Applying for and awarding a personal loan for different purposes has long been part of the day-to-day business of banks. Nevertheless, it is not known to every prospective borrower how the settlement of such a loan expires.

Which conditions must be met?

In order for the bank at all a credit awards, the aspiring must Borrower to meet particular requirements. This includes that the borrower has reached the age of 18 and is in possession of a German permanent residence. Likewise, a German checking account is usually required. Another important point is that the borrower has a steady, secure income. Furthermore, the banks require a good credit rating as well as a positive report.


In addition to the height, the type of income also plays an important role for the bank .

It should also be noted that credit institutions pay attention not only to the amount but also to the type of income. For example, it may well be the case that an applicant , despite a high salary, does not receive a positive credit report. Ideally, the borrower not only has a certain monthly amount, but is also in permanent employment. Civil servants and civil servants benefit even more here: for these professions many banks even offer special loans , with better terms .

On the other hand, lending becomes difficult for borrowers who are still in probation or training. But even for self-employed and freelancers, the lending is often problematic, since there is no secure, monthly salary receipt. In order for self-employed to be given a chance at all, they would have to work for several years in the business in question, as well as generate certain sales or profits. However, some banks also offer special loans specifically designed for the self-employed.

Mini-jobbers and recipients of social assistance and the unemployed almost never receive a loan. There are, however, two exceptions: If a solvent guarantor or second borrower is present who meets the requirements of the banks, then it is quite possible to obtain a personal loan .

Retirees and pensioners also depend on their age. While some banks do not lend to retirees at all, other banks do offer it. However, here is usually a certain age limit, which varies depending on the bank. In addition, usually not too high sums are awarded more and the term usually has to be manageable.

Loan amount – what amount is needed?

The loan amount should be sufficient for each purpose, but the monthly installment still has to be affordable. In addition, it is advisable to plan a certain cushion.

Even before you even start looking for different loan offers, it is advisable to think carefully about what loan amount is really needed. Here should be realistic thinking: on the one hand, the private loan for the desired purpose sufficient, on the other hand, the repayment of monthly loan installments should not exceed its own financial framework.

In addition, it is best always to plan a certain cushion. In the course of time, something unpredictable, such as the purchase of a new washing machine or a refrigerator, may become necessary. Nevertheless, the loan repayment should not suffer from this.

Compare credit offers well with each other

When comparing offers, it is advisable to consider the effective annual interest rate. By comparison, it is often possible to save a lot of money .

Outgoing borrowers who have already checked for themselves, whether they meet the necessary credit requirements and are clear about the loan amount, then go best then to compare the various loan offers well together. These often differ very clearly from each other.

A good comparison option is the annual percentage rate of charge, as it already includes all borrowing costs. This is not the case with the nominal interest rate .

A quick and easy way to compare the various loans, for example, offers an online loan comparison . Here only a few data have to be entered and already the comparison lists the private loans, which come into question.

Those who keep their eyes open can often save a lot by offering a cheap loan.

How is the loan requested?

In most cases, online loan application is preferred. Here, a loan request is made first, after which the borrower receives the desired loan offer as well as the loan application by e-mail.

A private loan can generally be requested either at a local bank or online. Above all, the latter is gaining more and more popularity among aspiring borrowers. Normally, the amount of the loan in question and the duration and / or the amount of the monthly installments are indicated here. Following this, the personal data, the creditworthiness and the financial situation are surveyed. These include questions such as the number of people living in the household, the cost of living and any existing liabilities.

In most cases, providing collateral is also a good option to increase your chances of getting a loan. Once all questions have been answered, it is possible to send the online request. In most cases, the prospective borrower will then receive a loan offer within a few minutes as well as the actual application by e-mail. The application itself is usually completed very quickly. The collection of information is usually automatic at all banks, so you do not have to worry about it.

Tip: When choosing an online loan, be careful. So a loan offers should always be non-binding as well as free of charge.

Which documents are needed?

Credit institutions tell the borrower what documents they need. These usually include the last three salary statements.

However, banks can not rely solely on the data provided, but they also need a variety of documents as evidence. Which documents the credit institution needs exactly is usually also communicated to the applicant in the e-mail containing the loan offer and the loan application. Furthermore, the salary statements or account statements of the last three months are usually required.

The self-employed must, on the other hand, submit the last three tax assessments.


The legitimacy check takes place in an online personal loan either by PostIdent or VideoIdent procedure.

However, the loan application can not simply be sent by regular mail because banks are required to verify the identity of the borrower by means of an identity card or passport. The ID card is simply taken to the post office together with all documents and the loan application. There, the legitimation is carried out by the so-called PostIdent procedure. Here, an employee of Swiss Post checks the identity of the customer and then sends the entire documentation.

Some banks are now offering the VideoIdent procedure instead. For example, using a tablet, cell phone or computer with a microphone and camera function, it is possible to carry out the legitimisation completely from home.

Loan application at the house bank

Alternatively, applying for the loan from the house bank is also an option.

Of course, it is also generally feasible to make a private loan at the house bank. For this purpose, the various documents and evidence as well as the identity card to the bank must be taken. Usually, the applicant then reads and signs the loan on the spot. However, many prospective borrowers prefer the anonymity of the Internet as well as the straightforward application of an online loan. It is also possible to apply for an online loan on any day of the week or at any time.

The lending

Within a few working days, the applicant will receive a reply stating whether the loan has been approved. The loan amount will also be transferred within a few working days.

As soon as the loan documents have arrived at the bank, the bank checks the various documents and the application in detail. As a rule, the budding borrower receives a decision within a few working days as to whether the loan has been approved or not.

The loan amount is also within a few days in the account, so that the amount for the desired purpose can be used.

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