One of the most successful loan intermediaries in the German Internet is smava.de from Berlin. The portal compares loan banks, offers its own loans and provides a marketplace at which you can get financing from private financial lenders!
In short: with smava, one has the greatest chance to get a loan in Germany.
You learn here how Smava works in detail in order to prepare yourself to get with high probability one or more loan offers and at a reasonable rate.
1. Requirements for a successful loan application
- You are at least 18 years old and have an address in Germany
- You dispose of a regular income (e.g. salary, pension payment)
Do you meet the requirements? So, let’s continue!
2. Start loan comparison
However, beware: Who makes a loan application on the Internet at several banks in order to determine the cheapest offer for oneself, is in danger of getting absolutely no loan at all. Every loan application is saved at Germany’s largest credit investigation company SCHUFA. Several loan applications decrease the personal rating. Thus, the loan will become more expensive or even impossible.
This is different at Smava: The loan comparison takes place in a “protected” environment. Details can be found further below in this article.
Go now in parallel with the reading of this article to the comparison page ► smava.de ◄ and choose the amount of loan you want.
Here, it is not worth the time to “play” with the loan amount or period, as the interest calculation is based on the best creditworthiness rating.
Only when you enter your personal data, tick the box to agree to the conditions and have clicked on “Weiter” (next), you will see the individual loan offers according to your creditworthiness rating.
3. Enter personal data
On the next page, your income has to be stated. Please enter it truthfully, because it is common in most commercial banks that you have to submit proof of salary.
To increase your chances to get a loan, do not forget to also state part-time jobs or side-line jobs, if they are stable and you can prove the income.
Then click on “Weiter” (next) again.
4. Get loan offers
The next page could look like this or similar to this:
Smava determined your creditworthiness. This was done based on your personal data and what credit investigation companies have stored about you. The word “Credit history” from the American is meanwhile also used in Germany and describes this process well.
Including your loan request data (loan amount, period, use), a record has been created. This record has been matched fully automated with all condition tables of partner banks (Deutsche Bank, Postbank, ING-DiBa, among others) and thus made a preliminary request as to whether the bank would grant you and pay the loan.
The responses from the banks are either “yes” or “no”. At a “yes”, an interest rate is transmitted.
In the best of cases, you have the opportunity to choose your loan.
The calculation, request and creation of offers takes about 1–2 minutes.
You save time and money
You do not only have a huge time advantage (compared to individual requests at all banks), you even get the offers “creditworthiness neutral”.
At the SCHUFA, there was only a single data request using the neutral note “Loan condition request” and from this virtually internally about 30 banks were asked in a “protected” area in order to find suitable banks for your loan.
You can now actually choose the cheapest loan.
What if no loan offer is presented?
The good news: In 50 per cent of cases, one or more banks that would pay a loan were found through the Smava-comparison.
If no bank is found, you have the possibility to describe the loan request in detail and present it as “investment property” on the marketplace “Kredite von privat an privat” (loans from private to private). If one does it convincingly well, one can get a loan from one or more private lenders.
However, the payment takes place through Smava. The interest rates are usually higher here, but especially for freelancers, self-employed and start-ups, this is a real opportunity to get access to external financing.
Understand it as a 2nd chance for a loan
Some people, however, have a very bad creditworthiness or it cannot be determined due to too little data – for example, if one is still very young and has not yet been sufficiently investigated by the credit investigation companies or one lives in Germany only since recently. Then, there won’t be a loan offer. This is a pity. Nevertheless, one has not “ruined” anything, because the loan comparison through Smava is always creditworthiness-neutral and free!
That means for you: If you assess your own creditworthiness as not so good, a loan inquiry through Smava is a good and free opportunity to find out. You do not lose anything, you can only win!
Start the loan comparison now ► smava.de.
5. Loan application, legitimating, documents, payment
Since Smava cooperates with many different banks, there are differences in the loan formalities, of which we cannot describe all of them here. However, there is something really great:
Telephone assistance daily from 8 am to 8 pm!
Once you have sent the loan application for the purpose of calculation and comparison and the first results are present, you get a telephone call from a Smava loan advisor. He/she will help you with the next steps up to the payment of the loan to your bank account.
If you send your loan request at night, the call will take place on the next day. Also on weekends!
Bonus: Advices to get a loan with a better interest rate
Specify the income correctly
State the income correctly and as accurately as possible. Since you may be asked to submit or upload proof later, it makes no sense that you state a higher income than you can prove. If you enter exact numbers, you indicate that you deal well with money!
Do not forget to state possible further income, apart from the salary. You can do this by clicking in the online form on “Weiteres Einkommen hinzufügen“ (add further income) and a new line will open.
Do not forget, if applicable, income from capital assets (rental income, interest, dividends, other payments) or income from other side-line jobs, as for example “cleaning service”.
However, remember that this must be proven on request. Often, this is possible through bank statements. Such income is stated under “Sonstiges” (other).
State second borrower or guarantor
This strategy is often used to get a better interest rate.
Of course: The interest rate is always the price for the risk, which the bank has to face. If two people are responsible for a loan, the bank considers that the risk decreases.
Some people only get a loan approval due to the current creditworthiness rating, if they state a second person. This is often the case with young people (start-up professionals), who have to move due to the training place and want to take a loan for the establishment of the new apartment.
It also applies to people, who live in Germany only since recently, but have relatives, who are here for some time and have already built up a creditworthiness.
Insider tip: If you are self-employed, freelancer or start-up, then always enter the person who has a steady job first. The second person is asked to state the professional status! And no matter how good you are as an entrepreneur, banks always regard economically self-employed people as a higher risk. That means that your loan would become more expensive or perhaps you would not get any – or not the desired amount.
State existing loan(s)
The loan targeted through Smava is not always the first, which one takes.
All current loans must be indicated in the online form. In Germany, there is the Schufa with a central loan register. If you conceal a loan and one finds information on an existing loan, it looks bad for you, because you were dishonest with your data.
Existing loans are not a problem, as long as there is still enough money to repay the new loan and the living. German banks calculate very pragmatically: all revenue minus all expenditures (herein, existing loans are included) minus new loan instalment = sum for living. If this sum is enough for living – the bank uses a blanket model, which takes into account children, among others – it looks very good with a new loan.
Are our advices helpful for you?
Then I would be glad, if you would rate this page at the end with 5 stars as a recognition of our effort and you can also recommend it as a source of information. Thank you very much!
Got a too high interest rate or loan was rejected though?
If you want, you can start the loan application process again with a lower loan amount. This has already helped quite often!
You can start the process several times at Smava within the next few days, without suffering any creditworthiness losses, because the Schufa query as well as the data from the other agencies are already available and do not need to be requested again.
Even if you should try it with another loan intermediary later, all your activities at Smava (here, 30 banks were requested internally) look like one single loan condition request!
Loan request can be started several times: this is not only helpful, but also super-fair!
“Start the loan comparison now”
… payment possible in only 2–5 days!
Questions on the loan?
We would be happy to answer your questions about the loan through Smava via the comments feature. Feel free to use this feature to inform other loan seekers about your tips or experiences with Smava. The goal is to help loan prospects to get the best possible loan in Germany. Thank you very much!
Obviously, you have read this information page until the end – Are you now ready to start a non-binding and free loan request to find appropriate offers?
Further articles about the subject loan in Germany
- Loan in Germany – basic information
- Loan comparison – free calculation tool
- 3 ways to apply for a loan in Germany