After graduating from school, young people begin a completely new phase of life with vocational training. And if the parents lack the financial means, the trainees will have to make some expensive investments – for example for a driver’s license, their own vehicle or for moving to another city. The training allowance is generally not sufficient to cover these costs. And even if child benefit and the training allowance are not generous, all that is left is for the trainees to take out a quick loan.
Trainees: An interesting clientele for banks and loans
Basically, apprentices are an extremely interesting target group for banks, which they naturally want to retain for as long as possible. That is why trainees usually receive checking accounts at extremely favorable conditions – of course, the credit institutions have the hope that they will be able to sell the apprentices further financial products. When it comes to a loan, negotiations with the bank are not that easy. Because a loan to trainees is linked to various criteria. The trainees must be of legal age and reside in Germany. You should also have no negative entry in the credit bureau. Furthermore, the trainees must be able to prove a regular income – usually a minimum income of 600 euros is required. Child benefit and German state funding do not count as income for the bank.
The trainees can therefore only show their training fee. The living situation also plays an important role. The reason: If the trainees still live with their parents, there is already a large cost factor, namely the rent. In this case, the financial scope of the trainees can be sufficiently large to be able to service the loan installments, especially if the sums involved are not too large. For example, the cost of a driver’s license or a used car can be financed through a loan. In order to increase the chances of getting a loan, the trainees should in any case draw up a solid budget, taking into account all income and expenditure.
Better chances of getting a loan with immediate
Under the following link you can find which online loan brokers with immediate approval according to europa-web.de are also suitable for trainees (and other “problem groups”). If the trainee takes out a loan together with a co-applicant with a good credit rating, the chances of a positive loan decision by the bank not only increase. In this case, the trainee usually receives the loan on better terms. (For details, see the section “Is there a loan with an immediate approval even without a credit rating?” On Europa-Web). A co-applicant offers another advantage for the bank compared to a guarantor who also has to step in if the trainee cannot pay the installments: the co-applicant has the right to have a say in the use of the loan amount. Parents are, of course, the ideal partner for trainees. The trainee can also apply for the loan with his partner. This person must provide proof of a regular income, be in an unconditional employment relationship and of course have successfully passed the probationary period.
What about a loan during the trial period?
During the probationary period, trainees usually have a poor chance of getting a loan (at least if they want to apply for it themselves and without a co-applicant!). On the contrary; many credit institutions even require that the employment relationship must have existed for at least six months – even if the trial period is shorter. Incidentally, the trainee has no chance of getting a loan in the first month of work. The reason: he is not yet able to provide proof of salary.