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Foreign loan for Germans

When it comes to lending, many people think of German banks. Many forget that there is also a foreign loan for Germans. This can apply at any time and offers the loan applicant many advantages.

 

Advantages of a foreign loan for Germans

Advantages of a foreign loan for Germans

The foreign loan for Germans has many advantages. It also offers customers with poor creditworthiness the opportunity to obtain a loan. The loan taken out abroad is not recorded in the Credit Bureau. This is because foreign banks do not know Credit Bureau. As a result, they cannot work with them. Especially those who have too many entries in the Credit Bureau and therefore do not receive a loan in Germany can be successful here.

Another advantage is the exchange rate. The loan is taken out in dollars , but the customer receives the dollar. The exchange rate, if this is taken into account when applying, can ensure that the loan is cheap. Back will be paid later in dollars, so there will be no problems.

 

How does borrowing work?

Borrowing is not as complicated as many may think. Even if the loan comes from abroad, it does not have to be applied for abroad. Banks have come up with something for this. So that the foreign credit for Germans can be taken up, the German has to look for a credit broker on the Internet. These work together with several banks, so the range is wide.

As soon as a credit broker has been found, the necessary documents must be submitted. These include pay slips, a copy of your ID and a copy of your registration confirmation. The proof of salary is used to check that a regular income is available. This is important, because those who are in marginal employment or those who are only temporary will not receive the loan.

The ID is important because the applicant must be at least 18 years old abroad. The confirmation of registration serves to prove that you are resident in Germany.

After the documents have been checked, the customer must fill out a form in which his or her credit request is entered and the duration of the loan. As soon as this information has been sent to the credit broker, the broker will take care of the offers. The offers are easily sent by email. The customer only has to choose one of the offers.

If an offer has been signed and sent back, the credit will be transferred to the applicant’s account. With a foreign loan for Germans, it can take a week until the amount has been transferred. The repayment was already agreed in the contract. As with German banks, a monthly rate is agreed. This rate is booked from the account so that the loan is repaid in a few months.

 

What borrowers should look out for

First of all, it must be said that the loan amounts will not be as high as at German credit institutions. The amount is often a maximum of 3,000 to 3,500 dollars. Furthermore, care should be taken to contact a reputable credit broker.

The dubious can be found quickly. On the one hand, they often charge a fee that should be paid before the contract. Insurance also offers a further indication of black sheep. These insurance policies do not come from banks. If insurance is taken out in advance, it can be assumed that no credit will follow. The customer is only offered an expensive insurance that can hardly be canceled.