Best Personal Loan in Germany

There are many reasons why you need a loan while living in Germany, and purchasing an expensive item is by far the most common one. Although Germany isn’t big on taking loans and credits, there are many options to choose from. Most of them are also available to foreigners with a German residence permit.

Best personal loans in Germany can be obtained at Smava and Auxmoney as well as via comparison tools such as Tarifcheck and Verivox.

To avoid financial pitfalls when taking a loan, you need to do proper research and compare all loan offers in detail. This article explains Germany’s best personal loan providers, where foreign nationals have the highest chance of approval and ease of application. If you are considering financing a car in Germany, check out the best car loans in this article.

Types of loans in Germany

There are several ways to borrow money in Germany. All have their conditions, benefits, and disadvantages.

Compare the best personal loans in Germany by using the tool below:

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1. Installment loan from a traditional bank

An installment loan or Ratenkredit is your classical loan with monthly repayments. Most banks offer to lend loans of that type. You can use the borrowed money freely. Banks give installment loans based on your creditworthiness. Current clients get the best chances.

However, at the traditional bank, you can benefit from the lowest interest rates (2-4% interest). In many cases, an applicant will have to show a very good credit score and a stable income.

Generally, interest rates for personal loans in Germany range between 1,99% and 19,99%.

Some traditional banks where you can get a personal loan:

On the Smava platform, you can apply for a loan at some of the most popular banks in Germany, including Commerzbank, Deutsche Bank, Barclays, Bank of Scotland, and Santander.

Read more about loans for foreigners in Germany.

2. Peer-to-Peer loans

Peer-to-peer lending and crowdfunded loans are growing fast in Germany. These are mainly online providers, offering a marketplace between lenders and borrowers.

Here you borrow money from private individuals and not from banks. They are more flexible in their terms and requirements than traditional bank loans. Therefore, success rates with peer-to-peer lending are also higher. The main advantages of getting a peer-to-peer loan are:

  • Reasonable interest rate
  • Fast payout speed
  • Less bureaucracy
  • Loans with not optimal or negative credit score
  • Loans between 1,000 EUR and 50,000 EUR

Auxmoney is Germany’s biggest private loan service provider, offering loans up to 50,000 EUR.

They are known for high success rates for private loans. You can borrow between 1,000 EUR and 50,000 EUR for a duration of 12 and 84 months.

3.  Loan comparison platforms 

One of the best ways to get a loan in Germany is to choose it via one of the online loan calculators and comparison platforms such as Smava, Tarifcheck and Verivox.

Comparing loans before accepting the offer is essential, and loan comparison platforms do this job for you. Make sure to check all of them to pick the best credit for your situation.

1. Smava is Berlin-based and Germany’s first FinTech company, founded in 2007. It’s rated as 5 out of 5 in finding credit in Germany. With Smava you can apply for loans from banks like Commerzbank, Postbank, Unicredit, Sparkasse, and Deutsche Bank.

Here you can borrow between 1,000 EUR and 120,000 EUR.

2. Tarifcheck is the second place where you can compare loans and mortgages in Germany. The process is simple, just select the loan amount as well as the term duration, and you will see all options.

3. Verivox is one of the largest German platforms to compare all sorts of stuff, including loans, car insurances, internet deals, and electricity & gas plans.

There you can choose the type of loan and the conditions. Loans up to 100,000 EUR with a duration of up to 10 years are available. All inquiries via Verivox are SCHUFA-neutral.

4. Loanlink24 is a comparison tool for mortgages in Germany. You can see offers from over 400 German banks. The best thing about this platform is that it’s 100% in ENGLISH. 

Best places to get a personal loan in Germany

Here are our recommended providers for getting a personal loan in Germany, especially if you aren’t a German national. We compared loan providers based on the following criteria:

  • Approval rate
  • Ease of application (especially important for non-German speakers)
  • Term
  • Interest rate
  • Flexibility
Loan providerInterest rateLoan amount (EUR)Loan term (months)Success rateBonus
Smava0,40% - 10,90%500 - 120,00012 - 120HighFast processing time
Auxmoneyaverage 4,42% 1,000 - 50,00012 - 84HighFast payout
1822direkt2,49% to 7,31%2,500 - 50,00012 - 120 AverageFree bank account
Tarifcheck0,68% to 5,99%1,000 - 100,00012 - 120HighBest rates on the market
VerivoxFrom 0,0%; Average - 3,52%up to 100,00012 - 120HighFind best rates through detailed comparison

1. Smava

Smava is another favorable solution for a personal loan in Germany. It’s the most prominent online loan calculator, where you can:

  • calculate
  • compare
  • find
  • select
  • apply
  • and receive a loan in Germany

Smava will give you an overview of 70 loans from more than 20 leading credit banks, online lenders, and peer-to-peer lenders. For any help, you can reach out to one of 200 loan advisors.

Conditions and benefits of a personal loan with Smava:

  • it’s 100% free!
  • loan offers from various banks with favorable conditions
  • neutral SCHUFA request: your loan application doesn’t affect your credit score
  • loans from 500 EUR to 120,000 EUR
  • loans for the self-employed
  • interest rates from 0,68%
  • fast processing time (max. two working days)
  • fast loan payment

Smava is Germany’s largest loan comparison website, which is offering quick, easy, and affordable loans since 2007.

On Smava, you can apply for a loan at some of the most popular banks in Germany, including Commerzbank, Deutsche Bank, Barclays, Bank of Scotland, and Santander.

Read our full review on Smava.

2. Auxmoney

Auxmoney is a peer-to-peer lending marketplace based in Germany and was founded in 2007. It’s an online platform that eliminates the high cost and complexity of financing via traditional banks. Auxmoney has a very straightforward, fast, and easy process for borrowers.

They provide a high success rate also for people with lower credit scores. You can use the money borrowed with Auxmoney for any purpose. More than half of all loan requests are approved within 2 hours. 

Over the company’s history, Auxmoney has given over 325,000 loans of more than 2 milliards EUR. They are rated as 4,8 out of 5 in service and offerings.

Personal loan with Auxmoney:

Loan approval even with a low credit score
Favorable interest rates – from 5.40% / year for loan of 50,000 EUR
Fast money from private and institutional investors
Instant quote/offer
Loans from 1,000 EUR to 50,000 EUR
Loan term between 12 and 84 months
A completely online process with no paperwork
Loan approval even after refusal from a traditional bank

You can apply for a loan even if a traditional bank refuses your loan request. Application and the whole process at Auxmoney are made online.

From our research and experience, Auxmoney is by far the best and easiest place you can get a loan as a foreigner; the refusal rate is very low, as well as the requirements. It’s a private organization powered by investor’s funds, which is different from the traditional bank.

How to apply for a loan with Auxmoney?

  1. Create your personal digital profile 
  2. Fill out loan request – it takes a few minutes
  3. Quick review of financing options will be done
  4. Go through identification via VideoIdent
  5. Sign contract online
  6. The decision will be made, and money will be transferred to you within 24 hours or a few days

Read our full review on Auxmoney.

3. SWK Bank

SWK is the largest direct bank in Germany, with over 60 years of experience with over 20,000 positive reviews. You can easily apply for a personal loan online; in fact, the entire process of getting a loan is digital. Hence, you can expect a straightforward application and quick processing.

Loan terms at SWK bank:

Term durationLoan (EUR)Interest rateSuccess rateHighlights
24 – 120 monthsup to 100,000From 1,54%; Average – 3,29%HighSimple and fast
Loan amount2,500 – 100,000 EUR
Annual interest rate1.54 – 3.92%
Effective interest rate1.55 – 3.99%
Age requirement18
Employment requirement 6 months
Minimum required annual income0 EUR
Administration fee0 EUR

4. 1822direkt

Bank 1822direkt is a part of the well-known Sparkasse bank in Germany. At 1822direkt, you can get a loan between 2,500 EUR and 50,000 EUR.

The duration of the loan varies between 12 months and 120 months.

Here is an example of a basic loan with 1822direkt:

Loan amount 15,000 EUR
Term84 months
Annual interest rate2,99%
Borrowing rate2,95%
You pay 83 monthly installments of 197,70 EUR and 1 final installment of 195,65 EUR
Total16,604 EUR

Customers of the bank have a higher chance of receiving a personal loan and with better conditions. You can become a customer by opening one of the bank accounts with 1822direkt. In fact, some of them are free and provide great benefits!

In addition to the debit card, you can apply for a credit card. Moreover, the application and setup are made online, so you don’t have to spend time going to the branch.

5. Tarifcheck

On the platform Tarifcheck, you can compare a wide range of loans and credits in Germany (including with no SCHUFA). has been around since 2001 and is one of the largest comparison platforms in the country.

The process is super easy; you just need to specify the desirable loan duration and amount. The conditions are very favorable, including:

  • Interest rate between 0,68% – 5,99%
  • Loans up to 100,000 EUR
  • Loan term between 12 – 120 months
  • High success rate

5. Verivox

Verivox is the largest German platform to compare loans, electricity & gas plans, car insurance, and internet deals. 

Their comparison tool includes a wide range of Germany banks you can choose from. Loans up to 100,000 EUR with a duration of up to 10 years are available. All inquiries via Verivox are SCHUFA-neutral.

When picking your loan, pay attention to the annual percentage rate (effektiver Jahreszins) and the nominal interest rate (Sollzins).

Features of Verivox:

  • Interest rate starts from 0.0%
  • 100% digital, no submission of documents
  • Same-day processing incl. money withdrawal is possible
  • Special repayment
  • Payment pauses possible
  • SCHUFA-neutral

Quick loans in Germany

Quick loans are the best solution if you need money urgently and in smaller amounts. Some of the providers in Germany are:

  • Vexcash – 500 EUR up to 3,000 EUR
  • – 200 EUR for 2 months at 0% interest rate

Requirements for mini, quick loans:

What is important for a loan application in Germany?

1. Your credit score (SCHUFA)

A credit score is undoubtedly essential when applying for a loan in Germany. Rarely will banks offer you financing without checking your creditworthiness. It applies to both – Germans and foreigners. Only a few loan providers will borrow with no or bad credit scores.

Creditworthiness can be established by you having a stable job, regular monthly income, and some credit history in the country. Also, don’t forget to get at least 3 payslips from work.

You can check your current credit score in Germany here.

2. Repayment duration

Depending on your situation, you might choose a loan term ranging from a period of 12 to 120 months. However, the length of your residence permit in Germany might play a role in the loan term, where banks would issue a loan in accordance with your permit.

Therefore, the longer the validity of your residence permit in Germany, the longer the loan term can be. Moreover, your overall chances of getting financing will also be higher.

Requirements for a personal loan in Germany

To receive a personal loan in Germany, you must fulfill several requirements. Some loan providers might have fewer or simpler conditions for borrowers, but all will check at least your income source.

Basic loan requirements are:

  • Age of minimum 18 years
  • Address and residency in Germany
  • German bank account
  • Sufficient income (Employment or self-employed or pension)
  • No negative entries in your SCHUFA (German credit score)

Furthermore, every bank and the financial institution will ask for a particular set of documents before approving the loan.

In general, this includes:

  • Passport or ID
  • 3 last salary statements
  • For self-employed persons and freelancers should submit at least 1 income tax statement, which isn’t older than 3 years


Anna is an enthusiastic expatriate with experience of living in Germany, Austria and Greece. She shares her passion for living abroad on this website.

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