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English Information about Banking in Germany

 
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    • Comdirect
      • Open a ComDirect Account Online – Detailed Instructions
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Credit Loan in Germany

Are you a foreigner  and looking to get a loan in Germany? It may be a small loan to furnish your new apartment after moving to Germany, or a big loan to buy a car or a house in Germany. This article provide all the basic information you need to know about getting a credit loan in German, the types of loans in Germany, the requirements of getting a loan and other alternate ways to obtain a loan even if you have no credit score in Germany.

Types of Credit Loans in German

There are diffrent types of credit availble in Germany depending on the purpose of requiring the credit. The main types of credit loans are:

  1. RatenKredit – Installment Loans i.e Personal Loan with variable monthly payment
  2. RahmenKredit – Personal credit loan with fixed monthly payment
  3. AutoKredit – Loan for buying a Car, Car Loans for auto financing in Germany. Read more about How to get a Car loan in Germany.
  4. Wohnungskredit – Credit for a Home, Home Loan or House  Mortgage Loan
  5. SofortKredit – Instant Credit

Requirements for getting a Credit Loan in Germany

Germany is a credit conservative country and does not offer credit loan easily if you do not meet some basic requirements. Therefore in order to obtain a credit loan in Germany from a bank, you will have to meet at least the following requirements:

  1. A good SCHUFA score., i.e good credit rating
  2. A permanent resident permit in Germany, or at least a resident permit or Visa that covers the entire period of loan
  3. Regular and stable income. You should be able to provide your salary slips. If you are freelancer you can either show your previous year tax returns and monthly billing. If you get regular work from a single client, you can ask the company to write that you might be getting regular work from them and the possible amount you will earn from them.

If you have the above conditions, you can try for a loan in Germany from a bank, which usually has a lower interest rate. However, do not be disappointed since you can also get credit loans from other institutions if you do not have the above requirement, but with a little bit higher interest rate.

Types of institutions which provide credit loan in Germany

There are different institutions which provide loans in Germany. Depending on the institution, the rate of interest changes.

1.  Credit loan from Banks in Germany

They provide credit with the lowest interest rate. However, this comes at a cost. You will have to show a very good credit rating and a stable income. For this you would have to be living in Germany for at least a couple of years and should have a permanent resident permit or one with long validity period. It also provides It would therefore make sense to Examples are the Sparkasse banks, Volksbank etc,

  • Lowest interest rate for Home loans
  • Provides larger loan with longer repayment period
  • Requires good credit score
  • Usually 2 to 4 percent interest for long term house loans

2. Loan from Credit Institutions in Germany

They provide easier credit than the banks and most of them are online. However, the fees are usually higher than the Banks. some examples of such credit institutions in Germany are Barclays Credit or EasyCredit.

  • Low interest rate for small and short term loans
  • Specially for personal loans with small loan amount with faster payment terms specially for personal loans
  • Requires a decent credit score
  • usually between 4 to 10 percent interest on short term loans.

3. Peer-to-Peer lending providers in Germany

They are mainly websites which provide an interface between lenders and borrowers. In some cases, the investors just invest in the website which then selects the people who may borrow. This can be an option for foriegners who have not been in Germany for a long time but need a credit loan in Germany. They have high interest rate depends on the credit score. Therefore, if you have a decent credit score you can get a loan with lower interest rate compared to someone with negative credit score. Examples of peer-to-peer lending systems are Smava, and Lendico.

  • High interest rate
  • For personal loans with with no or negative SCHUFA score
  • Can also get credit with negative credit score
  • usually between 3 to 14 percent interest on short term loans.

 

7 thoughts on “Credit Loan in Germany”

  • leonard says:
    August 4, 2017 at 2:48 pm

    Hello all I am LEONARD from USA, I am here to give a
    testimony on
    how I got a loan of ,000 from a genuine loan lender after
    being
    scammed and almost frustrated for three years by
    fraudulent scammers
    who call them selves loan lenders , at the first stance it was
    all
    like a scam to me but when I played along to see what will
    happen this
    time it just turned out to be that miracle lender I have being
    searching for all my life and after I got this loan I promised
    my self
    and the lender that I must spread his good work because. I
    know many
    others who has fallen victim for scams and I know how its
    hurts that\\’s
    why I want you to contact Mr Cloby Lious today if you really are
    in any
    form of financial distress his email is
    clobylious4@yahoo.com
    contact her and after you have gotten your loan, you will
    also testify
    and thank me later. God bless you all.

    Reply
  • Gennadiy says:
    August 31, 2017 at 1:05 pm

    Dear Sirs,

    Do you have possibility to give loan for business in Ukraine?

    Thank you.

    Kind regards,

    Mr. Gennadiy Zakharov
    Invariant Co.
    Kiev, Ukraine
    Worldwide sales and delivery.

    And if in the beginning you had a little, but in future will be too much.

    +380 67 3790588
    krotosti@visti.com

    Reply
    • Fredrick Wilson says:
      September 8, 2017 at 4:30 am

      Are Investors/Financial Seekers. We are a Registered Private Investors/Loan Lender! Do you need FINANCIAL ASSISTANCE? Are you in financial mess OR debts? We offer loan at 2% interest rate within 1 year to 30 years repayment duration period to Individual and Companies that are in need of financial assistance and to any part of the world. We give out loans ranging from $5,000.00 to $500,000,000.00, CURRENCIES: USD, CAD, KWD, OMR, SGD, RUB, GBP, AUD, MYR, ZAR, IDR, UAH, PHP, EURO. Our loans are well insured for maximum security is our priority, Are you losing sleep at night worrying how to get a legit loan lender? Are you in poverty? Do you need financial assistance to set-up a business? We can assist you financially. We’ll help you get over those financial obstacles.whatsapp +2348179296157

      Reply
    • Martin Simitz says:
      April 20, 2018 at 3:14 pm

      Hello Everyone

      Are you in need of loan?? you can get your problems solve when you run to him, am Martin Simitz from Germany i just receive a loan of 12,000 € without any difficulties you can contact him for help via Email: nelsonrayallen@gmail.com And don’t forget to tell him,that i introduce you to his firm

      Kind Regards,
      Martin Simitz

      Reply
  • John says:
    November 22, 2017 at 2:38 pm

    Hello.Could you tell me do I have chance for loan?I’m searching about that information but still I can’t find.I’m working for Princess Cruise Line two years. And I’m start new contract one month ago .And I have serbian passport with C1/D vissa on the three years.Do you know maybe where I could apply for loan with serbian passport?because I’m working for American company maybe I have chance.I’m not sure 🙂 Thank you

    Reply
    • Martin Simitz says:
      April 20, 2018 at 3:13 pm

      Hello Everyone

      Are you in need of loan?? you can get your problems solve when you run to him, am Martin Simitz from Germany i just receive a loan of 12,000 € without any difficulties you can contact him for help via Email: nelsonrayallen@gmail.com And don’t forget to tell him,that i introduce you to his firm

      Kind Regards,
      Martin Simitz

      Reply
  • Martin Simitz says:
    April 20, 2018 at 3:12 pm

    Hello Everyone

    Are you in need of loan?? you can get your problems solve when you run to him, am Martin Simitz from Germany i just receive a loan of 12,000 € without any difficulties you can contact him for help via Email: nelsonrayallen@gmail.com And don’t forget to tell him,that i introduce you to his firm

    Kind Regards,
    Martin Simitz

    Reply

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  • Home
  • Bank Account
    • 1822direkt
    • Comdirect
      • Open a ComDirect Account Online – Detailed Instructions
    • Commerzbank
      • Open a Commerzbank Account – Instuction with Screenshots
    • Consorsbank
    • DAB-Bank
    • DKB Bank
    • HypoVereinsbank
    • ING DiBa
    • Netbank
    • Noris Bank
    • Number26
      • Apply for Number26 Account – Detailed Instuctions
    • Postbank
      • Open a Postbank Giro Plus – Instuction with Screenshots
    • Targobank
    • Volkswagen Bank
    • Wüstenrot Bank
  • Credit Cards
    • Free Credit Cards
      • GenialCard – Instant Online approval
      • Barclaycard New Visa
      • PayVIP MasterCard Gold
      • Advanzia MasterCard Gold
        • Advanzia Bank
      • SunnyCard – Interest free Credit Card
    • Co-Branded Credit Cards
    • Airline Credit Cards
      • Miles & More Blue
      • Miles & More Gold
      • Barclays Germanwings Gold
    • Prepaid Credit Cards
      • Kalixa Prepaid MasterCard
      • LBB Prepaid VISA credit card
    • Credit Card with easy Loan – easyCredit
  • Loans
    • Car Loan in Germany
  • Invest
  • Guide
    • Select a Bank Account in Germany
      • Banks with English Service
    • Open a German bank account
      • Open a DKB bank account
        • DKB Euro bank account for non-residents
        • English DKB bank account opening form
      • Open a Postbank Account Online – Screenshots
      • Open a Commerzbank Account online – Screenshots
      • Open a ComDirect Account online – Screenshots
    • Freelancers and Self-employed
    • Open a Student Blocked Account
      • Best Bank account for students
      • DKB Bank Account for Students
    • German bank accounts for non-residents
      • Open Comdirect bank account for non-residents
    • Information
      • Bank Cards
        • What is a Girocard?
        • V Pay – pay cash in Europe
        • What is a Maestro card?
        • What is Cash Group?
        • What is cash pool?
        • What should you do in case of loss of card?
      • Money Transfer
        • Local Money Transfer in Germany
          • What is a SEPA money Transfer?
          • Direct Debit Mandate
          • Wrong Transfer
        • International money transfer
          • Cheap money transfer options
      • Internet Banking
  • Deals
 

Best Bank account Deals

  • Commerzbank bonus - upto €175 + 11k miles joining bonus

    Valid till March 31, 2016- open a free Commerzbank account and get upto €175 euro as cash bonus and 11,000 award miles from Miles and More till March 31, 2016

  • Number26 bank now open to other countries!

    Now open to residents of Greece, Spain, Slovakia, France and Ireland. Open a free German bank account with free MasterCard.

  • Commerzbank Weekendbonus - €100 + 8k miles joining bonus

    Valid on weekends till further notice- open a free Commerzbank account and get €100 euro as cash bonus and 7,000 award miles from Miles and More till December 31, 2015

See the list of the best bank account promotional offers and deals in Germany

Read more

How to open a German bank account

A simple step-by-step guide on how to open a bank account in Germany. Open an online Germany bank account and documents required to open a German Bank account

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Blocked Account in Germany

Applying for a student Visa, au pair or Jobseekers Visa? You need a blocked account. Guide with a comparison between Fintiba and Deutschebank blocked account and process what is a blocked account and how to open a student blocked account from your home country.

Read More

Free Credit Cards in Germany

List of credit card providers with free credit cards in Germany. Advantages of each free credit cards and compare the charges and information about the free credit card in Germany.

Free Credit Cards

Free Advanzia Mastercard Gold Credit Card

The Advanzia bank Free Mastercard Gold credit card offers a lifetime free Credit card with free foreign usage without any transaction charges, free cash withdrawal, free travel insurance, and up to 7-weeks interest-free credit.

Read more!

Best Credit Card Deals

  • Hanseatic Bank - €30 Joining bonus free Credit card

    Apply for Free credit card before 19 April 2015 and get joining bonus of €30. Free Credit Card with Instant online approval, transfer to bank account from credit card and cash back offers.

  • Barclaycard New Visa Offer : €25 joining bonus for free Credit card till Aug 2014

    Apply by Sept 30, 2014 and get €25 joining bonus. Lifetime Free Credit Card with joining bonus.

  • GenialCard Offer - €10 cashback for free Credit card

    Apply by 31 May 2014 and get cashback of €10. Free Credit Card with Instant online approval, transfer to bank account from credit card and cashback offers.

See other best Credit Card promotional offers and Deals in Germany

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