Taking out a private training loan – what are the options? |

Trainees who no longer live with their parents know the problem all too well: they earn their own money, but they cannot make big leaps with it. If there is an unforeseen issue such as the repair or purchase of a washing machine, it can hardly be handled with the meager trainee salary.

These and similar costs, for example for moving, can be paid by trainees with a small loan, which is not so easy to get during the training. On the other hand, the situation is different when a loan is taken out by credit banks to finance the training. The reason is that the rather low salary is not really a security.

Do not rush with the trainee loan

Do not rush with the trainee loan

In general, trainees should think carefully about whether they really want to take out a loan during their training. Because if the expenditure is higher than the income, young trainees run the risk of falling into the debt trap because they may not be able to repay the loan.

A training loan offers this possibility

A training loan offers this possibility

Above all, the graduates of secondary schools are faced with the problem that they must be able to finance an academic education – if they aspire to it – first of all. In most cases, they therefore work alongside their studies, apply for a student loan or a student loan, which is not a problem in most cases. However, there are also various non-academic training courses in which the trainee must first invest money. This applies, for example, to prospective pilots, who can generally take advantage of a financing program in the form of a loan from the respective airline, which they have to repay after their training.

If this route is not possible, the trainees have to finance their training elsewhere with a loan, but this involves a certain risk. Because if they don’t complete the training, they still have to pay back the debt.

A training loan from the house bank?

A training loan from the house bank?

The first way for borrowing naturally leads most trainees to their house bank. However, before borrowing, you should inquire about the conditions that apply to a personal loan. Because very often the conditions with competitors of the house bank or with an online bank are significantly cheaper. However, borrowing is only worthwhile if the conditions are significantly better. If the differences are only minor, borrowing from the house bank is recommended. The reason: Here the borrowers have a direct and personal contact person with whom they can also negotiate directly if difficulties should arise during the day of the loan.

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