Swiss Cashare.ch recently launched as the first p2p lending platform in Switzerland. The company, owned by Michael Borter (link to German language interview) and Roger Mueller has partnered with the collection agency C&S Credit Management AG, which handles all monetary transactions.
Interest rates and loan durations are set by borrowers and lenders bid in a 14 day auction (minimum bid amount is 500 CHF which is approx 500 US$). If the loan is fully funded further bids in the remaining auction period will cause the interest rate to drop in 0.1 percentage steps, while old bids are outbid.
The fee schredule includes:
- For lenders and borrowers: 5 CHF fee for identification process
- For borrowers: 19 CHF listing fee
- For borrowers: 0.75% of the loan amount per year servicing fee
- For lenders: 0.75% of the loaned amount per year servicing fee
This results in borrowers having to pay even if their loan does not fund.
An unusual point in the process is that lenders have to sign a written contract for each successful bid and send it via postal mail to Cashare. That seems a bit uncomfortable to handle.
As Cashare launched only recently there currently are only 4 active loan listings.
If you have used Cashare as a borrower or lender, please share you experiences in the forum. Thank you.