Main tasks of banks and credit institutions are called, in the administration of deposits, lending, processing of payments and the trade and custody of securities.
Legal framework for the banking industry are regulated by the Banking Act. If a banking company operating in Germany, so it needs a permit from the Federal Financial Supervisory Authority.
Its customers include groups of banks in particular individuals, businesses, governments and authorities and other banks.
With retail wrap the banks from the mass market, which includes the investment, lending and payment transactions. For high net worth individuals also advising and managing the assets will be offered.
In the context of lending to private individuals are usually financed purchases of consumer goods and construction, purchase and modernization of residential property. Here, the loans to be construed as a loan, on the other hand, there is also the possibility of the money through the use of a so-called Dispositonskredites, ie get by overdraft of current account.
For loans for corporate customers are often also to finance loans or overdrafts on current accounts. In addition, banks take responsibility for their corporate clients as well as guarantees and other guarantees and to buy in the discount business, bills and checks.
The term "private credit" comes from the area of finance and banking and has many different definitions. For some, the private credit is a loan that is granted to private individuals. For other widerrum it is a means of banks to attract and retain customers.
A basic definition of the term describes that private loans are granted by private individuals, ie, the bank shall be no trade (no bank or any type of commercial office), but can be any private person. Private loans are given for example in known circles often. The problem in the allocation of private credit to strangers is to assess the creditworthiness of the person, so are private lending are rare. Few platforms offer an opportunity to trade with private loans.
Private loans can be very expensive and insecure but also very cheap and a good alternative to bank loans are.
Contracts for private loans, according to § 488 et seq in the same way be closed as well as normal contracts for bank loans. Again, the form of freedom is that there are no fixed rules to complete a personal credit agreement. This is, however, in the event of any recovery by the borrower is considered a disadvantage - the borrower is unable to repay debts dei, it may be detected only with difficulty. Therefore, contracts for personal loans chosen mainly in writing. Contracts for private loans can be closed tightly or free.
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