What documents do I need for a loan application?

Required documents include: valid ID/passport, residence permit, Anmeldung confirmation, last 3 pay slips, employment contract, bank statements (3-6 months), and Schufa consent form. Some banks may require additional documents.

Guide for Newcomers | Last Updated: January 2026

Personal Loan in Germany 2026Step-by-Step Guide for Foreigners

Q: Can foreigners get a loan in Germany?

Yes, foreigners can get loans in Germany. Requirements include a valid residence permit, German bank account, Anmeldung (registered address), proof of income, and typically 6-12 months of employment history. Blue Card holders often have good approval chances.

Q: What is Schufa and why does it matter?

Schufa is Germany's main credit reporting agency. It tracks your financial history and calculates a credit score. A good Schufa score (above 90%) significantly improves loan approval chances and interest rates. New arrivals start without a score, which can be built over time.

Q: What interest rates can expats expect?

Interest rates vary based on credit score, income, and loan amount. Typical rates range from 4-12% APR. Expats without Schufa history may face higher rates initially. Comparing multiple offers can help find better rates.

Need a loan in Germany? This guide explains the requirements, Schufa credit system, and how to improve your approval chances as a foreigner.

Important: Schufa is Key

Your Schufa score is crucial for loan approval in Germany. As a newcomer, you'll start without a score. Building a positive credit history takes time - open a bank account, pay bills on time, and consider a mobile contract to start building your Schufa.

Requirements for Foreigners

What you need to apply for a loan in Germany

Valid Residence Permit

Most banks require at least a temporary residence permit (Aufenthaltstitel). Unlimited permits improve approval chances.

German Bank Account

A German bank account is required for loan disbursement and monthly payments (Lastschrift).

Employment History

Typically 6-12 months of employment in Germany. Permanent contracts (unbefristet) are preferred.

Proof of Income

Last 3 pay slips (Gehaltsabrechnungen) showing regular income above the minimum living expenses.

Schufa Consent

You'll need to consent to a Schufa check. No Schufa history? Some banks still approve with higher rates.

Anmeldung

Registered address in Germany (Meldebescheinigung). This confirms your German residence.

Key German Terms for Loans

Understanding these terms will help you navigate the loan process

Kredit

Loan/Credit

Schufa

Credit Reporting Agency

Bonität

Creditworthiness

Zinssatz

Interest Rate

Laufzeit

Loan Term

Ratenzahlung

Installment Payment

Tip for Blue Card Holders

Blue Card holders often have better approval chances due to higher income requirements and stable employment. Some banks specifically target expats and Blue Card holders with special loan products.

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Frequently Asked Questions

Can foreigners get a loan in Germany?

Yes, foreigners can get loans in Germany with valid residence permit, bank account, Anmeldung, proof of income, and 6-12 months employment history.

What is Schufa and why does it matter?

Schufa is Germany's credit agency. A good score (above 90%) improves approval chances. New arrivals start without a score.

What documents do I need?

ID/passport, residence permit, Anmeldung, pay slips, employment contract, bank statements, and Schufa consent.

What interest rates can expats expect?

Rates range from 4-12% APR depending on credit score and income. Expats without Schufa may face higher rates initially.

We work with partners including Tarifcheck. This comparison is free and non-binding. Last updated: January 2026. This is not financial advice.

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