Comparison of the best consumer loans in Luxembourg

A selection of offers to save on your personal loan.
Independent 100% analysis.
Spuerkeess
4.06%
Spuerkeess
✔️ 100000€ max.
✔️ Rate reduction under 30 years old and Zebra Premium account holder
See the offer
ING Luxembourg
4.43%
ING Luxembourg
✔️ 100000€ max.
See the offer
Raiffeisen
4.85%
Raiffeisen
✔️ 50000€ max.
See the offer
The rates may vary according to your profile, your project and your financial situation.
Compare bank accounts in Luxembourg

Our advice for choosing the best consumer credit

How to choose a personal loan in Luxembourg?

Start by finding the best rate for your loan

In Luxembourg, consumer credit rates vary greatly from one bank to another. They also depend a lot on the economic situation: the year 2022 will see a sharp rise in loan rates due to inflation and the increase in key rates. We advise you to compare the offers in our selection (at the top of this page) to find the best rate for your situation.

Attention The rates mentioned above are those communicated by the banks on their websites. They will then have to be personalised to take into account your financial situation and your current indebtedness. It is therefore possible that you will not benefit from the rates shown in our selection of offers.

How to compare consumer loans?

Comparing personal loan offers couldn't be easier. All you have to do is :

  • Finding the best rate (we display the offer with the most attractive rate in our selection at the top of this page)
  • Briefly check the benefits of the loan offerwhich is displayed at the bottom of each offer
  • Contact the bank and request a personalised rateby clicking on the "See the offer".

The bank will then be able to customise your loan rate to suit your situation. It will also tell you about any additional charges that may apply (application fees, loan insurance).

Why take out a personal loan?

There are several reasons why you might want to consider taking out a consumer loan.

  1. If you want to furnish your flat : you will have to spend a lot of money quickly. So you need an income to pay for your new sofa, dining table, kitchen or TV cabinet.
  2. If you want to buy household appliances or multimedia equipment. Need a new washing machine? A washing machine? A television? A new iPhone or Mac? If you don't want to wait to save money to buy these appliances, you can take out a consumer credit.

These are only brief examples, but there are as many reasons for personal loans as there are situations. Consumer credit is used to buy furniture, appliances, decorative objects or any other consumer goods.

Some details to consider if you have other projects in mind:

Are consumer loans more expensive in Luxembourg?

Consumer credit rates are not necessarily higher or lower than in the countries bordering Luxembourg (France, Germany, Belgium). However, they vary much more rapidly depending on the economic situation. The first half of 2022 saw a sharp increase in interest rates on home loans and credits (car, consumer, works). If you want to take out a personal loan, we therefore advise you to analyse the offers regularly.

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Consumer credit in Luxembourg: what are the tax advantages?

The Grand Duchy's tax authorities allow you to deduct certain costs from your taxes. This is the case for the civil liability part of your home insurance, or for your car insurance. This is also the case for the interest charges on your current loans (personal loan, car loan, home improvement loan, etc.). 

You can deduct all these costs from your tax return, provided you do not exceed a maximum of 672 per year. So if you already deduct your insurance, it is likely that you will not be able to deduct the full amount of interest charges from your loan. That's why it's important to find the best rate for your consumer credit: you'll be able to minimise your interest expenses.

To find out more, don't hesitate to ask your bank for advice: they will be able to help you.

Who can apply for a consumer credit in Luxembourg?

Anyone can apply for a consumer loan from Luxembourg credit institutions (BIL, BGL, ING, Spuerkeess, Raiffeisen). However, the conditions for granting the loan and the personalised rate will depend mainly on two factors:

  • Your employment status (your income and the type of employment contract: if you do not have a stable job, you will find it difficult to take out a consumer credit)
  • Your indebtedness the date you apply for the loan (if you already have other loans, it will be more difficult for the bank to offer you an attractive rate)

Other criteria such as age may also be taken into account in the calculation of the rate.

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What are the costs to be taken into account for a consumer credit?

The interest rate is not everything (although it has a strong impact on the cost of the loan). Here are all the additional parameters to take into account when applying for a loan:

  • Application fees (often offered by the bank)
  • The insurance rate (as you will have to pay for insurance to cover the bank if you are unable to pay your monthly instalments)

All these elements together constitute the APR (or "Annual Percentage Rate"). This is a rate that includes all the fees and costs associated with consumer credit. It is this rate that we compare on all the offers displayed on this site.

However, there may be other costs which will be imposed on you when you open the loan (such as bank account opening fees, account maintenance fees, etc.). Indeed, some banks may make the granting of a loan conditional on the opening of a bank account with them. These are costs to be taken into account, as they can have an impact on the choice of consumer credit offer.

We recommend that you check these points with the bank of your choice after comparing consumer credit offers.

Frequently Asked Questions (FAQ)

What is the credit rate for a consumer loan?

The average rate for a personal loan in Luxembourg varies greatly from month to month and according to the economic situation. At the beginning of 2022, it was below 2%. In the summer of 2022, it is more than 3%, due to the effect of increases in key rates on the markets. We advise you to compare consumer credit rates carefully to make sure you get the best deal for your project.

Which bank gives a consumer credit easily?

In Luxembourg, most banks (BIL, BGL, Spuerkeess) easily issue consumer loans, as long as you have a good situation and potentially a small financial contribution. If you have a permanent job and a little money to spare, you can get a personal loan without any problem.

What is the lowest rate for a consumer credit in Luxembourg?

The lowest rates depend heavily on the nature of your project, the expected repayment period and the economic climate. At the beginning of 2022, they were 1.4%. Now they are between 2% and 3%. However, these rates are reserved for creditworthy profiles. If you are on a fixed-term contract, a work-study programme or unemployed, the rate offered by the bank will probably be higher, or you will be able to borrow less money. Some banks may also offer you a discount on your consumer credit rate if you are a customer with them.

Who can lend me money?

In Luxembourg, banks offer loans to cover all your life projects. If you want to buy a car: look for a car loan. If you want to buy household appliances, a computer, a smartphone or furniture: look for the best consumer credit. And if you're planning to renovate your house or flat: home improvement loans are for you.

Which credit company lends easily?

Luxembourg banks (BIL, BGL, Spuerkeess, ING, Raiffeisen) lend easily, provided you are creditworthy and employed. All you have to do is compare offers to find the best rate, apply for a loan on the bank's website, and send the necessary documents to confirm the loan. The loan will then be released within a few days.

How to calculate your consumer credit?

To calculate the cost of your personal loan, here is the formula: cost of consumer credit = monthly instalments x loan period - amount borrowed

What term should I choose for a consumer credit?

Consumer loans are repaid over a period of between 12 months and 60 months (from 1 year to 5 years). The longer your consumer credit lasts, the lower your monthly payments will be, but the more expensive your loan will be. To find the ideal monthly payment, do a loan simulation on the website of the bank of your choice.

How to obtain a consumer credit?

All you have to do is apply for a consumer credit online, by going to the website of the bank of your choice. The credit institution will then ask you for additional information (such as your salary slips or your employment contract). Then you can sign your loan. The loan will be released within a few days.

How to get a fast consumer credit?

To obtain a consumer credit quickly, prepare all your documents well: your work contract, copies of your identity papers, pay slips, and the reason for which you wish to apply for a consumer credit. Then apply online, sign your contract, and it's done! You'll have the money in your account within 2 to 3 days.

What is the average time to obtain a consumer credit?

In Luxembourg, it takes between 2 and 3 days to get the money for the personal loan into your bank account.

What is the maximum loan amount for a consumer credit?

For a consumer loan, you can borrow a maximum of €100 000, repayable in 12 to 60 months. However, some banks only allow you to borrow up to a maximum of €50 000 or €75 000.

How to apply for a personal loan?

To apply for a personal loan, choose the bank that offers the best rate, then apply for the loan online, directly on the bank's website.

What is a consumer credit?

A consumer credit is a loan of money granted to you by a credit institution for a specific purpose. It can be used to furnish your flat, buy household appliances, multimedia equipment (smartphone, computer, tablet, console) or to obtain an immediate additional contribution to your home loan. If you want to buy a car or finance work on your flat or house, there are specific loans available at advantageous rates.

Can a consumer credit be suspended?

A consumer credit can be suspended, but read your contract carefully: you may have to repay the money and pay penalties. If you have just signed the contract and have not yet received the money, there is still time to cancel the consumer credit without incurring too many costs.

Which bank for a fast consumer credit?

Some banks offer to give you an agreement in principle immediately. This is the case with the BIL bank, for example: you can apply online and get your agreement. However, you will still have to submit documents and sign the contract before the money is released.

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