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!
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!
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.
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:
- “Train” the credit line of a credit card to Euros 9,500
- Immediate overdraft facility at the free Comdirect current account
- Car loan: Comparison calculator and additional information
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.
Do they charge money for loan application also (except option 3.Loan Intermediary)?
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.
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?
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.
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?
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?
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. 🙂
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…
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.
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?
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“!
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.
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!
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 ?
If the bank does not ask about it, simply don’t address the subject …
Do I need a personal guarantor when applying for a loan of €10000 in Germany
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.☺
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.
I am from Vietnam and have studied in germany for 4 year and just got my degree (PhD) in April 2018. I am apllying for a visa of 1,5 years to look for job in Germany. When my visa is accepted, with any jobs that I could get, is it possible to ask for a 50 000 euro loan for 1, 5 years?
Thanks in advance!
You can always apply … whether it works, nobody can promise. The granting of a credit depends on many factors and of course differs from bank to bank – therefore our recommendation above to put in your information for the comparison and to see what happens. It might be possible that one bank makes a counter offer of perhaps 40,000 Euro. But in order for that to happen, you have to enter your data first.
By the way, at 1.5 years the monthly payments are of course rather high. Above, you cannot enter 18 months, so maybe start with 24, and in a personal discussion – after entering the data – discuss this individually.
Best of luck!
I have a limited (befristet) contract now, but in all likelihood it will become permanent after the period. Can I get a loan with a limited period contract as well ?
That differs from bank to bank. One always starts in the comparison above, and while entering your personal information, more and more banks fall away, until only a few are left. After all, they ask for more information than just your job . Best of luck!
Hallo! Is it possible to see what is in my SCHUFA record currently? (I know in the U.S., one has rights to see what is in his/her credit reports and can request a free report once a year). Even if it cost money to request a SCHUFA record, it may be worth pursuing.
Thanks in advance!
Yes, of course. Here are the instructions: https://www.deutscheskonto.org/en/schufa-inquiry/
I’ve lived in German for three and half years now married with 3 children and I would like to start up my own business.
Is it possible to get a loan of 15000 even if I don’t have a job or never work I German before?
We don’t know any direct bank that does something like this. This here is a specialty portal for private customers interested in direct banks in Germany. The best would be if you ask the business customer adviser at where you have your business account. Best of luck!
Hi! I am living in Germany for already 3 years and I have a (unbefristet) contract. I am wondering if is it possible for me to loan 10000€? Currently I have a 8 month old baby and I take 2 years Elternzeit. Is it still possible for me to loan during my Elternzeit or I just need to wait and finish my Elternzeit first before loaning? Thank you
There is no universal answer, because banks operate differently. In general one can say, that it makes more sense to apply for a credit before the Elternzeit/parental leave, rather than during. The good thing is that parental leave is foreseeable 😉
The good thing is also that you have a comparison tool on this site with several banks. So it is possible that one or several banks might finance you. For that, it is necessary to first give the personal information. If you have been an “employee” before, put this in there as well, since you are only taking a break. For the income, you state the amount that you receive as parental benefit. Instead of a pay slip you submit the statement about the parental benefits.
In your case it can make sense to apply for the credit together with a second applicant, because this increases the probability of it being granted significantly. Best of luck!
I would like to know if a unlimited contract is needed for a loan.
Thank you in advance!
You are right: An unlimited employment contract is the best for the credit rating. But nowadays, not that many people have that many anymore. The banks know that too. Loans are also approved for temporary contracts. Important is the overall impression a person makes (on paper). Best of luck!
First of all, many thanks for this kind of detailed articles 🙂 It helps a lot of people.
I have a small question; in case if a person is in his probation period and would like to get a loan, may I know if that’s possible if the employer guarantees a permanent employment of the person (even beyond the duration of probation, maybe with a signed letter)?
I am in a similar situation at the moment as the banks rejected my loan application citing similar reasons.
Thanks in advance for your help.
The solution is very simple: Start the application process from the comparison above. As you type, you will be asked for your job and duration of employment. Give the information as it is. Afterwards you will only be shown such banks that have no problem with the current length of employment or the probationary period. There are some direct banks, which are very generous on this point. Best of luck!
Many thanks for your response.
Sure, I will check this out.
Have a nice day.
I have a permanent contract and I am from India. I have completed my probation period successfully.
I have a blue card which is valid for 2 years and they can extend it after 2 years. I have tried online and Banks but I dont know why my loan application has not processed successfully.
I applied in Smava and Easycredit websites and tried bank directly also but my loan application has been rejected.
May I know why?
Did you select more than 2 years for the duration period (Laufzeit)? German banks are not lending for longer periods than the duration of the current residence permit. A bank cannot know whether it will come to an extension of the residence permit or not. A loan must be repaid before the end of the residence permit duration. You would probably have a chance of getting a loan if it only runs for 1-2 years. Nevertheless, you will probably miss important points in the Schufa Score (credit rating), as you probably have not yet been in Germany for that long.
It is unfortunately like that in many countries: one builds only builds a credit rating that makes one creditworthy over the period of a few years – and re. that we are still comparatively good in Germany. Nevertheless, best of luck!
If a person living in Germany since more than 5 years with a permanent residence, needs loan of 80000 Euros, is it possible to get it without making sure that the money will only be invested inside Germany? For example a person would live in Germany but wants to invest in real estate in Estonia?
German banks usually don’t grant real estate financing loans for real estate in Estland. If you take a private loan that is not limited to a specific purpose, the bank does not care what you do with the money. The interest rate of a private loan is of course an important factor.
I have been doing my Ph.D study in Germany for over 4 years. I had scholarship for the first 3 years, and later I just burned my bank saving.
Recently I decided to apply for PhD degree at another university in Germany so that I can get paid while finishing my thesis. If things go well, it is expected that I can get official university admission (Zulassung) and contract from the professor within 1-2 months. I just need c.a. 6000 Euro for settling down in the new city.
In my case, is it possible for me to loan the money from my main bank (Deutsche bank), even though I can not provide the income from the last 3 months. Or I need to wait until I get the University admission and contract, and use them to loan from bank or online bank (e.g. auxmoney)?
Thanks for your help.
The problem is: I’m not creditworthy (hope this word is correct for it). I would not get a loan during the probationary period. My probationary period is 6 months and started on 01.04.19
I need a loan of about 8,000, how best can I successfully get the loan?
Whether you are creditworthy or not, I can not know. But I can tell you that if you do not apply for a loan, you will not get one. Only those who go through the online process receive a definitive answer, and about half of the cases do receive money. Good luck!
I am a Hungarian guy, working in Germany since 2015 at different theaters as an artist. I have yearly contracts, fix income.
Due to sudden and much spendings in addition with moving to another city, I need a very quick loan of 1500€ which I can pay back in a year or even shorter.
I would prefer a Schufa free solution, and it would be my first loan from a Bank.
Could you advice me any bank which could help?
Hello Peter, customarily we do not offer any individual consulting but develop ideas and produce instructions as above in the article. If you like, go that way. Best of luck!
I am contemplating moving to Germany and would need a car for my job. I have a job offer with a very good salary, but will have no credit history when I arrive. Would I be able to get car finance?
You can try it! Sometimes it does work out, sometimes it doesn’t. You simply cannot predict that. Best of luck!
Thank you for this piece. I have been in Germany for 3 years and 10 months. After my studies, I got a well above average job in April. I am on EU Blue card which lapses till 2023.
I need a loan of 10000 to finance my brother’s study here. I used Smava and some other loan comparing platforms and got nice offers. I decided for the one with Postbank. However, it was rejected. I applied again (twice at Postbank and once at another bank) and all ended up in rejection and with different reasons.
I am still on job probation (one month to go). My question is how long do you think I should wait before trying again? Is there something I am doing wrong?
Yes, that is odd. Please try it with the provider from the article above, because this one does not only check banks for a possible loan, but also various groups of investors who like investing in loans. No waiting period, start right away. Best of luck.
Hey Gregor, thanks for the information.
I wanna ask what the odds are for me to get a 70 000€ loan to help finance my pilot training.
I’ve been living in Germany a little over a year now, I have a residence permit which is still valid for the next two years, however, it will be converted to a permanent residence permit thereafter. My wife has German citizenship and we both have permanent Jobs.
The highest likelihood of loan approval is if your wife signs as the first borrower. Best of luck!
Hey Gregor, thanks for the information
I just got to Germany and I have to stay and work for the next three years my question now is that I just open and account and I am trying to apply for a loan they are asking for my bank statement which I have not receive any monthly payment inside the account, but I have some amount of money inside can I send them the bank statement would my loan be successful, my account is just three weeks old
Currently I can’t see a bank where you would have a chance for a loan – at least with the information I’ve read so far.