Private loans
Personal loans: a new term
Lending or credit between individuals has been a fashionable term for some years now. Some borrowers who no longer trust banks are now turning to the collaborative system to apply for credit.
In the United States, peer-to-peer lending has been around since 2006, with the world’s first peer-to-peer lending platform: Lending Club. This company, founded by a Frenchman, was a huge success from the outset. Almost ten years later, it claims to have granted more than €4 billion in loans.
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Private loans
PNG Finance is a bank-free lending platform. We offer credit based on a collaborative system. The loan funds are collected from investors.
Do you need credit but are having trouble getting a loan from a bank? Or would you like to take advantage of more advantageous terms and conditions? PNG Finance is here to help! Don’t hesitate any longer and carry out a simulation to find the credit solution best suited to your needs.
Private loans: what are they?
This is a personal loan made between individuals through an organisation.
Loans between individuals, or PAP/P2P, are also known as “bank-free” loans, because they are not generally approved by banks.
Whatever you call it, peer-to-peer lending is a revolution in the financial sector, competing directly with institutional banks as a credible alternative. At the same time, peer-to-peer personal loans are a real option when family or friends are unable or unwilling to lend money (because they don’t have the necessary amount, or because they find it hard to trust).
Following the example of Airbnb for accommodation, BlablaCar and Uber for transport, collaborative credit has a card to play in the future, in Europe or America, as elsewhere.
Three key points to remember about loans between individuals
- It consists of a loan of money between two individuals (or between an individual and a legal entity), via a collaborative platform specialising in loans.
- For individuals, it is a viable alternative to bank credit.
- It makes personal loans available to all individuals, including young entrepreneurs and people registered with the Fichier des Incidents de Remboursement des Crédits aux Particuliers or the Fichier Central des Chèques.
Terms and form of a loan contract between private individuals
Loans between private individuals are governed in the same way as “conventional” credit. This inevitably requires a contract to be drawn up between the borrower and the private lender. This written document may take the form of :
- Or a loan agreement (form 2062, to be signed by the borrower and the lender, who each keep a copy).
- Or an IOU (to be drawn up, dated and signed by the borrower; one original for the lender, one for the tax authorities and one copy for the borrower). For amounts over 2,500 kina, this document must be drawn up by a notary.
The main points of the contract are as follows :
- The full names and addresses of both parties;
- The terms of the loan (amount, term, frequency of monthly repayments, interest rate).