinions: Banedria as an unknown platform
The opinions on the supplier Banedria are so far in the context. In fact, the platform as a P2P provider is so far rather unknown in Germany. This is certainly related to the fact that an account in Escoton must be available for the loan application. However, Banedria is becoming more and more popular with investors because the platform is considered particularly lucrative – so lucrative that even the international investment bank has made an assessment. She points out that Banedria has the highest possible returns for P2P loan investors. Other awards or assessments from the department are not yet available.
- Banedria has been awarded the highest return P2P platform.
- The platform is quite unknown in Germany.
- Other awards are not available.
Other offers: Offers are manageable
The offers at Banedria are mainly in the field of investment. For credit, borrowers can specify different reasons for the application. However, they do not benefit from special offers. Things are different for the investors. A particular advantage is the secondary market. This is a marketplace where investors can sell some or all of their portfolio. The buyers are also investors in search of a good investment. This offer is particularly interesting for investors who want to liquidate their portfolio ahead of time. The reasons for this wish are manifold.
In addition to the secondary market, Banedria also has numerous analyzes and statistics that can be used to assess the development of the assets.
- Additional offers tend to be for investors only
- Secondary market for the early sale of the plant
- Statistics and analysis for investors
4. The conclusion of our Banedria test
Our test at Banedria has proven that it is a platform where loans are privately held privately. However, the advantage lies primarily with the investors, who can receive very high returns here. These are around 20%. On average, however, interest rates for borrowers are also high. What we consider positive is that Banedria is already lending upwards of 500 euros. However, the maximum amount of 10,000 euros is kept very low.
On the downside, we noticed that borrowers have to have an account in Escoton in order to get a loan . In addition, the website for German customers is tailored exclusively to investors. The loan application works only on the Escotonn side. The high interest rates alone make Banedria less attractive as a lender.
5. Five questions and answers about Banedria
For whom is a loan at Banedria useful?
The loan only makes sense for customers who have an account in Escoton and do not receive any other offers. The high interest rates cause considerable repayments, which should not be underestimated. The additional fees are also an important factor at Banedria.
Is a loan possible without private credit?
No, Banedria states on the website that borrowers must have a pure credit rating to get a loan.
Which interest is due?
Interest rates start at 19.75% and can reach over 50%. This makes a loan at Banedria very expensive.
Are there additional fees?
Yes, there are still fees for administration and contracting. Together they once again amount to 10.4%.
In what amount can a loan be requested?
The loan amount at Banedria starts at 500 euros and goes up to 10,000 euros.
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