The Loan Without The Bank
With banks increasingly refusing loans, German citizens are taking lending into their own hands. Online citizen's bank Smava allows ordinary people to invest their savings into causes they'd like to support.
'The great thing about Smava is that the people themselves decide,' claims founder Alexander Artope. Smava allows anyone to request a loan for any reason. Investors then get to choose who they lend to. Rene Müller has invested in many small projects and is enjoying the benefits of investing: 'for investors it is especially beneficial, we receive the returns on investments, which would normally go to the banks.'
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