The start into adulthood is expensive: The first home, and car are sometimes only by credit for trainees to finance. It is particularly important for apprentices to find a loan that suits their life situation.
Framework for a loan in education
Since trainees usually do not have a generous income, often only small loan amounts of up to 5,000 euros are granted. The maturities usually take twelve to 36 months and usually do not go beyond the end of the training, because the bank does not know whether the borrower directly after training finds a job with a steady income.
Installment Loan – the most common loan for apprentices
An installment loan with fixed monthly loan installments is the most common form of loan for trainees. The monthly charge is always the same, so you can easily calculate what monthly installments and what term you can afford.
Frame loan – rather rare than credit during training
With a framework loan, a fixed amount is deposited in an account. You only have to pay the loan installments and interest later on for the money that you have actually withdrawn. However, such a loan is rarely granted to apprentices and not offered by all banks.
Dispo: Not a good loan for trainees
The lending rates for an account slipped into the checkout are often ten percent or more – which is very expensive and definitely not a good solution if you want to bankrupt the loan over a longer period of time. A separate loan is not only cheaper, but also safer than an overdrawn account.
How you can increase the chances of getting a loan as an apprentice
You can do your part to ensure that your loan application is not rejected during the training period. For example, in terms of lending volume, apply for only as much money as you really need. Small sums are more likely to be given to low-income trainees.
In a regular installment loan, specifying a purpose is voluntary, but can help you get the loan. If, for example, you want to buy a car from the loan amount, the bank has a guarantee in case of doubt and swiftly awards a loan for apprentices.
If you apply for a loan as a trainee, it may also make sense to look for a solvent supporter. For example, these can be parents, who then either act as guarantors or equal or second borrowers
If you do not need the money right away, it may be worth it to wait a few more months for the loan application. Once you have completed the probationary period of your education, your chances of getting a loan are much better.