After investing into loans with Companisto and Bondora, the third crowdlending platform I am using is auxmoney. The platform offers peer-to-peer loans, was established in 2007 and is one of the oldest players in the German market. The minimum investment per loan is € 25.00. To be able to invest it is necessary to open an account with the biw bank, which is a fully licensed bank in Germany. This takes approximately one week. The biw account is directly connected with the auxmoney account. As soon as money is transferred into the bank account it is available for loan investments.
To begin investing with auxmoney, I transferred € 50.00. The investment strategy I am following will be the same as with the investments on other platforms. I am looking for investments with durations no longer than 48 month. Besides the initial investment I plan to invest € 25.00 monthly – including the repayments from the existing loans – to build up a nice portfolio.