The apprenticeship loan is a special form of consumer credit and is usually used as a installment loan. However, there is always the question of whether an apprentice can even get a loan! Trainees who want to buy a new vehicle for entry into employment have the opportunity to do so at the manufacturers’ banks and at various financing institutions. Details about the trainee credit can be found here. Information and advice on loans for apprentices and the comparison with Credit Aid.
The trainee loan – promotion of apprentices
For many young people, starting their apprenticeship means being on their own two feet for the first time. 2. Mostly with little cash. Expensive purchases are therefore usually not possible and – provided the guardian or other dependents do not contribute – only at the end of the training.
Through an apprenticeship loan, the trainees can still have specific requirements for themselves during the training. With an apprenticeship loan, apprentices receive short-term funds to finance larger and more expensive purchases, such as a flat or a vehicle. In many credit institutions, loans are only granted to interns who have completed probation and are in permanent employment with a regular salary.
The involvement of a guarantor or competitor is usually beneficial for obtaining an apprenticeship loan. An apprentice loan? Trainee loans are micro-loans ranging from a few hundred to around 5,000 USD. In most cases, banks lend only those manageable amounts to ensure that the trainee can repay the loan.
With small monthly installments, student loans are an attractive option for teens to get to their destination quickly. What is an apprenticeship loan suitable for? The classic apprenticeship loan can be found in the usual loan comparison. These loans are provided by banks such as: For example, credit institutions are granted to the trainees named as borrowers. For interns, an instant loan can be very attractive as they can receive the promised capital directly and use it for purchases.
However, it should be noted that the trainee has to repay more than the agreed loan amount. The loaned from the house bank service is interest. The apprentice must also reimburse them for the monthly installment of the loan. Compared with branch loans, online credit often offers learners more favorable terms, for example in the form of cheaper rates.
When is an apprenticeship loan possible? Taking out a loan should always be well thought out and only done when money is needed for expensive purchases. The trainees usually have little coal. If they get little or no help from their guardians, it will be difficult with the first house or car.
The apprenticeship loan enables expensive purchases. However, the loan should only be closed if it is genuinely ensured that the loan can be repaid. Many trainees want to be on their own two feet at the beginning of the apprenticeship. An apprenticeship loan for the apartment can help here. However, it should be checked whether the financing in the furniture shop or in the electrical retailer should not be cheaper than the apprenticeship loan.
Especially in rural areas, many of the apprentices rely on their own vehicle. That’s why they depend on their own vehicles. in practice. The apprentice loan for your first automobile helps you to finance your own vehicle. To obtain a loan during the training period, the trainee must meet a number of requirements. Even as an intern, it can be very difficult to even apply for a loan.
As a rule, loans are only granted to adults living in the Federal Republic. In addition, many other influencing factors determine whether a financial institution grants the loan: The basic requirement for a loan in continuing education is a regulated income ratio. If the trainee receives remuneration from the apprenticeship company, he can report this to the house bank as current remuneration.
But there is a special case: If the trainee still lives with his family, the rental costs are eliminated – ie the highest investment. An apprenticeship loan is still possible in many cases. The apprentices initially work during a probation period in many companies. However, many credit institutions grant an apprenticeship loan only after the probation period has expired.
If the trial is still going on, getting a loan is very difficult.
Often, loans are only possible after the transition from probation to permanent employment – with some banks only after several months. However, there is still a chance that the trainees will be paid out during the probation period.
Some banks also hand them over to the trainees during the probation period. However, the loan is usually limited to a loan amount of less than USD 1,000 and must be paid within 30 days. Unless trainees are able to provide permanent employment after completing the training, it is usually not possible to obtain a loan period beyond the training period.
On the other hand, if the trainee can confirm in writing a permanent job, longer-term employment is possible. Many banks regard trainees as risky trainees because of their low and mostly long-term uncertain earnings. A guarantor or competitor may be called in to receive a loan.
This is necessary in many cases, as some institutions do not provide an unincorporated apprenticeship loan or an apprentice loan without a competitor. The trainee loan goes with the competitor another way. However, if the apprentice is no longer solvent, the competitor must pay more than the remaining repayment. The competitor can also be claimed in advance by the house bank.
This gives the institutions more collateral and increases the chances for trainees to receive a favorable loan amount. In return, the applicant has a say in borrowing. For example, the legal guardians may decide what the granted amount may be used for. Trainees who do not have a good credit rating and can not find a guarantor or competitor usually do not receive an apprenticeship loan from a bank in Germany.
However, there are alternative options such. Eg credit markets or credit bureau-free lending. Which requirements do I need for an apprenticeship loan? The apprentice must be of age and be resident in the Federal Republic of Germany in order to receive an apprenticeship loan from a bank in the Federal Republic. These include completion of vocational training and proof of current income.
In addition, loans for apprentices are often only granted if there is written proof of permanent employment after the apprenticeship. A trainee with a negative credit bureau entry must expect not to receive an apprenticeship loan.