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.
Comparing personal loan offers couldn't be easier. All you have to do is :
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).
There are several reasons why you might want to consider taking out a consumer loan.
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:
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.
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.
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:
Other criteria such as age may also be taken into account in the calculation of the rate.
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:
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.
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.
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.
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.
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.
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.
To calculate the cost of your personal loan, here is the formula: cost of consumer credit = monthly instalments x loan period - amount borrowed
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.
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.
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.
In Luxembourg, it takes between 2 and 3 days to get the money for the personal loan into your bank account.
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.
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.
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.
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.
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.