Finding a loan easily as a student

Student loan

Studying is exhausting and besides the burden of studying, there is also the question of financing. Parents step in and you get bafog in germany. In addition, you work a part-time job and try to get a scholarship. Nevertheless it can be that all this is not enough. Because you don't have a steady income or permanent job, many banks will reject you outright as a loan applicant. The good news is that there are several loan providers online that will offer you a loan as a student.

There are several ways to get a loan as a student. On the one hand, there are student loans that are different from normal loans in that repayment does not begin until after you have completed your studies. Often you also receive the payment of your loan not in one transfer, but in monthly installments. It is not advisable to finance your entire studies in this way, but it is a good way to get money to bridge the gap.

The other way to bridge short financial bottlenecks is to apply for a normal installment loan at one of the many credit institutions on the internet. Many credit providers offer short-term loans with rather short terms also for students. Not all financial institutions offer loans for students but if you use our comparison calculator and read this article, you can easily find a student loan. Installment loans are in most cases not earmarked and can be used freely. So it doesn't matter if you need the money for a new car or invest well in your education.

Another way to cope with short-term shortages without running into big costs is to resort to one of the free loans offered on the internet. If a mini or small loan between 300 and 500 EUR is enough to cover the desired amount and the term of 30-60 days is sufficient, a free loan is a good choice. This way you avoid a lot of paperwork and even with SCHUFA entry you have a good chance to get a loan quickly and easily.

Requirements for a student loan:

Compare offers and get the best student loan

The credit market in germany is highly competitive, and the internet has made it much easier to compare the different offers available. Today the credit market is more transparent and much faster. You can have money in your account in a matter of hours. You can also benefit from this as a student. However, it is important to be well informed and invest some time in a thorough comparison of loan offers. This will save you a lot of money quickly, as interest rates vary widely from provider to provider. One of the most attractive loans for students is offered by the state-owned kfw banking group. This loan is also recommended by student services. However, you can only finance your first degree with this student loan. Therefore, in this article we also focus on other appropriate loans for students that can be used for part-time studies, continuing education or doctoral studies.

How should you proceed to get the best student loan as easily as possible?

  1. Think carefully about how much money you need. Don't take out more than you actually need.
  2. Use our comparison calculator at the top of the page.
  3. Apply for your loan with 2-3 different loan providers without obligation.
  4. Compare the various credit offers you receive carefully and read the fine print.
  5. Decide on the most suitable offer and sign the loan agreement. Only then is a binding contract.

Apply for your student loan easily online

How to take out a loan online? In fact, today it is possible that you complete your student loan at home from the sofa or even via your cell phone. Thanks to digitalization, you don't have to leave the house, you don't have to wait in the bank, and you don't have to have a long consultation with your bank advisor with unpleasant questions. All steps of the conclusion of the contract are 100% digitalized in many online credit providers. You enter the information about the student loan you want (loan amount and term), fill in your personal details and the loan provider checks your account. For your identification, online identification procedures are used via video and telephone. The whole process takes just a few minutes and is quite straightforward.

How quickly a loan for students is paid out?

The payout depends on the timing of your application and the chosen loan provider. Some credit institutions pay out very quickly. You can have the money in your account within a few hours. If speed is important, look for offers where you can get express or immediate payment for an additional charge. A credit provider that is reliable and offers this is ferratum. With ferratum you will have your loan in your account within 24 hours.

More choice for students with a guarantor

Students usually do not have a fixed and regular income in the amount required by the bank. Therefore, banks often require additional security in the form of a guarantor. A guarantor in this case can be a parent (or both), close friends or acquaintances, who are then liable for the student's loan with their own assets. The credit providers sometimes grant students special conditions for an installment loan, as future academics want to be won as customers early on. A guarantor thus increases the student's chances of getting a loan and is an easy way to get better terms on your loan.