It is not difficult to find a loan for private education. Comparing loans for trainees When you start your professional life with your first training, you face many new challenges. A car is often indispensable to reach the training center and perform the work tasks. During training, there are always situations in which a short-term investment is necessary, for example, to repair a defective vehicle or pay a much-needed train or plane ticket. Get a cheap quote for your student loan now and compare current loans online with Loan Calculator & Loan Comparison!
Credit despite education
In education, many people believe that you have no credit. However, this is not the case as trainees also apply for a loan from a house bank. Approval depends on various criteria that have to be taken into account by the candidate who was in training.
The amount of the loan that the house bank awards to the trainee depends on how high the training allowance is. The fixed costs are then deducted from the trainee’s creditworthiness and the amount of the loan and the amount of installments to be paid are determined on the basis of the remaining amounts.
Credit institutions grant loans only if they are able to ensure that the loan granted can be settled reliably and in the pre-determined tranches. This is not only due to the low salary of the trainee in relation to an already trained employee, but also to securing the place of apprenticeship. Because the house bank can not ensure that the intern will keep his job or choose another education, she needs a guarantor.
Because with the failure or change of the apprenticeship also the creditworthiness of the debtor changed and he can not pay the rate in individual cases to the house bank. Note: This is why interns who apply for credit at a house bank are often the reason the house bank needs a guarantor.
The student is jointly and severally liable by signing the contract and has to pay the entire amount, including default interest, if the trainee does not pay the agreed installments. Trainees should also ensure that a house bank can only grant the loan for the duration of their education. The tranches to be repaid are thus selected so that they pay off after completing the training.
The reason for this is that it is never clear that the intern will also be hired by the company or find a job immediately after completing his or her education. Note: This also means that the loan can not be particularly high as it can not be repaid in full in the short term.
Granting a loan to trainees also depends on what the loan is to be used for.
Banks do not like it when you apply for a loan to celebrate with the cash or to take care of your own well-being. 2. As a rule, a loan for trainees will only be awarded if there is a significant reason and the trainee finances an important matter.
Ultimately, the same applies to the trainee as to other people who take out a loan from a house bank. It is best for a trainee to be debt-free or to prove that you have settled the liabilities and still have enough credit to repay the tranches of the loan taken over.
Note: Under these conditions and with a guarantor who is committed to complicity, the trainees can also raise a loan. Due to the limited monthly limits, only sums of between € 1,000 and € 3,000 are generally eligible. Note: Excessive, not necessarily necessary financial investments should therefore be postponed to ensure that the shortest possible deadline is maintained.
However, if a potential debt trap is repaid quickly, this can be overlooked in a student loan. It is advisable, as long as you stay in the training, to use the capital only for a specific purpose. Larger facilities can therefore best be managed after training. The lenders can understand this as well.
All training costs can be considered favorable.
Note: To make it easier to start working life, there are also special loans and promotions. First, it would be deadly to get a loan and then lose the training position during probation. Note: In addition, it is a good example to prove to the lender that the probation period is over and the trainee can count on sufficient solvency.
On the one hand, this creates more security for the lender, since the guarantor can or must intervene if the trainee is not compensated. Both ratios, which are very popular with a guarantor. Note: This usually increases the likelihood of engagement significantly. On the other hand, in extreme cases the guarantor can act as a safety net and take the tariffs in extreme situations.
This prevents possible pledging by the lender. As a rule, these are standard documents such as identity card, income statement, training contract and, if applicable, evidence of the identity of the guarantor named in the application. Finally, the concrete loan application is processed. This is either done directly at a local bank or on the Internet, which can further advance the process.