The oldest way to borrow money is here again - we have just made it modern and easy for everyone. A peer-to-peer loan is the simplest way to borrow money and the auction-based pricing guarantees the best loan offer available. Fellow Finance does not determine an interest rate of a loan, it is done by investors on the platform. The best offer wins. After the bidding is completed, a borrower will receive a loan offer and he can decide whether he accept or reject the offer. If the borrower decides to accept the offer, he will get the loan to his bank account quickly. The loan contract will be between the borrower and the investors who have won the bidding auction of the application. The loan contract is legally binding document of the contractual relationship between the borrower and the investors who have lent money. Peer-to-peer loan is a loan from one individual to another without traditional intermediaries.
Fellow Finance does all the loan administration for lenders and borrowers and anonymity between parties involved is guaranteed. The borrower will pay monthly instalments to Fellow Finance and we account the repayments to the investors. Fellow Finance is a platform that brings together people who need financing with those who have some spare. Our user-friendly online service with simple application process without extra bureaucracy as well as the transparent auction-based pricing mechanism have made peer-to-peer borrowing a popular alternative way to borrow nowadays. Digitalization is changing financial services rapidly and online peer-to-peer lending and borrowing is at the forefront of this change.
The marketplace is open for Finnish, German, Polish and Danish consumers.