More and more banks are also offering loans to private individuals online. It is convenient and quick and only takes a few minutes. You often read statements like: “With a few mouse clicks to the loan!” And the like. In practice, however, it is not quite as simple as the banks need certain documents to check the loan application.
What documents are needed?
In the first place is proof of the identity of the applicant. The easiest way to do this is with a copy of the front and back of the German identity card. Another way of proof of identity is a copy of your passport (the page with the photo and personal details). Since the passport does not contain a home address, it may be necessary to enclose an official registration certificate from the registration office with the documents.
The certificate must not be older than 6 months to meet the requirements of the bank. Foreigners with permanent residence in Germany must send a copy of the foreign passport (also the page with a photo and personal details) and a copy of both sides of their residence permit. A current registration certificate may also be required.
The bank still needs the applicant’s proof of income. This is either the wage or salary statement or the pension notification. In most cases, proof of income from the past two or three months is required. These documents must be sent in in the original, copies are not accepted.
Some banks also require the bank statements of the account to which the income is usually transferred. The latest account statement is usually sufficient, but sometimes requests for the last two or three months are also requested.
What should applicants pay attention to?
The fastest way to process the loan application is when all documents are ready and complete. To avoid delays, read the instructions given by the bank carefully and adhere to them. Manipulation of payslips or bank statements is strongly discouraged, as these are official documents. Unauthorized changes to it are not permitted.
If the bank notices such changes, the loan application is rejected in any case. On the other hand, it is legal to choose a month or a period in which you earn more than usual when you apply, for example, because the month has more working days or because you work overtime.
If you value getting your documents back, it is advisable to enclose a sufficiently franked and self-addressed envelope. Since the necessary documents are sent by post, it takes several days to process the loan application, especially if there is a weekend or a public holiday in between.
If a loan is approved on the Internet immediately after completing the form, this commitment is not binding, but only provisional until all the requested documents have been checked. Because the identity of the applicant also has to be checked, it takes a relatively long time for the loan amount to be transferred to the specified account.