Policendarlehen

SWK Bank Policendarlehen Review

SWK Bank's Policendarlehen is not an ordinary instalment loan but a loan secured against an existing whole life insurance policy with a surrender value. It suits people who own such a policy and need liquidity without having to cancel it or take out a policy loan directly with the insurer – and who specifically want to avoid providing proof of income.

Interest Rate and APR

The nominal rate is 5.83% p.a., and the APR is 5.99% according to the representative example under § 17 PAngV (the German price disclosure regulation). These figures are confirmed identically both in the product database and on SWK Bank's current offer page - there is no discrepancy between the sources here.

Loan Amount and Term

The loan amount ranges from €2,500 to €250,000, with up to three life insurance policies usable as collateral at the same time. The term is very flexible, ranging from 12 to 120 months. An important limitation: the loan amount may not exceed the guaranteed surrender value of the pledged policy/policies - so how much is actually available depends on the value of your own policy, not solely on the amount you'd like to borrow.

Costs and Repayment

Neither source mentions a processing fee. Extra repayments are possible free of charge at any time, as is early repayment at no additional cost. According to the database, the monthly instalment starts at around €192.04 as a rough reference for a smaller loan amount.

Requirements

The central requirement is owning a whole life insurance policy with a surrender value - a pure term life insurance policy without a savings component explicitly does not qualify. Particularly noteworthy: the Policendarlehen is granted "without proof of income," which considerably simplifies the application process for many. Also required: no negative Schufa entries, a minimum age of 18, and primary residence in Germany.

Pros and Cons

Pros

• No proof of income required
• No processing fee
• Free extra repayments at any time
• Very high possible loan amount up to €250,000 with up to three policies

Cons

• Only usable with an existing whole life insurance policy that has a surrender value - pure term life insurance does not qualify
• Maximum loan amount capped by the policy's guaranteed surrender value, not freely selectable
• No negative Schufa entries allowed

Verdict

SWK Bank's Policendarlehen is a niche product for owners of a whole life insurance policy who want to access liquidity without proof of income and without cancelling their policy. With a 5.99% APR and free extra repayments, it's a transparent offer - though the real limit isn't set by the bank, but by the surrender value of your own insurance policy.