Private Loans for Students

Member since 05 October 2018

nreynanciaNew member30 March 2019 09:06:25

Hi everyone!

Quick background: I am an Au Pair in Germany that has been applying to a couple of companies to do a bachelors dual study program. My Au pair contract will be ending on 27th of June and it is almost April. My clock is definitely ticking. I have to figure out my next steps soon so I can apply for my student visa already.

I thought since I already have a bachelor degree from my home country (Philippines). A dual study would be the best choice for me, since (1) I now give more priority to earning practical experience and (2) dual study program comes with a contract with a company with monthly allowance, which will make it easier for me financially, as I wouldn't have to put 9000 euros on a bank account.

However, I haven't had a definite answer from the companies I applied to. I've met with 3 out of the 9 companies I sent my application to and had good feedback from the interview. But still no contract signing and no absolute rejection notice. I contacted one dual study student from one company and found out that he signed a contract with the company on May. So it's possible that some or most of these companies will start processing the applications around May. Which is gonna be way more "knapp" for me.

Now, I am thinking of just applying to a university to do a full time study and just have a part time job to help me finance my studies. But then again the question of getting the 9000 euros comes in again since I wouldn't have a contract with a company in this route.

Main thing"
I have joined a group on facebook "Hamburg Students Accommodation Group", where students basically look for WGs or post an available room. Some student's asks for a warmmiete worth 300euros. I have notice that these kinds of posts attracts private lenders. They just casually comment on these posts saying they can lend students from 200-300.000 euros with 2-3% Interest rate. I would like to ask how legitimate these offers are and if it is only a scam. Will it be the easiest way for me to get a loan as an international student? Is it even possible to get a loan this way.

Hoping for a kind advice from everyone here

Fred Indonesia Expert

Member since 02 August 2009

A smile is the universal welcome.
Max Eastman

FredIndonesia Expert30 March 2019 09:40:20

28781

nreynancia wrote:
I have notice that these kinds of posts attracts private lenders. They just casually comment on these posts saying they can lend students from 200-300.000 euros with 2-3% Interest rate. I would like to ask how legitimate these offers are and if it is only a scam. Will it be the easiest way for me to get a loan as an international student? Is it even possible to get a loan this way.

Legitimate loan companies don't tend to advertise using FB posts so there's a better than average chance these are loan sharks or scammers, most likely the latter.

There's only one thing to do here - Ignore dodgy deals or you're very likely to find yourself in trouble.

beppi Germany - Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany - Singapore Expert30 March 2019 11:44:19

15424

There are no licensed money lenders in Germany doing this kind of marketing work. It is almost 100% sure scam - as is anything that is too good to be true!
If you need a loan, visit a bank or the (public) BAFOEG authority, which gives such loans as a government service to the less fortunate. However, it might well be that you, as a non-EU-citizen, do not qualify for the latter and, due to high risk of not paying back a loan, are not a customer of interest to the former.
Good luck!

TominStuttgart Germany Expert

Member since 19 March 2012

TominStuttgartGermany Expert31 March 2019 11:02:29

2760

The dual programs like you describe are really ideal. I would think you need to keep focused on such an opportunity and see that you have something to offer that you get accepted.

I would avoid dodgy loan offers but one could theoretically look online to see what established financial institutions offer. Interest rates are pretty low these days so a 2 - 3 % rate doesn’t sound like anything so special but such things vary a lot depending on the conditions so it is hard to judge.

Like Beppi mentioned there is a program for student loans and grants called BAFÖG. Foreigners from non-EU countries are actually eligible but only as an exception if they are refugees or asylum seekers or a similar status.

A big question about your plan is how good your German is? One usually needs a C1 level to study.

beppi Germany - Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany - Singapore Expert31 March 2019 12:49:03

15424

Interest rates of 2-3% are possible only with good collateral, meaning the bank can be pretty sure to get back the money.
With higher risk, as in the case of the OP (who could make a runner to his/her home country and never pay back a cent) 6-10% or more is likely. But most banks will probably just not give a loan in such a case.

SimCityAT Expert

Member since 08 April 2014

SimCityATExpert31 March 2019 13:47:44

11670

Just to add, these Scam loan sharks are easy to spot straight away. Nearly all the time their email address is a give away as its something like a Gmail account. Never is an actual website given and just a Whatsapp telephone number.