Can Foreigners Get a Loan in Germany?

Jun 16, 2021Banking and Finance, Living in Germany

People are taking loans for different reasons, whether it’s an urgent need for money, a purchase of the car, or some other expense you didn’t plan for. Germany is an economically wealthy county, so it shouldn’t be a problem to get a loan even as a foreigner.

Foreign nationals can get a loan in Germany if they fall under the following criteria:

  • Be a resident in Germany
  • Have a current account with a German bank
  • Have a regular income

So you are determined to take a loan in Germany? In this article, you will learn which loan options are available for foreign nationals and how to apply for one with a 100% success rate!

Loans for Foreigers in Germany

Germany is a country of opportunity, but being a foreigner can bring some obstacles to your life. Usually, you can’t work without a permit, and you can only stay as long as your visa is valid. Is it even possible to get a loan?

Luckily, Germany isn’t racist and doesn’t discriminate against people just because of their nationality. Accordingly to the law, foreigners have a right on getting a loan in the country, bus it will mostly depend on the bank and your life situation.

Overall, getting a loan as a foreigner is more difficult as it will be for a German citizen. EU citizens have better chances than non-EU nationals. Banks simply don’t want to take a high risk.

Ultimately, banks want to see that you are staying long-term in Germany, especially if you are thinking about getting a loan for an extended period of time. EU citizens and PR holders have higher success rates in getting a loan in Germany. Nonetheless, all foreigners can receive a loan in Germany, assuming they fullfill basic requirements such as having:

  • Resedency in Germany
  • Regular income

Tips on getting a loan in Germany

To increase your chances of getting a loan in Germany as a foreigner, be sure to only inquire for loans with a repayment period that lies fully within the duration of your residence permit. If you are looking at getting a mortgage, your best chance is to wait until you hold a settlement permit (PR). 

  1. Apply for a loan which has maximum duration of your residence permit in Germany.
  2. Provide income and financial proof – you can support yourself and are able to pay back the money.
  3. Try to apply for a smaller amount at online banks – they have fewer requiremensts and easier processes of granding a loan.

Get a Loan in Germany as a Foreiger

Standard requirements of traditional banks when applying for a loan in Germany:

  • You are older than 18 years
  • You are taking a loan for yourself
  • You have a residence in Germany
  • You have a bank account based in Germany
  • You have positive SCHUFA (credit score)
  • You have a regular income

As part of the credit check, banks will have a look at your Schufa (credit score). If it’s negative, obtaining a loan in a classic bank will be not possible for you. The other option for credit will be an online bank, providing faster online loans with fewer requirements.

Online financial organizations like Auxmoney have fewer requirements:

  • You are resident in Germany
  • You have a current account with a German bank
  • They have a regular income

Getting a loans as a non-EU citizen

Bank’s decision will also depend on whether you are from an EU or non-EU country. For non-EU citizens, most banks will ask for a residence permit and work permit.

Hence, the duration of the loan term will be limited by the period of validity of both documents. A loan for foreigners with a temporary residence permit is possible if the duration of the credit isn’t longer than your permit.

However, banks often make exceptions, provided that the extension of the residence permit/work permit will not be a problem for you.

Loans for self-employed in Germany

But what if you are self-employed in Germany? Can you still get a loan? Yes! However, for self-employed people, business owners, and freelancers, a certain period of self-employment is usually required to get a loan in Germany.

As an alternative to the salary confirmation, you can present current account statements. Apply for a loan as a self-employed here.

Student loans in Germany

Student loans are quite common in Germany. You can get a loan to finance expenses during a course of study.

Here are some possible funding options for students in Germany:

  • BAföG
  • KfW student loan
  • Student loans from individual banks, e.g. from Sparkasse
  • Loans at private banks, icluding microfinancial organizations

Unfortunately, not all foreign students are eligible for this credit. The official student loan is available for:

  1. EU citizens residing in Germany for at least three years.
  2. Family members of above mentioned EU citizen, who are residing in Germany together.
  3. People with German school leaving diploma or who has finnished a German school abroad.

Nonetheless, if you don’t fall into one of those categories you still can take a student loan with some private bank. Apply for such here.

Requiremets for getting a loan in Germany

In order to get a loan in Germany, there are a few requirements you must fulfill. You need to:

  • be registered in Germany
  • be able to prove a steady and sufficient proof of income ( 3 – 6 months of pay slips for employees, up to two years of balance sheets for freelancers)
  • be presenting a decent SCHUFA score

Auxmoney has the least amount of requirements.

In most cases, you will need to take a personal loan. Although traditional banks also occasionally offer personal loans, the chances of getting one are rather poor, especially for certain people, such as freelancers, students, or the self-employed.

You have better chances with Auxmoney because it’s not a single bank, but a large number of private and institutional investors. They will decide whether you get a loan or not. Moreover, loans with such organizations are more flexible.

When you are requesting a loan in the traditional bank you should apply for a loan conditions inquiry (Kreditkonditionen Anfrage), instead of a loan request (Kredit Anfrage).

The former won’t impact your SCHUFA score, whereas the latter can negatively influence it.

Check your SHUFA

As we mentioned before, traditional banks will check your SHUFA (credit score) in order to make a decision about the loan. You can do it before them by using an online platform like meineSCHUFA.

People with good SCHUFA scores have a higher success rate and a lower interest rate. But you can also select banks, who aren’t that strict about your SCHUFA and give loans even if the score isn’t optional. Auxmoney is one of such banks.

The loan solution for foreigners in Germany

auxmoney - Kontaktlos Kredit anfragen

So after you have learned more about loans in Germany and opportunities for foreigners what will be your optimal solution?

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 investors with their funds, which is different to the 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.

As a foreign citizen in Germany, you will need to have an address in the country, a German bank account, and a source of income to get a loan. After fulfilling these requirements you will receive a loan from Auxmoney within 24 hours or the next few days.

You can finance anything with such a loan and you don’t need to give a reason why you are applying for credit. Thus, financing a new car with the online loan at Auxmoney is also not a problem.

The main requirements

  • You are resident in Germany
  • You have a current account with a German bank
  • You have a regular income

Other benefits of the loan with Auxmoney

  • favorable interest rates
  • fast money from private and institutional investors
  • loan from 1,000 EUR to 50,000 EUR
  • uncomplicated application
  • very satisfied customers

Over the company’s history, Auxmoney has given over 325 thousand loans on more than 2 milliard EUR. Auxmoney is rated as 4,8 out of 5 in service and offerings.

There you can apply for a personal loan within five minutes. The application process is completely online. The amount you can borrow ranges from 1,000 and 50,000 EUR and the duration of the credit can be between 12 and 84 months.

The investment decision is freely up to private investors. Depending on the duration of the full financing of the project, the payment of the money takes place within 48 hours.

Since Auxmoney is headquartered in Germany, documents and contracts are in German. But if you have any questions regarding borrowing or other concerns, you can also contact our customer service on weekdays between 8 am and 6 pm.

Finance your business in Germany

If you need money to finance your business in Germany you can apply for one of the easy to get loans, such as Auxmoney. They provide money for different categories of people including self-employed, students, freelancers, and of course employees.

Benefits of the personal loan with Auxmoney

You benefit from a fast payout with the Auxmoney personal loan. Your desired loan amount will be available on your account within a few days. The entire loan process is done online and without paperwork. And probably the biggest advantage: you have better credit opportunities than with a bank.

How to apply for a loan with Auxmoney?

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

Other Loan Options in Germany


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

Benefits of Smava

  1. Loans for the self-employed (only a few banks offers it)
  2. Favourable interest rates
  3. The loan comparison has zero negative impact on your credit score
  4. It’s 100% free!
  5. There are no aditional or hidden costs
  6. High loan amounts 1,000 EUR to 120,000 EUR (resulting in high sale commissions)
  7. Effective APR from 0,68%
  8. Fast processing time (max. 2 working days)
  9. Fast loan payment (usually within 3 to 5 days)


DKB translates as Deutsche Kreditbank (German credit bank) and seems to be a perfect solution for getting a loan in Germany.

Benefits of private credit with DKB

  1. Favorable conditions
  2. Effective APR: 3,19% p. a. to 3,69% p. a.
  3. Interest rate: 3,15% p. a. to 3,63% p. a. and it’s independent on your credit score
  4. Net loan amount: 2,500 EUR to 65,000 EUR
  5. Duration: 12 months to 120 months
  6. Monthly instalment: with a minimum loan amount of 2,500 EUR you can choose from 12 instalments of 211,93 EUR to 120 instalments of 24,88 EUR. When taking a maximum loan amount of 65,000 EUR choose from 12 instalments of 5,510 EUR to 120 instalments of 646,79 EUR.
  7. You can pay back the loan before agreed period

Immidiate credit with DBK

Do you want to get a loan as quickly and conveniently as possible? Then the DKB instant loan might be a good option.

  • Loan amount ranges from 2,500 EUR to 30,000 EUR
  • From 3.19% credit-neutral APR (3.15% p.a. borrowing rate)
  • Apply online
  • Instant loan decision and payout

Requirements for getting a loan with DBK:

  • You are over 18 years old
  • You live in Germany
  • You are neither self-employed nor freelancing
  • Your have a salary
  • You have a German mobile phone number

How to get a loan with DBK bank

  1. Apply for credit online – Simply enter the desired amount and complete the application conveniently online.

2. Legitimize online – With Video-Ident you can simply confirm your identity online. Alternatively, the POSTIDENT procedure is available.

3. Receive the loan on your account – With a positive credit decision, the amount will be in your account in a few days.

You can also open a free bank account with DBK

Not only DBK offers loans to foreigners but they also have a great deal if you want to open a free bank account.

Benefits of DBK bank account:

  1. Online application and setup
  2. No ongoing management fees
  3. No minimum deposit amount
  4. Free VISA credit and debit card
  5. Interest paid on credit card balance
  6. Free worldwide cash withdrawals
  7. Zero foreign transaction costs
  8. Monthly credit card and bank statements online
  9. Ability to still maintain a German bank account once you move back home. Just inform the bank of the change of address and residence.

Many benefits (and even more) are offered particularly if you are having at least 700 EUR a month coming into your account. DBK offers free credit cards, so it also might be a good solution to taking a loan in Germany.

And most importantly, any cash withdrawal from any Visa ATM is free, irrespective of the country or the currency. Therefore, DKB provides a free VISA credit card with free cash withdrawals worldwide.

Even if any ATM charges such as transaction fees, DKB will reverse these charges and issue a refund of these costs to your account.

Compare loans in Germany

We recommend you check all loans options on the comparison websites such as Verivox and Smava. Verivox is the largest German platform to compare loans, electricity & gas plans, car insurances, and internet deals.


With Smava platform you can compare hundreds of different loan options in Germany. You will only need to fill out your preferences and some personal information.

Steps to get a loan with Smava

  1. Submit all information, after you will receive loan offers from different banks in Germany
  2. Select the bank and apply for a desirable credit direct from the platform
  3. If your documents are complete and all requirements are met, you will receive your money within a very short time

Smava rated as 5 out of 5 in finding the credit in Germany. With Smava you can apply for loans in banks like Commerzbank, Postbank, Unicredit, Sparkasse, Deutsche Bank.

Find cheap loans with the loan calculator

With Smava you will be able to find the most favorable loan rate. With the financing calculator, you can easily calculate the amount you will need to pay every month. Basically, the shorter the term, the higher the monthly rate.

Fill out the form below to find the perfect credit in Germany


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

Here 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.

You can save money with Verivox

In 2020, Verivox customers have saved an average of around 40% on interest rate compared to the average interest rate. With the average loan (15,720 EUR, 66 months, 5.82% effective interest rate) they were able to save 1,052 EUR.

Which credit you can find with Verivox?

Consumers can borrow sums from 1,000 EUR to 100,000 EUR for the duration starting from 12 to 120 months. The longer the loan is taken for the lower the monthly rate.

How to choose a loan with Verivox

  1. Choose the amount of money you want to borrow, the purpose of the loan, and the duration of the credit
  2. You will receive different loan offers from various German banks
  3. After choosing an appropriate loan you can apply for a loan directly from Verivox. In fact, you can choose between signing for a loan online or per mail.

Besides normal loans, you can also compare car loans with Verivox.

Verivox turbocredit

You can sign for a Verivox turbo loan:

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

Documents You Need To Get a Loan in Germany

In Germany, you will need several documents to get a loan, including:

  • Bank statements
  • Proof of salary
  • Self-disclosure
  • Copy of your identity card

Hope after reading this article you are more certain about your chances of getting a loan as a foreigner in Germany. Even if you aren’t fulfilling all requirements, trying won’t make it worse!

Recommended products and services in Germany:

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