How to get money for your deposit

1. ASK THE LANDLORD FOR PAYMENT IN INSTALLMENTS

If you ask your future landlord to pay your deposit in installments, you should give a clear reason for this so that no mistrust arises. Here are a few examples:

• You are at the beginning of your professional life and need your savings to furnish your home.

• You were between jobs, used up your savings for the transition phase, but now have a permanent employment contract again, which secures the installment payment.

• Unexpected costs - for example a total loss of your car - have used up your savings in the short term.

Your future landlord may be willing to accommodate you with an installment payment. A bank guarantee would be one way of guaranteeing regular installment payments, but this also incurs a fee of 1-1.5% of the total amount. You can find out how a bank guarantee works here.

2. APPLY FOR FUNDING

You are particularly eligible for funding if

• you are in an emergency situation due to personal, family or financial circumstances or

• you are threatened with an emergency situation if you cannot pay the deposit for your apartment,

• you have German citizenship or have been a legal resident for a period of more than 3 months.

It is best to ask the social welfare office about subsidies for the deposit or rent.

3. TAKE OUT A SMALL LOAN OR INCREASE YOUR CREDIT LINE

If you have a regular income and a good credit rating, you should have no problems getting a loan from your bank for the deposit on your apartment. You can find a loan calculator here to help you work out your monthly installment. Note for your loan:

• Your budget calculation must be correct. The bank will only give you a loan if you can afford it.

• You should have a regular income.

• Your creditworthiness is checked. For this purpose, the bank checks whether you already have debts and what your ability to pay looks like.

• It usually takes about 1-2 weeks until you actually have the money in your account.

Alternatively, you can also ask your bank manager for a temporary increase in your overdraft facility. The best argument for this is a repayment plan.

4. ASK FOR ADVANCE SALARY PAYMENT

If your vacation or Christmas bonus is due to be paid out soon or your employer knows that you will be working overtime for which you are liable to pay, they may be prepared to give you an advance salary payment for your deposit.

5. PAWN ITEMS

Do you have items that you don't want to part with but can do without for a while? Then you have the option of using them for a loan at a pawn shop. A pawn loan is well suited for short-term bridging.

Example: You own two Philharmonic coins that you don't need at the moment. Deposit them in insured storage at a pawn shop like CASHY and borrow the money for your deposit. You can easily extend, reduce or repay your pawn loan online in your account.

If you own a car that you can temporarily do without for the duration of the loan term, a car loan may be a good solution for you.