Credit in Germany: Loan calculator and comparison (2024)

Get a loan in Germany with VERIVOX

There are 2 ways to get a personal loan on verivox.de.

If you do not speak German

Call our toll-free hotline (06221 79617216) and ask for an English-speaking credit advisor. We are happy to guide you through the comparison and the application process. We'll make sure you get a low interest rate (APR) and help you fill out your application. We are there for you from 8am to 8pm on weekdays and from 10am to 6pm on Saturdays.

If you do speak German

Use our free loans comparison tool above. It calculates your personal interest rates (APR) at several German banks. You can apply for a loan at the bank of your choice. For more details, see section "How to get your credit in 4 steps".

VERIVOX loans hotline

We don’t believe in call centres. That's why VERIVOX assigns a dedicated and experienced credit advisor to every customer. Your designated advisor will support you all the way until you receive your money and beyond. We will:

• guide you through the credit comparison;
• make sure you get a low interest rate and receive your money as soon as possible;
• help you select the appropriate loan term to keep your monthly payments well within your budget;
• fill out the credit application form together with you;
• explain the process of identity verification;
• keep tabs on your credit application and give you status updates;
• contact you at once if the bank makes any additional requests and help you deal with them;
• still be there for you after you receive your money. Call us if you need help with refinancing, deferring your payments, repaying early or making an unscheduled payment.

How to get your credit in 4 steps

German speakers may follow the following 4 steps to compare banks and apply for a loan.

1. See what types of loans are available

Enter your desired loan amount in Euro and the loan term in months into the VERIVOX calculator above. You may also select one of the following reasons for the loan:

• "Freie Verwendung": unspecified. You will see all general-purpose personal loans, but neither secured car loans nor personal loans for home improvement.
• "Umschuldung / Kreditablösung": consolidation or refinancing of existing debt. If this option is not selected, the bank will assume the new loan will be added to your existing loans, leading to a higher APR.
• "Auto / Motorrad": car or motorcycle loan. With this selection you will see secured car loans in addition to general-purpose loans. Most banks will expect you to provide your motor vehicle registration certificate (Kfz-Zulassungsbescheinigung Teil 2) as collateral in exchange for a lower rate.
• "Modernisierung / Renovierung": personal loans for home improvement. This option will show personal loans for homeowners in addition to general-purpose personal loans. These loans are not secured against your property. You will merely have to show proof of home ownership and usually also of the fact that the money will be used for home improvement.
• "Ausgleich Girokonto": debt consolidation for bank overdrafts. If you find yourself constantly using your overdraft facility, you may transfer that debt from a high-interest overdraft to a lower-interest personal loan in order to save money.
• "Gewerbe / Selbstständige": businesses and the self-employed. This option will only show loans that accept self-employed people or businesses.

You will receive a list of banks that offer loans within these parameters.

Every offer includes the lowest and the highest possible APR (eff. Zins p.a.) and nominal interest rate (Sollzins geb. p.a.). Underneath every offer you will find the representative example (repräsentatives Beispiel). It shows the lowest APR and nominal interest rate available to at least 2/3 of the customers. Consumers with an average credit score can use it to better estimate their own interest rate.

2. Find out your individual APR

To receive personalized loan offers, click on the orange buttons and enter your personal data until the end of the application route (last button “Angebote anfragen”). You must also agree to a credit score check at the Schufa, the main credit agency in Germany. This is not an application, so the check (Konditionenanfrage) will not influence your credit score. Based on this data the banks will pre-approve you for a loan and calculate your personal APR.

3. Apply for a loan

Print out and fill out an application for the loan that offers you the best terms. Gather the documents required by the bank of your choice (proof of income etc.). Contact our hotline if you have any questions.

Banks are legally obligated to verify the identity of every new customer. You can undergo identity verification while sending your application at the post office. Learn more about face-to-face identity verification at German post offices under Postident-Verfahren. Many banks also allow online identity verification via video chat (Videoident-Verfahren).

4. Loan approval

After receiving your signed application and documents, the bank will compare them to the data you entered online. It will also request another credit score check at the Schufa. This time it will influence your credit score. If all data is consistent, the bank will approve your loan and transfer the amount to your account. This may take up to a week. Your personal loans advisor will keep in touch with you and make sure you know where you stand.

Prerequisites for a personal loan in Germany

To get a credit in Germany, you must fulfil the following prerequisites:

• At least 18 years old
• Living in Germany
• German bank account
• Regular income (attachable earnings) that covers the monthly payments
• High enough credit rating (Schufa score)

German residents may order one free credit report per year from every credit agency. The most important agency is the Schufa. Contact our hotline for an English explanation of how to receive your credit report. For an explanation in German, read Schufa Score.

Available types of credit

• Ratenkredit (instalment loans): Unsecured personal loan. Repayment in equal monthly instalments. Loan amount: 1.000 to 100.000 Euro. Loan term: 12 to 120 months. This is what Germans typically mean by "Kredit".
• Autokredit (car credit): Instalment loan as above for the purpose of buying a car. The bank uses the car as collateral and offers a lower APR than for an unsecured loan. This means the buyer cannot sell the car until they pay off the auto loan.
• Dispositionskredit or Dispokredit (overdraft credit): Line of credit available for overdraft. Usually granted when opening a checking account (Girokonto) – no separate application necessary.
• Kreditkarte (credit card): A term used in Germany to describe various types of cards. Revolving credit cards are called echte Kreditkarte or Kreditkarte mit Kreditrahmen. Charge cards (Chargekarte), debit cards (Debitkarte) and prepaid credit cards (Prepaid-Kreditkarte) are available as well.
• Baufinanzierung or Immobilienkredit (mortgage loans): Secured long-term loans used to finance real estate.

Getting a mortgage in Germany

Applying for a mortgage in Germany is more complicated than getting a personal loan or a car credit. We recommend Vergleich.de.

Information in other languages

You can find this information in your preferred language:

Further banking information in English

Banks in Germany

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