The personal loan
Of course it had to happen now: first the fridge gives up. A few days later the TV picture is only showing pale pink tones. On top of that, your daughter wants a new room setup — the baby-pink décor just no longer fits a teen. And if that wasn't enough, your car starts smoking from under the hood. Just a little, but it won't go any further. It breaks down. Do you need your car to get to work? A quick repair and maybe a rental car can help. Rarely is that cheap.
This can't be happening. Some people despair and ask whether all this is really necessary — right now of all times? Others get angry. Understandably. Who doesn't know this? Everything comes at once. Murphy's Law. Suddenly you can quickly slide into a financial emergency. You ask yourself where you can get money quickly now? Without long bureaucratic hurdles? A personal loan helps.
So you quickly make an appointment at your longtime bank and present the matter. But the bank officer shakes their head. What now? The bank puts up a barrier. You cannot understand it. Why is that? The bank should be happy to lend money. But: banks grant a loan when their assessment of the risk of getting the amount back is positive. Therefore they weigh any approval very carefully.
Is the job temporary? Is the applicant still in a probationary period? Or self-employed for less than three years? Then there are not enough guarantees that the loan will be repaid. Very young or much older applicants will also often have trouble obtaining a loan. Younger people are often inexperienced with money. For older people the risk of illness or death is higher than for those who have not yet reached a certain age. In such cases a loan is often not approved.
What is a personal loan?
Whether a loan for a trip, a loan for a new car, a loan for renovating an apartment or a loan to refinance a more expensive loan — all of these have one thing in common: they concern a private purchase. A personal loan is a loan from a credit institution to a private individual. The amount borrowed is repaid in monthly installments. That is why the loan is often called an installment loan. The monthly repayments are fixed. That means they remain the same throughout the term of the loan. Interest is also fixed for this period. So you can breathe easier. Use our calculators and plan your monthly financial burden calmly. Personal loans, whether approved by a bank online or in-branch, are purpose-free. What does that mean exactly? Unlike, for example, a mortgage or a car loan, the borrowed money may be used for any purpose. Whether for new furniture, a holiday trip or a repair — the lender and we do not care. Thus a personal loan can of course also be used to refinance another, more expensive loan.
Personal loan — in brief
- Loan for private purchases or refinancing
- Purpose-free
- fixed monthly instalments
- fixed interest rates
- also available with negative Schufa entries
- quick processing
- fast payout
- from €3,000
- flexible term from 12–72 months
- early repayment possible
Is a personal loan the same as a “loan from private individuals”?
::content-image{src="/images/legacy/maxda/themen/privatkredit/04-privatkredit-gleichzusetzen-mit-kredit-von-privat-50p-rechts.png" alt="Is a personal loan the same as a 'loan from private individuals'?" align="right" size="md" provider="none"} ::
Personal loan, "loan from private individuals", "private loans" — there is no single strict definition.
Besides the personal loan in the sense of an installment loan from a bank or financial service provider, there is also the "loan from private individuals" or "private loans." Here private individuals put their money to use to invest — often for attractive returns. Private loans are often offered via special lending marketplaces.
Why do private individuals lend money to others? Someone with a lot of capital sometimes looks for a lucrative way to invest it. They want the money to "work" and grow. Bank rates on savings accounts, fixed-term deposits and the like are often not very attractive. Interest rates on fixed investments are often low. Private loans can look different.
"Those are all usurers. These private providers will charge excessively high interest later and I can't pay the huge interest. And then?" — Yes, there are bad actors. But don't worry: there are also reputable providers. They are easier to recognize than you might think. Offers for private loans or loans without Schufa still have a bad reputation. Are very cheap conditions offered to you? Be skeptical. Nobody gives anything away. Lenders also want to earn money. Charlatans exist everywhere. But: the world moves on. Unethical practices are now easier to spot. Reputable providers do not obscure contractual terms. They explain them clearly. There are no hidden fees. Interest and incidental costs are clearly visible.
Terms of the personal loan
What matters? What should you pay attention to when applying for a personal loan? Everyone has very personal wishes and needs they want to fulfil by taking out a personal loan. Therefore lending is always individual and tailored to you personally. Here are a few tips to consider when coordinating the various criteria.
Loan amount
Be realistic when determining the loan amount. How much money do you really need to finance your personal wish? What is the minimum payout you need? Choose an amount you can repay within a reasonable time. The monthly instalments of the personal loan should not strain you excessively. Otherwise you can easily slip into payment difficulties that could have been avoided. How much can you allocate from your monthly budget to repay the personal loan? Create an income-expense statement.
What regular expenses do you have? Subtract these from your monthly income. Then reduce the remaining amount by an amount that is relevant for you. That is your financial buffer. You should always have it available for unexpectedly occurring expenses. For example, if the dishwasher breaks down. Or the car repair costs more than expected.
Once you have calculated this monthly amount, you can determine a suitable term for your personal loan.
Loan term
Do you want to repay the loan quickly or take more time? What is the right term for you? This decision is not trivial. The longer you take to repay a personal loan, the more expensive it becomes. Those who choose a long repayment period must expect higher total costs. What is the optimal duration to repay the personal loan?
Personal loans are term-dependent. That means a certain time span is set when the loan is granted. Within this period the borrowed amount must be fully repaid. If interest rates rise, total costs also increase. For a lender the risk of a loan not being repaid grows with longer terms. The probability of default is higher. Therefore the interest rate often rises with the term.
The slower you repay, the higher the costs can be. Interest is calculated annually by lenders on the remaining loan balance. If you choose a very short term, there is a risk you overstretch yourself financially and can no longer pay the monthly instalments because they are too high. Longer terms are more expensive overall, but monthly instalments and therefore the monthly financial burden are lower.
Flexibility
Individual situations require tailored responses. Sometimes something unexpected happens — a tax bill, a demand for contributions, illness or an inheritance. Suddenly you have less money available — or in the case of an inheritance more money. Reputable providers do not tie you down with rigid conditions. They accommodate you and respond to changed situations. If it is foreseeable that the next two or three months will be tight financially, ask whether you can adjust the instalments or suspend payments for a defined period.
Did you inherit money? Congratulations! Understandably, you may want to pay off existing debts. That is not always possible everywhere. With a flexible personal loan it is. Increase the monthly instalments. Accelerate repayment. Shorten the term or pay off the loan with a single payment.
Is that possible? Just ask us. We will look at your personal case together and find a solution. Calculate with us.
Loan approval — quickly and at short notice?
You are sitting comfortably in the living room when suddenly water is dripping through the ceiling. It must be a burst pipe in the bathroom. Another scenario — you are self-employed and the computer breaks down? Yesterday it worked fine. Today the screen stays black. Are you dependent on access to customer data for work? In such cases one thing is usually missing: time. The money is needed immediately to fix the damage as quickly as possible.
But loans are often only available after a longer period. Applications must be submitted and processed before a loan is approved. After that it can take a few more days for the money to actually arrive in your account. Generally speaking. Because the Maxda personal loan is also available as an urgent loan.
Often a smaller amount is enough to bridge these sudden financial bottlenecks. Personal loans can help at short notice. Very quickly. An express loan is often approved within a few hours. And the desired money can be in your account within 24 hours.
The Maxda personal loan
What to do if a conventional loan is not possible?
The Maxda personal loan is often approved even in seemingly hopeless cases. Why is that? We almost always find a way. We request loans from various credit institutions — both domestically and abroad. You will not hear "We unfortunately cannot help you" from us. Ask us! We check for you and find a solution.
Grant your daughter the new room. The happy radiant smile appears as you announce it. Car repair, a modern energy-saving fridge, a new TV — we don't care what the Maxda personal loan funds are used for. Is there another long-cherished wish? A trip? To the Caribbean? Or a cruise? Then go ahead and fulfil it.
How large is the loan amount for Maxda personal loans?
You decide the total amount of the loan. You also choose the term in which you will repay the personal loan with monthly instalments. Based on these two factors we calculate the monthly instalment amount and the interest for providing the amount. We request the best annual percentage rate (effective APR) from our partner banks for you. Would you rather specify a monthly amount and know how long you will pay it? That is no problem either. We help you find the right model for your personal loan.
This usually can be done very quickly. Whether you want the personal loan with Schufa or a personal loan without Schufa.
Do you have special loan wishes? Do not hesitate to speak to our customer-friendly advisors.
How long does it take for a personal loan application to be approved?
The Maxda personal loan is quick to apply for. It's even faster if you first check whether you meet the following requirements:
Age: Are you at least 18 years old? Then you can apply for a personal loan.
Residence: Is your place of residence permanently in Germany? Are you registered there with a permanent address? A "yes" to these questions is a prerequisite for receiving a personal loan.
Job: A secure job is an important prerequisite for approval of a personal loan. Employees generally have better chances. It is more difficult for the self-employed. For civil servants it is usually easier due to high job security. Also, employees must not be in the probationary period.
Income: To obtain a high loan amount, you should also be able to prove a high income. With lower wages or salary, the approved amount will usually be lower.
Ability to pay: Your Schufa score is normally checked. The Schufa value worsens, for example, if invoices were not paid or were only paid after reminders. Numerous credit cards, multiple loans and many current accounts also negatively affect the assessment of your creditworthiness. The Maxda personal loan is, however, also available as a loan without Schufa.
Collateral: Share the loan. If you find a second borrower, your chances of obtaining a personal loan increase. A car, an owned apartment or a paid-off house also increase collateral and thus the chance of getting the desired amount.
If you meet all these criteria, our team's processing can proceed. You will usually receive the decision on your loan application after just a few days. We guarantee fast processing by our competent team that offers transparency and is always at your side with advice and support.
Personal loan without Schufa
Some things take time, others happen very quickly — prejudices, for example. They develop rapidly and often persist. "Be careful with loans without Schufa!" read warnings. They usually come from people who heard something from someone. "Personal loan without Schufa? Those are even more charlatans offering such things. Loan sharks. They charge horrendously high interest. Later. And you can't get out of the contract. Don't do it. They only want your money." But is that really the case?
Fortunately the world keeps moving and developing. Personal loans without Schufa are also offered by reputable providers. Borrowers and their situations should always be taken seriously. For a Maxda personal loan we check carefully whether a loan can be repaid. The review is quick and discreet. After all, often it is unforeseen things like a suddenly broken washing machine, a failing car or the cost of dental work that unexpectedly put someone in financial difficulty. That can take your breath away and your heart races. It then needs to be fast. Even in very urgent cases we process your personal loan application very quickly. Maxda always relies on speedy processing, especially in urgent cases.
We also use information from Schufa. For an assessment of payment ability, however, we take other aspects into account as well. We consider your individual circumstances and conditions.
"So is it a loan with Schufa after all?" That's only partially true. With a "loan without Schufa" the granted loan is not registered with Schufa. Negative entries in Schufa can occur quickly. How often has the current account been overdrawn, even beyond the overdraft? Have invoices been overlooked? Have collection procedures been initiated? Was a mobile phone bill missed and not paid? A negative entry can happen quickly and your Schufa score drops. These entries are usually deleted after three years. Then your Schufa scoring value recovers.
Why is a good Schufa score important? It is crucial especially if you plan to take out a larger loan in the foreseeable future. Maybe you plan to build a house and need appropriate financing? For such loans banks and credit institutions always obtain the Schufa report to better assess the risk of whether the money will actually be repaid. So if you need a larger amount in the near future, smaller short-term personal loans without Schufa can be a good option. They relieve your Schufa record.
Is a personal loan possible with a negative Schufa?
Your Schufa score is not optimal? Your bank rejected the personal loan? Maxda works with German credit institutions — but also with lenders in the European foreign market. Often banks abroad are not as strict when granting loans. They assess risk differently than German banks. Even in difficult cases we can find a solution. We find a loan for you at suitable conditions. If you know your Schufa score is poor, you can for example offer additional collateral. Owning a house already helps. Or find someone to take the loan with you. Then the lender's risk is shared between two people and is therefore lower. In such cases banks are more willing to lend, because their risk of not getting the loan amount back is reduced.
Loan application for personal loans
What documents do I need for a personal loan?
Are you an employee? Anyone applying for a personal loan must prove regular income. Typically you should be able to document your income with pay slips from the last three months. Have you stopped working? Have you retired? Then lenders will ask for your pension notice as proof. Here too, usually proof for the last two to three months is requested. Some banks also want to see your account statements from the past six weeks. Some only require four weeks. A copy is not enough. It must be the original account statement. Important: do not black out anything! Otherwise many lenders will not accept the proof. Every incoming and outgoing transaction must be visible.
Are you self-employed? Then you will be familiar with this: you must provide more guarantees and proof of income than employees. Can you prove that you and possibly your family have been supported by your self-employment for more than three years? You must be self-employed for at least three years to be granted a personal loan. Lenders then assume you have put down roots in your profession and run the business solidly. After this period the lender assumes there is sufficient money to repay the personal loan.
Which documents must you present? Here business-related evaluations are required. In most cases the income tax assessment is requested — often not just one, but the assessments for the last two to three years. Proof can also be balance sheets. Income and surplus calculations, profit and loss statements as well as annual financial statements can also be requested and accepted. Credit checks for self-employed applicants are always more complex. For this reason, and because lenders must always consider the applicant's uncertain income, personal loans for self-employed people and freelancers usually come with a higher interest rate.
Do you live in Germany but are a citizen of a non-EU state? Lenders want to be sure that you will stay in Germany for the duration of the loan. Present your work and residence permit to the lenders. It must be valid until the end of the loan term.
Do you own a house or an apartment that you rent out? Those rental incomes must be proven. Copy the relevant parts of the rental contract or prove the income with bank statements.
Are you already repaying other loans? For example a mortgage or a car loan? Then have excerpts from mortgage contracts or current account statements ready. For ongoing loans copy the relevant sections from the contracts where your monthly obligations are recorded.
Do you want to refinance an existing loan with a personal loan? In that case we need a cancellation authority from you.
To apply for a personal loan you need:
- Payslips
or - Your income tax assessment (+ possibly balance sheets, income and surplus calculations, profit and loss statements or annual financial statements)
or - Your pension notice.
- If necessary, your work/residence permit
- Proof of other income
- Proof of other existing loans
It is also advantageous to list your monthly fixed costs. How much do you spend monthly on rent, electricity, gas, insurance and other payment obligations like maintenance payments? These costs are not always requested, but you should know and have them ready in case they are asked for.
Comparing personal loans
How do I find an affordable personal loan?
Searching for the right personal loan can sometimes feel like looking for a needle in a haystack. Many providers advertise extraordinary conditions for loans, especially online. Which personal loan is the cheapest? And above all, where do I find an affordable personal loan? It all depends on your own wishes and expectations.
It is important to compare both providers and the terms of personal loans. Get an overview in advance. Decide only after you have examined the different conditions. Those who compare can save significantly. The loan terms of repayment, the duration and the costs of the loan are decisive. Are there processing fees? Are there additional costs not immediately obvious?
The effective interest rate (APR) is a crucial criterion. For personal loans very customer-friendly rates are possible. They can even be in the low single-digit range. This is particularly true for online providers.
What are the repayment conditions? What about interest rates? Can the interest rate be adjusted during the loan term? Is it possible to make a single payment to repay the loan early? Can terms be varied? What range of terms is available?
A personal loan is affordable when expensive processing fees are avoided. At most small fees should be charged. Always read the terms carefully before applying for a personal loan.
All of this determines whether the desired loan is actually an affordable personal loan.
Personal loans can easily be compared online. But established banks and credit institutions also now offer cheap personal loans. Often their processes are more complex and processing times longer than for online loans.
Use online loan calculators. Enter the desired loan amount and the intended term. You will then be calculated within seconds which monthly instalment you have to pay and how much a loan costs under certain conditions.
This lets you compare. Choose the best and therefore cheapest option for you. Try it simply and without obligation with Maxda's personal loan.
What should I consider when comparing personal loans?
✓ "This is a very nice apple. Crisp and fresh, green-red skin, not too big and not too small." "Yes, that's it. But I wanted to buy a pear." Don't compare apples with pears. And don't let someone sell you an apple when you wanted a pear. In online loan comparisons, compare offers with the same conditions. It makes no sense to compare a personal loan with a six-month term to one with a 24-month term.
✓ Filter out reputable and non-reputable offers. You may not see it at the first comparison, but after a few you will quickly recognize who is offering a fair deal and who is not.
If we can be sure, you can be sure too. Interest rates that amaze? The seemingly cheap loan offer can become expensive if consulting and administration fees and a high effective APR are hiding behind low advertised rates.
We promise nothing we cannot keep. Our costs are transparent and clear. When comparing personal loan offers also pay attention to the following points:
• Brokerage fee: May exist. But it is only charged if a contract is actually concluded.
• Upfront costs: Are you charged for every phone call, every letter and other costs before you even receive an offer? Stay away! Reputable providers inform you comprehensively before any costs are incurred.
• Telephone advice: Check the fees for telephone consultation. Unscrupulous providers use expensive premium-rate numbers. Reputable offers give you a standard telephone number with local area code or a low-cost number.
Don't be swayed by promising words when comparing personal loans. And don't be pressured. You always have time to consider an offer. If someone tells you "This only applies if you decide right now," they usually don't have your best interests in mind. In the end you might not even get a loan but still have to pay. Be cautious with such dubious offers. You can be confident: when comparing personal loan offers, we always show you Maxda's conditions transparently and in a self-explanatory way.
Advantages and disadvantages of a personal loan
Advantages of the personal loan
✓ Versatile: Whether you need a new bed, a new car or a new TV — with a personal loan you can buy whatever you want, provided it is for private use. Renovate your apartment. Travel. A major advantage of a personal loan is that it is not tied to a specific purpose, but is versatile.
✓ Security: In general, you usually do not need to provide collateral to the bank for a personal loan. You can provide collateral voluntarily or if you are self-employed. This can increase the likelihood that the loan application will be accepted. As a rule, proof of a secure, regular income is sufficient. If you can no longer pay, the lender may garnish part of your salary. That is sufficient collateral for lenders.
✓ Predictability: Fixed instalments, fixed interest, fixed repayment plan. You know what you will pay, when and for how long. There are no unpleasant, unexpected interest hikes or larger instalments. This predictability is a big advantage. It prevents you from sometimes paying more and sometimes less or losing control of payments. With other loan forms, varying instalments can lead to sudden accumulation of debt. With variable interest rates, as found in many loans, the rate can rise during the repayment period.
Disadvantages and risks of the personal loan
Are you more of a security-oriented person? In principle a personal loan involves few risks — provided your financial situation remains stable during the loan term. It should not deteriorate. Then you can sleep calmly. So choose your monthly loan instalments carefully. The instalments should always be tailored to your financial situation. Do not overestimate yourself and always keep a certain sum as a financial buffer for unexpected situations. Unforeseeable changes often occur faster than you think. This could be a rent increase or the employer declaring insolvency. The secure income then suddenly disappears and you are left out in the cold. In the worst case you may no longer be able to pay the instalments. These are extreme cases, but they unfortunately do occur. If such a case affects you personally, contact your lender immediately and discuss possible options. In most cases a solution can be found together.
Aside - loan from private individuals
How does a “loan from private individuals” work?
::content-image{src="/images/legacy/maxda/themen/privatkredit/27-wie-funktioniert-kredit-von-privat-30p-links.png" alt="How does a 'loan from private individuals' work?" align="right" size="sm" provider="none"} ::
Private lenders also want to be sure they will get their money back. Loans from private individuals often involve multiple lenders. This limits the risk for each investor. Of course a creditworthiness check of the borrower is also carried out here. Income must be proven. Schufa is also queried. However, the requirements for a "private loan" are less strict than for other loans. This is an opportunity for self-employed people and freelancers who are often rejected by banks due to fluctuating income.
Collateral is also required for private loans. A private lender wants, like a bank, to ensure instalments and interest are paid on time and regularly. They often accept a property or a car as security to reduce their risk. The property should be free of mortgages and the car should be fully paid off. Do you know someone who can act as guarantor? That is also welcome. Likewise, savings and capital-forming insurance policies are accepted.
Because the lender wants to be sure they will get their money back, the value of the collateral must correspond to the loan amount.
Are loans from private individuals reputable?
There are many flexible and attractive offers for loans from private individuals. Unfortunately, there are also many bad actors among the providers. Be sure to use an online comparison. Compare different offers and private lenders. Check carefully. That will let you filter out offers that are far too expensive or suspiciously cheap. In general a private loan is usually applied for online via a form.
What information from the prospective borrower is required?
As with personal loans from banks and credit institutions, personal data, information on regular income and possible collateral must be provided. Complete and truthful information is expected. Have you asked for a personal loan without Schufa? This is also possible in the peer-to-peer area, where loans from private individuals are often arranged.
How quickly do I get a loan from private individuals?
Is your car broken and you need money immediately for the repair because you cannot get to work otherwise? You usually do not have to wait long when requesting a private loan. Private loans are often approved within 24 hours. Then carefully check the loan documents sent by post, sign them and return them promptly to the lender or intermediary. Because the contract not only contains personal information but also regulates payment terms and collateral, its wording must be carefully checked for errors and to ensure it reflects the borrower's wishes.
The "loan from private individuals" as a solution for the self-employed and freelancers
::content-image{src="/images/legacy/maxda/themen/privatkredit/29-kredit-von-privat-selbststaendige-freiberufler-50p-rechts.png" alt="'Loan from private individuals' for the self-employed and freelancers" align="right" size="md" provider="none"} ::
Personal loans are granted by banks. With a loan from private individuals you receive the money from private lenders. In the latter case, self-employed people and freelancers have a good chance of obtaining financing. Some banks and credit institutions refuse loans to self-employed people and freelancers due to lack of security. A regular, fixed income is often not present. For the self-employed one must always reckon with uncertainties. One month business may be good with high turnover, the next month the freelancer may sell almost nothing and have very low turnover — depending on orders and customers' payment behavior. The regular income on the account is therefore missing. Regular income is a requirement for many banks when granting loans. They do not want to take the risk that the loan cannot be repaid. Either the personal loan is not granted at all or the self-employed person receives it under much worse conditions than an employee.
With money from a personal loan you can buy whatever you want; it is generally not purpose-bound. However, the loan must not be used for business investments. Does your company need new office furniture? A personal loan is not intended for such purchases. With a loan from private individuals this is possible. The rules are usually looser here. However, be vigilant when searching for a private loan, as there can be bad actors.
Requesting the Maxda personal loan - How it works!
Everything checked? All required documents available? Then quickly fill out the online personal loan application: simply complete the form at https://www.maxda.de/anfrage/. Enter the requested information completely and correctly, click send and off you go.
You can apply via the Maxda personal loan application — free and without obligation!
We receive your application and determine from the provided information which personal loan offer from our domestic and foreign banking partners is most favorable for you. What happens next?
We send you the offer we believe suits you best. You check whether everything is correct. Great! You will receive the loan application by e-mail and by post. From you we then need:
✓ the loan application, correctly completed and signed
✓ the most recent payslip
When we receive your documents, we will review them immediately. Then nothing stands in the way of your loan. You will receive the requested amount.
Do you have questions? Is something unclear? We are always here for you, online and by phone. Just write to us at info@maxda.de or call us at: +49 (0)6232 - 68 63 63