German digital-only lender N26 has joined forces with credit marketplace auxmoney to expand its consumer credit offering.
N26 said that that its new partnership with auxmoney will allow it to offer loans to the self-employed, freelancers and students, who can borrow between €1,000 and €25,000.
The duration of the loans offered ranges between 12 and 60 months, at interest rates starting from 3.95%.
The application process is digital, with users required to answer some questions about what kind of loan they are seeking that will be followed by an instant digital credit check. If approved, users will get an offer from N26 or from auxmoney that they can accept through e-signature.
“auxmoney is a loan marketplace based in Germany that we integrated into N26 Credit to be able to offer more people the loans that they need. We selected auxmoney because they also have a simple and paperless system for distributing loans, and are also dedicated to making this process easy,” N26 said in a statement.
The loans will be initially available to iOS users, and later to Android users.