With advices to obtain a better interest rate (see below)

Online loan by Smava > The best way to get a loan in Germany!

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.

Smava Kredit-Vergleich

1) Specify the use of the loan. If no predetermined use fits, choose “Freie Verwendung” (free use).
2) Choose a loan amount. Smava mediates loans between Euros 1,000 and 120,000.
3) Specify a loan period. This means, in how many months you will repay the loan including interest. You can see the monthly instalment on the far right.

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

Smava Kredit

Enter your personal data, click on the first box and then on “Weiter” (next).

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 loan offer

Congratulations: You have received loan offers and can now choose between different banks.

What happened?

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.

    Smava loan and income

    It is generally known that the prospects for a good loan interest rate rise, the better the own creditworthiness. The own income is an important factor for the creditworthiness rating.

    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).

    loan in Germany income

    State all further regular income (even if you get if from abroad) here at “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!

www.smava.de

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

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Online loan by Smava > The best way to get a loan in Germany!, 5.0 out of 5 based on 16 ratings

Who writes here?

Someone who gained experience with more than 100 banks in more than 20 countries during the past 15 years. My name is Gregor and if you click to continue you can find out why I am here and what this site is for ⇒ continue.

9 Responses to “Online loan by Smava > The best way to get a loan in Germany!”

  1. Francis says:

    Thank you for the great description! If I sign up today and apply for the loan, when can I expect the payment?

    VA:F [1.9.22_1171]
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    • Gregor says:

      The assessment of your loan application, as well as the creation of one or several loan offers is in any case completed within 48 hours.

      Now, it depends on how well and fast you cooperate. It is legally required that you make the legitimating. This is done generally through the PostIdent procedure at every German post branch office.

      At some banks – you know from the article above that Smava does not only grant own loans, but also mediates loans to various banks – this is even possible via video-chat. This saves even more time.

      In most cases, proof of salary can be uploaded online or sent by e-mail. If you do not have this possibility, you can also send it by mail.

      On average, it takes a week from the online application until you have the money in your current account. Therefore, you should start on time!

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      • Redaktion says:

        Ah! Your question comes at the right point of time, because since today, Smava has something new that you might like: Kredit2Go!

        If your desired loan amount (and your creditworthiness) fit into the Kredit2Go program, then you receive the payment within 24 hours!

        Kredit2Go is a special program in order to pay loans to borrowers even faster. For this to work, a lot was standardized. For example, this “fast lane” only works for loans with a term of 36 months and a loan amount of Euros 1,000 to 5,000.

        You can also see it, if you use this loan calculator: https://www.deutscheskonto.org/en/loan/comparison-calculator-tool/ – in the results overview, the logo of “Kredit2Go” is shown at the interest rate of 4.99 %.

        Proof of salary and income do not have to be submitted in this fast program. The creditworthiness is checked digitally using Schufa and other information services.

        From this and the quite favourable interest rate, one can see that the program is designed for people with a good to very good creditworthiness.

        If your creditworthiness is average or if you do not have a creditworthiness assessment of yourself, you can still apply for the Kredit2Go. You can do this through the link: smava.de and fill the fields as described above in the instructions.

        If you do not fit into the Kredit2Go program, you will get other loan offers in the best of cases. It may be that the interest rate will be a little higher. Interest rates generally depend on the creditworthiness and usually reflect the estimated risk of the loan bank.

        If everything works in your favour, you will get a loan approval online quite fast. Now you only have to make the legitimating. You can do this through the webcam (similar to Skype).

        As soon as this is done, the loan will be paid. Generally, the money is in your bank account on the following day. Does that help? I wish you lots of success with your plans!

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  2. Kubisch says:

    I want to thank Smava and also this page here!

    Through you, I drew my attention to the possibility of favourable loans on the Internet – well, I have already heard of it before. But which provider should one choose?

    You have described it comprehensibly step by step, so that I took my chances at Smava.

    I have stated my desired loan amount and tried different terms at the calculation, then I registered (created something like a user account) and filled the fields for the personal data.

    Suddenly, my phone was ringing and a friendly loan advisor of Smava was calling. This was quite a surprise for me, however, it was helpful, because we filled the remaining fields together. Sometimes, one is not completely sure about filling a form.

    After the calculation – there were two offers – he has counseled me, where to submit the loan application. This worked very good. There was not even a query by the bank. Only the legitimating had to be made and then the money was paid. The first debit entry of the instalment already took place. I am very satisfied, because I was able to make a little dream come true at very favourable conditions.

    VA:F [1.9.22_1171]
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    • Gregor says:

      Many thanks for this great feedback + the description, which is an outstanding supplement for subsequent readers. ?

      If there are loan advisors available, then Smava really calls already during the filling of the online loan application. One has determined that mistakes at the filling can be avoided this way. This increases the chances of getting a loan!

      If it is during the night hours, one can also fill the online application. The call will then take place on the following day.

      One was able to organize loans through these conversations, because a personal chat opens more possibilities.

      The loan counseling on the phone is an option. You can accept or reject it.

      The requirement for this consultation is that you register (see our instructions above) and provide data of your desired loan, as well as of your person (contact data, etc.).

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  3. ALPER Celik says:

    Why doesn’t it show loans more than 120,000EUR?

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

    I have applied for a loan in the amount of Euros 25,000, I already have Euros 5,000 loan and I still have 18 instalments. I also have two mobile phone contracts and repay my cell phones in instalments until October 2017, but I have not specified this information in the application. Could this complicate my loan application? Do I get a loan? Can they reject my application, because I have not mentioned any information about my cell phones? I kindly ask for an answer.

    VA:F [1.9.22_1171]
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    • Gregor says:

      Do you want to increase a loan, which was organized through Smava? If it did not go through Smava, it makes sense to register first at Smava (see above in the article) and enter the necessary information completely. If no mobile phone contracts are asked for, then you do not need to enter them.

      About the possibility of a loan increase or the refinancing (instead of Euros 5,000 Euro old loan and Euros 25,000 new loan => one makes Euros 30,000 new loan and repays the old loan completely), you can contact your personal loan counsellor at Smava. After all, he/she knows your personal data, your creditworthiness and knows which banks want to grant which loans. You can find out who your personal credit counsellor is in the logged-in area.

      So: If not done yet, register at Smava or log in as an existing customer and contact the Smava counsellor from the online account. I wish you all the best!

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