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Want to get a personal loan in Germany? If so, this article is for you. In this guide, we'll discuss the different types of loans in Germany, how to find the best loan offer, and what to look out for when getting a personal loan in Germany.
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• Receive your money within a few business days • Can suspend your credit for 90 days
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• Possibility to repay the loan for free within 30 days • Possibility to repay the loan to Norisbank within 4 weeks, if you find a cheaper loan offer you will get €50 • Up to 50 days from your first payment • Received within 24 hours of approval
Mortgage: Try this free online mortgage calculator to estimate whether you can get a loan and what the interest will be. The broker can then compare and explain the best loan offers for you.
Peer-to-peer (P2P) lending: Borrowing from other private investors. Try this if you don't qualify for a bank loan (don't have a good credit rating or belong to a risk group).
Microloans: Microloans lasting 1 to 3 months. Use only for small temporary needs until your next paycheck arrives. You can get this loan even if you don't have a perfect credit rating in Germany.
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Read on for more details above about each loan provider in Germany. Learn how each loan works and which one is best for your situation.
Please note that the information in the table above and in the sections below is correct at the time of writing. Offers from German loan providers may be changed at any time in the future. See direct access to the loan provider's website for the latest information.
There are many reasons why people take out personal loans in Germany. The number one reason to buy a car or motorcycle, according to a 2020 survey. Other popular reasons include buying furniture, electronic equipment and household appliances.
14% of those surveyed had taken out a loan to finance their real estate. The least common reason to get a personal loan in Germany is for hobbies or celebrations such as birthdays or weddings.
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Foreigners can obtain personal loans in Germany. Although it is more difficult to get a loan in Germany if you are a non-EU citizen, you can still get a loan as long as you meet the requirements.
If you want to get a personal loan in Germany, you must be at least 18 years old.
To get a loan in Germany, you must live in Germany. Your address should be registered with the local authority (Bürgeramt or Einwohnermeldeamt).
Non-EU citizens are more likely to get a loan in Germany if they have a permanent residence permit. This is because banks want to lend to people who will stay in Germany for the long term.
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If you have a limited residence permit, it is more risky for banks to lend you in Germany. You can still get a loan if your residence permit covers the entire loan term. However, the bank may charge you a higher interest rate.
You need a German bank account to get a personal loan in Germany. If you already live in Germany, this shouldn't be a problem.
Also check out this article for some free/cheap bank accounts with English services in Germany: Opening a Bank Account in Germany - 6 Best Bank Accounts with English Services
If you want to get a personal loan in Germany, you should have a regular income. Your income should be enough to pay the monthly loan.
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To prove this, you must show the bank your payslips or bank statements from the last few months. Therefore, obtaining a loan in Germany can be more challenging for self-employed or students without a stable income.
If you have a job, you must pass a trial period to get a loan in Germany. The trial period is usually 6 months. It's too risky for a bank to lend you a loan because you can easily be fired during this time.
Banks are also at greater risk if you have a limited employment contract. In this case, you can only get a loan with a repayment period in the employment contract.
SCHUFA is the German credit agency that collects data and calculates your credit score. Getting a loan in Germany is more challenging if you have a poor credit score. Most banks don't want to give you a loan. You can still get loans from other credit institutions at higher rates.
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This can be a problem for foreigners as they have not yet established a good credit score in Germany. For more information on SCHUFA and how to improve your credit score, check out: What is SCHUFA - How to get SCHUFA in Germany?
To apply for a loan in Germany, you must also show your passport or ID. You can verify your identity by showing your passport at the nearest post office (PostIdent). Or you can use VideoIdent, which allows you to verify your identity at home using your smartphone or computer.
If the bank thinks you are at risk, it may ask you for additional securities. This can be your assets as collateral or a guarantor who agrees to repay the loan if you are insolvent.
Repayment loans are also known as consumer loans. This is an unsecured personal loan (unsecured).
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As a guarantee from the bank, your loan agreement usually states that if you do not repay the loan, the bank will receive the money directly from your employer.
Instant credit is an installment loan. You can use direct credit for any purpose. The advantage of direct credit is that you can get the loan faster (that's why it's called "instant"). But the loan amount is usually smaller.
This is also called a payday loan. If you're a little short of money, you can use the loan until you get your next paycheck.
This is a different type of loan. The difference is that you can only use this loan to buy a car. A car loan is a secured loan. Car loans have lower interest rates because the bank can use your car as collateral if you can't repay the loan.
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You can arrange a line of credit at a bank where you can borrow money quickly. First, you will agree with the bank on the sum of the credit amount. You can then withdraw money anytime within this credit limit.
You don't have to borrow all the money from your line of credit. Instead, you can use as much or as little as possible within your credit limit. You only pay interest on the funds you borrow at variable rates.
If you have a checking account in Germany, your bank may allow you to overdraw your account. This is called transfer credit. You agree to the bank's regulations regarding the maximum overdraft amount. You can then transfer your account balance at a fixed rate as needed.
A credit card loan works like a wire transfer. If you have a revolving credit card, you have a line of credit to use. You can use your credit card to make purchases or cash back, and then get the money back. You can usually repay the amount in full or in installments. If you pay off your debt in instalments, the interest rate can be very high.
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If you have more than one loan, you can save money by consolidating them into one larger loan. Interest rates are usually lower if you consolidate your loans. Plus, it's easier to keep track of your finances because you only pay one loan instead of several.
You can use funds or stocks in your account as security for your mortgage. The amount of the mortgage loan depends on the value of your securities. You can use the secured loan for any purpose. Banks have the right to collect your loan if you cannot pay it back.
You can use a mortgage to finance your real estate in Germany. Banks use your property as collateral. Therefore, you can get large loans with low interest rates. There are many different types of loans in Germany. For example, annuity mortgage, interest mortgage, building mutual mortgage, etc.
Foreigners may be confused at first. If you want to know more, I wrote an article about it
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