We already mentioned what funding options are available to students in our article on student loans. Now we would like to introduce you to an additional alternative to student loans – Best Bank .
Best Bank is a P2P platform that brings students, entrepreneurs and individuals together. Students who are looking for funding to study can be funded by companies and private individuals at Best Bank .
The principle is simple: a student needs money, many investors make it available.
Who is Best Bank funding for?
You are already familiar with student loans, educational loans and the money loan. Then what problem does Best Bank solve?
All student credit forms mentioned are not always available to all students. Furthermore, credit terms are very strict. The flexibility is not given much freedom here. Best Bank takes advantage of these weaknesses and targets the students who are looking for suitable alternatives to finance their student life.
However, we see the greatest advantage of Best Bank in the possibility of coming into contact with a company as early as the education phase. Many students are sponsored by companies. This creates very interesting internships for students right through to job opportunities after graduation. This option is not available with other student finance.
How does the Best Bank loan application process work?
- First you create a funding request. You increase your chances of loan financing by uploading a short video about yourself and describing your educational project in detail. In addition, you also select the desired return and provide your Schufa information.
- In the second step, your funding amount is financed by one or more companies, funding organizations or private individuals.
- After the financing phase has ended, the funding is paid monthly from the start of the educational project.
What about repayment at Best Bank ?
In the event that your educational project was funded by your future employer, the company has the option to waive the repayments.
Otherwise, you pay a tenth of your gross income back each month after completing your studies. If there are months in which you earn less than USD 1,666.67, you do not have to make any repayments in these, they move free of charge.
A major advantage over other alternatives is that this financing option does not pose a debt risk for the students. It is also clear in advance how much will be repaid. This information is not available for classic loans, including the money education loan.
What are the costs associated with funding?
The most important question for every borrower: What do I pay back?
When your financing comes through, you pay a one-time payment of 10% of the desired amount to the platform as a commission.
In addition, you choose a desired return that will be credited to the lenders with your repayments.
Even if the costs may seem too high at first glance, it is the cheapest option compared to a traditional private loan. We see the greatest added value in the opportunity to get in touch with future employers while studying. Furthermore, you only pay your repayments if you earn over USD 1,666.67. You do not have to be afraid of getting into debt.
Of course, you should first apply for student loan funding. If you still cannot manage your expenses, a Best Bank loan is worth considering.