3 Solutions for you!

Apply successfully for a loan in Germany (being an immigrant)!?

Immigrants (whether from another EU country or from further away, such as the USA) are facing a particular challenge when it comes to apply and get successfully granted a loan!

The main reason: The creditworthiness history is usually short, if existent at all!

What the options are and how to get them at best, you can learn in this article. Which way you choose, you will personally decide at the end!

You have 3 options!

… and yes, who reads carefully will also find our tips on how to get the best possible conditions – low interest!

Loan in Germany apply - Euro 10,000

Euros 10,000 are the average loan amount applied for by private customers in Germany (without real estate financing).

1. The Main Bank

The first way will usually lead you to your main bank in Germany – that is, where you already have your current account.

This has the advantage that you have already built a customer relationship. You are known as a customer already and the bank can have a simple glance into your financial history. One can also see, if regular income was recorded on your account in the past.

If your accounting has been smooth so far and you have stayed within your credit line, etc., then this should certainly be a point that speaks for you.

Beyond this, we can unfortunately not say a lot about the main banks. After all, there are around 2,000 banks in Germany – and we have specialize here on this special portal on a few, but really good direct banks.

2. Online Loan Comparison

If it did not work with the loan application at your main bank (or if you want to keep looking for potentially better conditions), a loan comparison on the Internet is recommended.

At this point, I want to warn you: Do not apply simultaneously or in short time sequences at several direct banks!

These can be checked through the SCHUFA data base.

The SCHUFA report (credit investigation company) is the creditworthiness check, which is queried by default in Germany, when it comes to check the creditworthiness of a person – whether it is part of a loan application, a current account opening, when signing a new mobile contract or when ordering in an fancy mail-order business.

If one can see from your SCHUFA entries that you have also applied for a loan at several banks, then this has a negative impact on your creditworthiness ranking and the result is often that you won’t get any loan at all.

The most meaningful way is a loan comparison of many banks within a closed system, such as the online comparison tool Smava. There, you simply enter your data once and Smava will find the most suitable bank based on your stated information.

Here you can use this tool immediately

… let’s continue with the article:

There is of course no guarantee that it will work right away with your loan, but we have already received some very positive feedback. Therefore, our recommendation is: Start with this one!

You can comfortably use the loan comparison above or go to the website of the comparison provider: www.smava.de

Sum up all your income. Some people forget to indicate at the loan application, e.g. the income of their part-time job.

Since the bank may wrongly assume a lower income, it thinks that the income is not sufficient and therefore the borrower cannot afford the loan instalments.

Please note that when stating your income that the loan banks may want to see proof of these incomes.

Ideally, you can show payrolls. However, not every employer provides pay rolls of the best quality. Sometimes it is sufficient, if the salary payment is proven through the bank statements.

Important is a place of residence in Germany. If one cannot recognize this through the Schufa query, then proof through a registration certificate can be the solution. It is advantageous, if the income mainly comes from Germany.

Important: Use the recommended loan comparison tool and not several ones parallel. Various simultaneous loan queries lower the creditworthiness rating!

If no loan is approved by the main bank or the loan comparison on the Internet (at best, use the aforementioned comparison tool), it might be a good idea to wait a little.

It would be clever to use the waiting time to improve one’s creditworthiness rating (article in German language) – for example, by finding ways on how to increase the income or thinking of other sources of income that one could add to the application.

3. Loan Intermediary

If you are convinced that you really are a good candidate for a loan, however, the favourable banks with their standardized processes do not appreciate your personal situation enough – for whatever reason – and therefore, it did not come to a loan approval, then there is still the possibility to hire a professional loan intermediary.

These loan intermediaries have partially access to banks that have not yet reached their internal target of loan amounts and still want to grant loans as quickly as possible in order to meet their target figures.

Additionally, there are smaller banks that do not participate in Internet comparisons or banks from abroad, which are looking for investment opportunities in Germany. Your loan is their investment!

One of the most successful loan intermediaries on the Internet is Bonkredit (www.bonkredit.de).

One advantage is that the loan request is free of charge for you. However, there is no success guarantee, but it is still another possibility to get a loan, despite the previous rejections.

You can get further information directly on the website www.bonkredit.de

Our editors have personally met with the representatives of Smava as well as Bonkredit.

Although these two providers are very different in structure, both are working hard to find good loans for the loan prospectives. In the end, these providers are only paid in case of success – mind, paid by the bank, not by you.

Both loan experts have convinced us through their seriousness – otherwise we would not recommend them here – however, we cannot influence their individual credit decisions.


If you have general questions about the loan application in Germany, you are welcome to use the comments box at the end of this page. However, please ask specific questions about your loan application directly to the bank or the loan comparison/loan intermediary.

We wish you success!

PS: We would be pleased, if you manage to get a good loan in Germany due to our article. In this context, we would be happy for a feedback through the comments box.

Frequently read topics on this special portal:

Note for further comprehension: this article shows possibilities on how to apply for a loan having one’s place of residence in Germany. We do not know loan banks in Germany that grant loans, if the borrower lives abroad. Perhaps this will change over time 🙂

There is an exception: real estate financing, if the property is in Germany and the borrower works abroad. This article was about the subject “Instalment loan” in the sense of consumer loan. Further articles will follow.

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We are the editors. Has this site left questions unanswered? Your questions are our concern. Contact us. Information on the background of DeutschesKonto.org.

18 Responses to “Apply successfully for a loan in Germany (being an immigrant)!?”

  1. Shyam says:

    Do they charge money for loan application also (except option 3.Loan Intermediary)?

    VA:F [1.9.22_1171]
    • Editorial Team says:

      With a credit application you don’t have costs or a risk. If it works out well, you will get a loan offer (loan agreement), which you can accept or decline.

      If you accept, all costs are included in the interest rate you’ll pay. If you don’t accept the offer or not accepted after the credit check – the whole process is free of charge for you.

      A simple and fair principle: No loan = no costs.

      Good luck!

      VA:F [1.9.22_1171]
  2. Shyam says:

    Thank you very much for your reply.

    I want to take loan of 40,000€ for three years duration. I have checked your Online Loan Comparison tool. It shows very good comparison and options.

    It shows total amount (Gesamtbetrag) to pay around 42,200 to 46,000€ for different banks. Do I need to pay total amount only (shown in this tool) or there are other charges also?

    What are the extra charges or cost possible which can increase the total amount to pay? How much it can be?

    VA:F [1.9.22_1171]
    • Editorial Team says:

      Please note we are an editorial web portal and do not provide actual consulting. If you have chosen a bank, please ask them about their costs. Terms and conditions of the banks differ individually, so that we regrettably cannot give general information regarding that.

      VA:F [1.9.22_1171]
  3. jay says:

    I have lived in Germany 3 years, im from estonia, i would like to get 10 000eur loan but im going back to estonia next year. Is taking loan still possible paying from estonia?

    VA:F [1.9.22_1171]
  4. Haris says:

    I came here to germany last year and am studying in a university. I have part time job but have just started out.
    I want to get a loan of 1000Euros for 12 months.
    The problem for me is that my degree duration is 2 years and right now i have one year residence permit which ends in december of this year. I will apply for extension in September.
    Another thing is that i have more 3-4 times the loan amount with me in my bank.
    So where should i apply to?

    VA:F [1.9.22_1171]
    • Editorial Team says:

      We are currently in discussions and are testing a provider who offers loans in this size, and to university students as well. Before having reached a final assessment about how good they are (and thus in how far they are a good fit for our specialty portal), we rather not give recommendations yet. If it turns out to be a recommendation, we will publish a new blog article with instructions – like what our recurring readers are used to. 🙂

      VA:F [1.9.22_1171]
  5. maria says:

    I’m new here in Germany (I’ve been living for just 6 months as to date) and I will be working for 2 years or longer, will it be possible to apply for a loan?? Is Smava and Bonkredit the same company or not?? What if one of them had rejected for your loan application will it be automatic that you can’t apply to the other one?? Thank you so much…

    VA:F [1.9.22_1171]
    • Editorial Team says:

      Smava and Bonkredit are two different providers. If it does not work out with the credit at the first, please wait two weeks before applying for a credit at the other.

      VA:F [1.9.22_1171]
  6. Chelle says:


    Is it still possible to apply for consumer loan after being approved a real state loan? Provided that financially one is still capable to pay. Im just wondering the chances of approval in this case and how will this affect my creditworthiness. How long should one wait to apply for another loan after the real state loan approval?

    VA:F [1.9.22_1171]
    • Editorial Team says:

      Yes, of course: One can always apply for a loan/credit. One actually needs to apply for it in order to find out whether one can get it at all. Nobody can know this prior to the application, because this needs to be evaluation using the information from the application.

      With the providers featured on our specialty portal, the application as such does not have an impact on the creditworthiness. A loan only then has an effect on the creditworthiness, once it has been registered with “Schufa” central register. In many cases, a registered loan can even have a positive impact, since at shows that a bank as evaluated the customer as “creditworthy“!

      VA:F [1.9.22_1171]
  7. Pooja says:

    I am living in Germany since October 2016. I was looking for loan on my student visa. Recently I got part work .
    My question is can apply for loan on student visa.

    VA:F [1.9.22_1171]
    • Editorial Team says:

      There are more than 1,000 banks in Germany, so we cannot generally say YES or NO. But there is a rule of thumb: The duration of a loan is never longer than the residence permit for Germany. Other than that, simply give it a try!

      VA:F [1.9.22_1171]
  8. Sam says:


    I have lived in Germany for 2 years and have a work permit for three years (one year more). My employment contract is unlimited and in all likelihood the work permit will be extended. I have applied for a loan from Bon Kredit and have an offer for a loan from VON ESSEN bank, I need to send my documents and signed forms now.

    My question is – the fact that at the moment I have only one more year of work permit remaining – will this affect the application ?

    Thank you.

    VA:F [1.9.22_1171]
  9. Chris says:

    Do I need a personal guarantor when applying for a loan of €10000 in Germany

    VA:F [1.9.22_1171]
  10. Sachin says:

    I will be finishing my studies here in Germany by May, 2018 and forward by job search. I took a education loan from my home country with an interest rate of 13%.
    My question is- can I take loan here to clear my previous education loan to save some interest rates…?
    Thanks in advance.☺

    VA:F [1.9.22_1171]
    • Editorial Team says:

      One can always apply for a loan/credit … but since a recular income is requirement for this being granted, it makes sense to only apply, once the first salary statements/payslips can be submitted.

      VA:F [1.9.22_1171]

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