General information about the loan amount
In Germany, a loan is a contract in the sense of the law of obligations, where a lender (e.g. a bank) makes a specific sum of money — in rarer cases also tangible assets — temporarily available to the borrower for a defined period. The amount paid out or received in this process is referred to as the loan amount or loan sum. This amount must be repaid to the borrower over the term of the loan agreement.
For the borrower, this amount is freely usable for their own purposes. A due date is agreed in the loan agreement. Usually this includes a monthly installment payment of a certain amount that becomes due on a specified day of each month. This repayment installment contains the corresponding portion of the loan amount. In addition to this portion for amortizing the loan, most cases also require a monthly-pro-rated interest amount to be paid.
In some cases, advisory or processing fees may also be allocated to the installment payments. However, the loan amount only includes the amount of money made available; any fees and the agreed interest are therefore not part of it. If the loan term does not exceed one year, the loan sum and interest can be repaid together as a total amount at the end of the term without prior monthly payments.
Legally: regulations for the loan amount
When concluding a loan, a contract is concluded that is considered a continuing obligation for the agreed term. In cases where interest is agreed on the granted loan amount, it is a reciprocal contract, as the obligation to repay is a counter-performance for receiving the sum of money.
As a rule, exact dates for repayments are agreed. If this is not the case, the amount becomes due upon termination, for which there is a statutory notice period of three months. Although the legislator distinguishes between a loan and a credit in the Bürgerliches Gesetzbuch (BGB), these two terms are de facto used synonymously in the industry. Thus a loan amount can also be referred to as a credit amount.
Requirements for being granted a loan amount
If you are considering taking out a loan, you must meet certain requirements. Essentially, two points are examined. Potential lenders look at your financial situation to determine whether you will be able to meet the monthly obligations for principal and interest. Usually you will need to provide your payslip and bank statements. The latter, however, is not always part of such a review.
We also have loan amount offers that can be granted without in-depth analyses of your financial circumstances. Other information may include the costs for your apartment or house. You should also list any existing loans and credits. Along with a flat-rate amount for your living expenses, this information typically forms the basis for the credit assessment.
Another factor for granting a loan amount is your personal willingness and ability to repay the received sum. For example, previously repaid loan amounts appearing in your Schufa report are viewed positively, as they demonstrate willingness to pay. Voluntarily provided additional securities also have a positive effect on the evaluation.
MAXDA offers you an affordable loan amount
At MAXDA you can receive loan amounts of any size between €1,500 and €250,000. We require information about your name, marital status and date of birth. We also need details about your finances, which typically means proof of your salary and/or pension payments, as well as evidence of your rent payments and any other income.
To obtain a loan from us, proof of paid employment with an income of more than €850 per month is usually sufficient. You must also be at least 18 years old. If you have no income, we still offer the possibility of receiving a loan amount.
In such cases we then require collateral, which you can obtain for example from acquaintances or relatives who can act as guarantors for you. If you have your own assets — for example real estate or securities — these can also be offered as collateral.
The application for granting a loan amount
Your application will be processed quickly and professionally by our company. You will receive an immediate confirmation of receipt by email when you submit your application online, which also contains information about the documents required for the credit check. At the same time, an application form along with accompanying information will be sent to you by post.
We will conduct the review of your application for a loan amount already on the day we receive your written documents and records. We proceed very carefully in order to consider all your interests. We will also contact you personally to discuss terms and other options. If everything goes well, we can offer you the most favorable loan offers from our partner banks, where we can negotiate exclusive premium conditions for you.
In urgent cases, please note that a bank transfer from the bank providing the loan amount can take up to three days on average, since booking transactions are not processed on weekends and public holidays. Please provide your contact details so that we can reach you by phone at specific times or at least by email at any time. In the case of a Schufa-free loan, processing can also take up to a week.
Our terms for your loan amount
The applicable effective annual interest rate, which relates to all repayment costs, is from 3.99% per year for all loan terms. We will agree monthly installments with you to make the repayment, which you must begin four weeks after you have received the loan amount. You and we will determine in advance during contract setup on which day of the month (1st or 15th) we can debit the installment from your account.