We live in a consumer society where there is not only an abundance of goods, but it is also completely normal for your life to be financed with the help of loans. Anything that cannot be paid out of one’s own pocket is paid for with the help of financing. Regardless of whether one loan or several loans burden the monthly budget. As long as these can be paid on time and without deductions, none of this is a problem.
It only becomes problematic when the conditions for borrowing are not as optimal. For example, if the credit seeker does not have a good credit rating or who the residence of the loan seeker is not in Germany. Then you have to look for a loan for Germans from abroad. Depending on the initial situation, this is available in two different versions.
The loan for Germans from abroad with a bad credit rating
If you are one of the loan seekers who, due to a negative Credit Bureau, does not have a credit rating that is not quite as favorable, then a loan for Germans from abroad can be the right solution to your financial problem. Because while German banks and savings banks insist on being able to evaluate Credit Bureau’s stored data for lending, foreign banks see it quite differently. You do not have the option of accessing the Credit Bureau data and therefore cannot include it in the assessment of the applicant’s creditworthiness. Banks are therefore guided by other collateral that must be provided for borrowing.
You can get a loan for Germans from abroad, for example, if you are looking for a small loan of up to 5,000 USD and can prove a permanent job with a good salary. For this, the employment contract and the last three or six proof of salary must be able to be presented.
In addition, many foreign banks want to guarantee the loan. If you can prove your identity and have a permanent place of residence in Germany, there is in principle nothing to prevent a loan from abroad. You will usually receive this from Liechtenstein. The small principality in the Alps offers many banks a home. You can easily apply for the loan online. Data is also exchanged via the Internet or by post.
The credit for Germans from abroad if they do not live in Germany
However, if you are one of the Germans who live abroad and would like to take out a loan in Germany, the banking houses located here unfortunately put some major obstacles in your way. Because a loan for Germans from abroad is actually not in the interest of the banks and savings banks.
They want their borrowers to have a permanent place of residence in Germany. Even companies can only get a loan from German banks if they have their headquarters in Germany.
The situation is different only if the German bank operates internationally and has branches abroad. Then you can apply for a loan as a private person as well as a company from the foreign branch. The criteria for the award are similarly strict as here in Germany and always include a good credit rating of the applicant.
However, if you would like to take out a loan in Germany as a German living abroad, this is only possible if you have the loan taken out by a second person. For example, if a relative who lives in Germany takes out the loan for you and passes the money on to you.
With a simple installment loan, this should not be a problem, since it is not earmarked and the money from the loan is freely available. However, when doing this, you should always keep in mind that the borrower is liable for the loan. If you don’t pay him back the money, he has to pay the bank. This method should therefore only be used if you are really sure that you will not be causing financial difficulties for the borrower.