Personal Loan in Germany for Foreigners
Compare loans from 100+ German banks. Get approved as an expat with rates from 0.69% APR.
Compare Loan Offers Now
Free comparison, no obligation, instant results
Loan Requirements for Foreigners in Germany
Required Documents
- Valid passport and residence permit
- Anmeldung (residence registration)
- German bank account (IBAN)
- Last 3 months payslips
- Employment contract
Eligibility Criteria
- Minimum age: 18 years
- Regular income (employed or self-employed)
- No negative Schufa entries
- Completed probationary period (preferred)
- Valid residence permit for loan duration
Getting a Personal Loan as a Foreigner in Germany
Germany has a well-developed personal loan market with numerous banks and online lenders offering competitive rates. As a foreigner living in Germany, you can access these financial products, though the requirements may differ slightly from those for German citizens.
Understanding the German Loan Market
The German banking system is known for its reliability and consumer protection. Personal loans (Ratenkredit or Konsumentenkredit) typically offer fixed interest rates for the entire loan term, making budgeting predictable. Loan amounts usually range from 1,000 to 75,000 EUR with terms from 12 to 120 months.
The Role of Schufa for Foreign Applicants
Schufa is Germany's primary credit reporting agency. As a newcomer, you likely have no Schufa history, which is different from having a negative score. Some banks specialize in serving customers without established credit history. You can build your Schufa score over time through regular payments on mobile contracts, credit cards, or small consumer credits.
EU vs. Non-EU Citizens
EU citizens generally have easier access to German loans due to freedom of movement rights. Non-EU citizens need valid residence permits, with some banks requiring permits valid for at least the loan duration. Blue Card holders and those with permanent residence (Niederlassungserlaubnis) typically receive better conditions.
Typical Interest Rates
Personal loan interest rates in Germany typically range from 2.99% to 10.99% APR (effektiver Jahreszins), depending on your credit profile, loan amount, and term. The best rates start at 0.69% for well-qualified borrowers with excellent Schufa scores.
Tips for Successful Application
- Gather all documents beforehand: Having complete documentation speeds up the process significantly.
- Compare multiple offers: Interest rates can vary significantly between lenders. Use comparison tools to find the best rate.
- Consider the total cost: Look at the effective annual interest rate (effektiver Jahreszins) which includes all fees.
- Be honest: Providing accurate information builds trust and prevents rejection.
- Apply after probation: If possible, wait until your probationary period at work is complete.
Frequently Asked Questions
Can foreigners get a personal loan in Germany?
Yes, foreigners can get personal loans in Germany if they meet basic requirements: valid residence permit, registered German address (Anmeldung), German bank account, and proof of regular income. Both EU and non-EU citizens are eligible, though requirements may vary by lender.
What documents do I need as a foreigner to apply for a loan?
Required documents include: valid passport and residence permit, Anmeldung (registration certificate), employment contract or proof of income, last 3 payslips, bank statements from the past 3 months, and sometimes a Schufa report. Self-employed applicants need tax returns from the last 2 years.
Do I need a Schufa score to get a loan as a foreigner?
Most German banks require a Schufa check. As a newcomer, you may have no Schufa history, which is different from having a bad score. Some lenders specialize in loans for people without Schufa history. Building your Schufa score through a mobile contract or credit card can help.
What is the minimum income required for a loan in Germany?
Most banks require a minimum net monthly income of around 1,000-1,200 EUR. The exact amount depends on the loan size and your existing financial obligations. Banks calculate your disposable income after rent and other commitments.
How long must I live in Germany before applying for a loan?
Requirements vary by lender. Some banks require at least 6-12 months of German residence, while others may approve loans for recent arrivals with stable employment. Having completed your probationary period at work significantly improves approval chances.
Can I get a loan with a temporary residence permit?
Yes, but approval depends on the permit type and remaining validity. Banks prefer permits valid for at least the loan duration. EU citizens with freedom of movement have easier access. Non-EU citizens may need longer-term permits or additional guarantees.
CheckAlle.de is an independent comparison platform. Loan offers are provided by partner banks.
Our service is completely free and non-binding.