German p2p lending service Lendico will launch tomorrow in the Spanish market. ‘Spain is an attractive market with great potential due to the credit crunch since 2007,’ says CEO Dominik SteinkÃ¼hler. Maximum possible loan amount is 25,000 EUR, offered at between 6.29% and 25% APR.
‘Lendico poses a direct threat to the comfortable position of traditional banks in the market. From the beginning Lendico was developed as a digital alternative to the banks,’ says SteinkÃ¼hler.
The safeguards and regulations are similar to those of any bank. Lendico is a member of the National Association of Financial Credit (ASNEF) Establishments and works directly with Equifax for risk management and control of delinquency.
As reported earlier, all registered Lendico lenders, not just Spanish residents, will be able to lend.
Spain is the first international market Lendico expands into after launching in Germany in December 2013. While some functions are operated from the Berlin head office there is also an office in Madrid there. And Lendico says the team in Madrid is working on launching the service in South America.