What Is the Best Personal Loan in Germany? (2026)
On the standard comparison profile of EUR 10,000 over 48 months, Commerzbank had the cheapest representative rate of the major German banks at 5.29% effective in the July 2026 FM-index survey, ahead of Bank of Scotland at 6.49% and Targobank at 6.95%. The regional Sparkassen averaged 12.99%, roughly double the cheapest direct bank. Every one of those is a Zwei-Drittel-Zins, not a marketing rate, and your own rate is set after a SCHUFA credit decision.
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How Do Personal Loans Work?
A Ratenkredit pays out a lump sum that you repay in fixed monthly instalments. The price is quoted twice: as a Sollzins, the nominal rate, and as an Effektivzins, the effective rate that carries the cost of credit. Under the Preisangabenverordnung a lender must publish a representative example, and the effective rate in it is the Zwei-Drittel-Zins: the rate at least two thirds of accepted applicants receive. That is the only figure worth ranking on, because the rate you personally get is decided after SCHUFA scoring.
What Are the Rates and Terms?
| Lender | Effective rateeffective rate fromThe lender's advertised floor for the effective yearly rate. Your personal rate is set after SCHUFA scoring and is usually higher. | Nominal ratenominal rate fromThe advertised floor for the bare interest rate, before fees. Compare loans on the effective rate, not this. | Amount (EUR) | Term |
|---|---|---|---|---|
| Commerzbank | 5.29% | 5.17% | not published | not published |
| Bank of Scotland | 6.49% | n/a | not published | not published |
| Targobank | 6.95% | n/a | not published | not published |
| DKB | 7.09% | n/a | not published | not published |
| ING | 7.22% | n/a | 5,000-75,000 | 12-120 months |
| Santander | 7.27% | n/a | not published | not published |
| Deutsche Bank | 8.85% | n/a | not published | not published |
| Sparkasse | 12.99% | n/a | not published | not published |
| Check24 | n/a | n/a | not published | not published |
| Smava | n/a | n/a | not published | not published |
| Verivox | n/a | n/a | not published | not published |
| Auxmoney | n/a | n/a | not published | not published |
Two-thirds representative rates published under the Preisangabenverordnung, status 1 July 2026, on a reference profile of EUR 10,000 over 48 months. Your own rate is set after SCHUFA scoring. Germany publishes no statutory rate cap: under BGB section 138 a rate counts as unconscionable once it reaches 2 times the market effective rate, or sits 12 percentage points above it.
Representative rates ran from 5.29% at Commerzbank, cut from 5.99% in January 2026, to 12.99% across the regional Sparkassen, where every institution prices independently so the figure depends on which branch you walk into. Deutsche Bank at 8.85% was the most expensive of the major direct banks. Terms and amounts are mostly unpublished: ING is the only row that states its range, at EUR 5,000 to EUR 75,000 over 12 to 120 months. Auxmoney prices on application for weaker SCHUFA files at credit grades B- to B, with third-party sources putting the band at roughly 4.9 to 12.9%. There is no legal ceiling to test that against: under BGB section 138 a rate is unconscionable at 2 times the market effective rate or 12 percentage points above it.
How to Apply
Compare on the representative effective rate rather than the monthly instalment, gather proof of income and recent bank statements, and apply to the lender with the lowest total cost. A portal application through Check24, Smava or Verivox reaches several banks at once, but the contract still lands with a partner bank, so read whose representative example you are being shown. Bank of Scotland is online only; Targobank, Deutsche Bank and the Sparkassen also lend through branches.
Frequently Asked Questions
Why is the advertised rate lower than the rate I am offered?
An advertised “ab” rate is a best case for the strongest applicants. The comparable figure is the Zwei-Drittel-Zins in the representative example a lender must publish under the Preisangabenverordnung, the effective rate at least two thirds of accepted applicants receive. Santander advertises from 3.99% against a 7.27% representative rate, Check24 markets best rates from 2.99% while genuinely offered representative rates sit in the mid 5% range, and Smava advertises from 1.29% against a typical brokered band of 4 to 7%.
How much can I borrow, and for how long?
ING is the only lender in the July 2026 survey that publishes its limits: EUR 5,000 to EUR 75,000 over 12 to 120 months, longer than most rivals. The other lenders publish no amount or term range, and the amount you are actually granted follows the SCHUFA-based credit decision.
Are Check24, Smava and Verivox lenders?
No. All three are marketplaces or comparison portals: the credit contract is always with a partner bank, and the representative example on each result belongs to that bank rather than to the portal. Check24 compares around 30 partner banks including DSL Bank, SWK Bank, Targobank and Santander. Smava is the exception in one respect only, running Kredit2Day as its own lending arm.
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