How do loans work?
A loan is an amount of money that you borrow, which is then paid back over time with added interest on top. When you first take out your loan, you can choose how many months your loan will last, and how much you’ll have to pay back each month. With N26 Credit, you can get a personal loan of €1,000 to €25,000 directly in the N26 app, and pay it back over 12 to 60 months.
How does N26 calculate my loan interest rate?
Your personal loan offer and the interest rate is based on 1) The amount you’d like to borrow, 2) the repayment period, and 3) your credit rating. Depending on these factors, N26 Credit offers effective interest rates starting from 6.67% p.a. You can request and compare your personal loan offers in the N26 app at your own pace, before making a decision.
Can I get a loan without a credit rating?
Unfortunately, we’re unable to offer you a loan without knowing your Schufa credit score.
Will my loan request be shown on my Schufa credit score?
The request will be noted in your Schufa credit report for one year. But rest assured — this will not have any negative impact on your SCHUFA credit score.
How much money will I get?
The total amount of your N26 Credit loan depends on the details you provide, as well as your credit rating. We offer personal loans ranging from €1,000 to €25,000. To find out the exact effective interest rate and your monthly payment amount, simply use the loan payment calculator in the N26 app.
How long does it take N26 to grant my loan request?
With N26 Credit, you’ll receive your loan offer in just a few minutes. Please note that this is not an instant confirmation of your loan request. Once you’ve reviewed the offer and want to accept it, you can electronically sign the loan agreement — your N26 Credit loan will usually be paid within one hour.
How big of a loan can I afford?
This depends on your financial situation. With N26 Credit, you can get a loan of up to €25,000 and choose a payment plan ranging from 12 to 60 months. Depending on the amount and the terms of the loan, your monthly repayments can be as little as €19.10.** To calculate how much you can afford to pay back each month, try creating a budget based on your monthly expenses.