Apprentices do not find simple conditions for lending. This is mainly due to a low income and temporary employment, which represents an elevated risk for the lender. Nevertheless, it is possible with the right approach or under certain conditions to obtain a loan for trainees.
Financing, which is evident to lenders
The salary of apprentices and students usually does not exceed a net income of 1000 euros, which makes banks very reluctant to lend. On the other hand, young people are an interesting target group, because many donors are interested in getting future customers to their advantage. An aspect that is given by many banks the chance of a loan for trainees. First and foremost, it is important to convey to the lender what the capital is needed for. If it is about financing a course or training courses that are used for further training, even if the income is low, banks are more willing to grant a loan than if the loan amount is needed for travel or electronic equipment.
Often, a place of apprenticeship can also be associated with a change of residence and thus the lending with the procurement of furniture. Such details should be explained to the responsible consultant. Another example would be the financing of the driver’s license, which is necessary for the later career development. For purchases of a mobile phone, TV, etc., a mail-order or department store is recommended, since with smaller sums and a purchase on installments there is often an easier option to get to the required goods.
Possible increases in the chances of success
Bad prospects have young borrowers who have just started their education. Savings banks and banks see the danger here that the training could be discontinued and the outstanding loan amount could not be repaid. Also a private credit note does not contribute positively to a loan for trainees. In such cases, it makes sense to submit a loan application with a co-debtor. If the guarantor meets the credit requirements, there is often nothing to prevent a trainee loan, as it is liable in the event of a payment default.
Trainees who have almost completed their apprenticeship or studies will often find creditors to be well placed. It is possible that an additional post-training position has already been agreed with the employer. The presentation of a follow-up contract in many cases results in an increase in the prospects of success. With so-called study loans, students receive an option on favorable terms with a cash injection, to bridge the study period or to make various purchases.
Alternatives to lending
If the loan application is nevertheless rejected, alternatives are available in the form of private financiers as well as foreign lenders such as those from Switzerland or Lichtenstein. These can be accessed on the web on special portals or as an independent company under your own homepage. Often the walk to the house bank is a sensible choice. Especially in the case of banks where parents or relatives are considered long-standing and wealthy customers, new borrowers receive a reliance on trust. A bank is not bound by any guidelines with a loan for trainees, but can individually decide whether the loan application is granted, depending on the case officer or his supervisor. private credit entries and the creditworthiness of a customer are for guidance only.
Trainees should not be too hopeful for higher loan amounts. Frequently, loans for trainees are only awarded up to a maximum sum of between 3,000 and 5,000 euros. Exceptions are persons who have sufficient collateral such as land, house, etc. For a quicker receipt or rejection, it is useful to bring all necessary documents with you or hand them over to banks on the Internet. Many lenders require the last three salary statements as well as a document (passport, ID card) that identifies their own person. Helpful may be existing insurance policies. For example, current life or pension insurance as well as other capital savings schemes provide security that may contribute to a positive decision.
Loans for trainees – commitment a path to success
In summary, handing over a loan for apprentices depends on the particular situation as well as their own commitment. The important thing is to convince the case officer and also convey the benefits associated with lending. With good reasoning and friendly demeanor, even borrowers with bad credit will find a way to get the money they need.