The two preliminary conditions to qualify for a personal loan in Luxembourg

It is essential to meet two basic conditions to be able to take out an installment loan (also called credit or personal loan) in Luxembourg. It is thus necessary:

reside in Belgium or Luxembourg,

These are sine qua non conditions: no bank and no broker will be able to grant you a personal loan in Luxembourg if you do not live in the Grand Duchy and if you are a minor.

Then, you must be able to show that you are able to repay your loan without problem. This is where employment and its stability come into play.

As an employee, can I apply for a personal loan?

As an employee (employee, temporary worker, worker) under a permanent contract (CDI) or under a fixed-term contract (CDD), it is possible to take out a personal loan in Luxembourg. In fact, you have so-called “stable” income and can therefore claim credit.

This is also the case if you have been self-employed for a while and have regular and stable income.

What conditions do banks require?

Banking organizations attach importance to the stability of candidate borrowers. The longer the candidate is employed with their employer, the greater their chances of being granted a personal loan. In fact, the salary received by the employee allows the repayment of monthly loan payments without difficulty.

Even if you started this job recently, you can qualify for a personal loan in Luxembourg, in fact, it is not necessary to have been employed for a long time. The main thing is to show the stability of your income over time: so, if you have just changed jobs, but you have had stable and regular income for some time, this will certainly not pose a problem.

Salary slips

In general, banking organizations request 3 salary slips for indefinite or fixed-term contracts: this proves the stability of employment and therefore of income.

If you have just started and/or you do not have salary slips, we can prove your income using the employment contract on which the salary is stipulated.

If you are a temporary worker, it is necessary to provide proof of at least one month of consecutive temporary work .

If you are self-employed, it will be the warnings extracted from the role which will be requested to check the stability of your income.

If you wish to apply for a personal loan without putting yourself in possible financial difficulties, you can contact our managers. They will advise you, for example, on the amount of monthly payments not to exceed in order to avoid over-indebtedness. Indeed, it is essential that you keep a living balance – that is to say an income excluding any expenses – sufficient to avoid encountering any obstacles in repaying your loan in Luxembourg.

How much can I borrow?

Applicant pret epersonnel in LuxembourgIt is important to take stock of your needs before applying for credit in Luxembourg . Whatever the purpose of your loan, first estimate the exact amount you would like to borrow. A personal loan in Luxembourg allows you to borrow between €5,001 and €100,000. Also think about the length of time you are willing to repay your personal loan: this varies between 24 months and 120 months, depending on the amount borrowed.

It is based on the amount, the total duration of the credit and the interest rate that the monthly payments are calculated. As mentioned above, these must remain bearable for your budget and therefore also depend on your income and your various expenses.

If you want to have an estimate of your future personal loan yourself, you can simulate your loan via our online tool (at the top of this page). Indicate the amount and duration in the dedicated fields and let the simulator calculate for you. You will then see the different monthly payments displayed depending on the total duration of your credit in Luxembourg. Choose the option that suits you best and repeat the simulation as many times as you want until you get the best result. This simulation is without obligation.

How to apply for credit in Luxembourg?

Today you can submit your installment loan request without leaving your home. Click on the button in the last frame of the online simulator and complete the form: a MiD Finance manager will then analyze your file and get back to you as soon as possible with a concrete proposal. If your request is not accepted, you will also be informed and we will try to find solutions together for your financing needs.

If you prefer, you can also make your request by email, telephone or by making an appointment at an agency.

Have you done a simulation, but you still have questions about the installment loan? Would you like personalized advice? We are available by telephone, via the online form or by email to answer all your questions about credit in Luxembourg:via our email address [email protected]

As you can see, we are present in Belgium and the Grand Duchy of Luxembourg. We offer you the same quality of service on both sides of the border. If you live in Belgium, but are geographically closer to the Luxembourg agency, you can of course contact the MiD Finance Luxembourg team for a personal loan in Luxembourg.