When you apply for a loan and it is approved, you normally want to collect the cash immediately or have it transferred to your account. In Germany, however, loans are subject to consumer-credit law, which prescribes a waiting period of 14 days before the loan is paid out. The Consumer Credit Act is binding on all lenders and serves to protect and secure borrowers. Within 14 days of signing the loan application, the borrower can withdraw from the contract without giving reasons. That is why payout always takes place only after this waiting period has expired.
Before taking out a personal loan you should therefore know about the 14-day waiting period so that you can prepare for it and are not surprised. Use the statutory waiting period to your advantage and plan the use of the money optimally during the 14 days.
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Waiting period until the next loan application
The lending banks do not publish exact deadlines, but after a declined loan contract a borrower usually has to wait a while if the reason is enforcement proceedings, garnishments or certificates of unpaid debt before a new application has a realistic chance of success. We have found that the lending banks roughly follow these guidelines:
If all enforcement proceedings have been paid, there is usually no waiting period. Once wage garnishments have been completed, you can expect a waiting period of 2 – 3 years until the next loan application, and once all certificates of unpaid debt have been paid, the waiting period is around 5 years. Here is the overview of the usual waiting periods until the next loan application:
Your situation – recommended waiting period until the next loan application
All enforcement proceedings paid: no waiting period
All wage garnishments completed: 2 – 3 years waiting period
All certificates of unpaid debt paid: 3-4 years waiting period
Even though there is no statutory waiting period, these guidelines are usually observed by the lending banks.
Important! Lending depends above all on your credit scoring. Apply for your free credit check now.
It includes data such as payment experience, address, mobility, company relationships and other factors. We can prepare a non-binding, free credit check for you that does not negatively affect your credit scoring (many loan refusals reduce the chances of a loan). To do so, send us an e-mail with your details: surname, first name, date of birth, phone and address.
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