A loan in training is wanted. Lending can be possible if some basic requirements are met. Whether borrowing is recommended, however, may be doubted.
Credit in training – opportunities at the house bank
Those who are in training receive a training salary. The overall training salary is very modest, but it regularly flows into the checking account. Trainees over the age of 18 receive a small discount, usually automatically from their bank. The amount of the possible overdraft is mostly ejected on the account statement. Only a few credit institutions send a special message.
Anyone who, despite being asked for no overdraft facility, should change the provider. Nice bank has been offering a free online checking account with a free opening overdraft facility of 50 USD since April 2013. For an overdraft above this amount, the discount rate is adjusted depending on current income, 8.99 percent overdraft interest will be charged.
The overdraft facility for employees who work in the private sector is usually around a monthly salary. Anyone working in the public service can look forward to a schedule of up to three monthly salaries.
Installment loan for trainees
There are restrictions on the installment loan for trainees. The training salary is usually below the attachment limit. It therefore offers no security for lending. In addition, an apprenticeship contract is not a permanent contract. It ends at the latest on the day of the passed exam. A written guarantee of permanent employment is rare.
For example, if you want to buy a car on credit, you cannot easily finance it through the training fee. The loan in training for buying a car must also be secured. The easiest way to do this is to guarantee a solvent guarantor – usually one of the parents. The guarantor assumes liability for the loan granted to the lender. If the debtor cannot pay, the guarantor must step in.
An installment loan could, without a guarantor, be at most a department store loan. The large electronics providers in particular attract young customers with a very relaxed lending policy. Many of these offers even waive interest on the sales loan.
Credit during the training of private donors
An alternative to credit from commercial providers who have to make more stringent credit requirements is private credit in training. Private lending is not bound by the strict legal regulations. A private investor can lend his money to whoever he wants. Manageable loan amounts, such as a loan to buy a cheap used car, can easily be financed privately.
The contact to private investment capital can easily be made via one of the large platforms. The use of the portals is free, at least for the two market leaders. Instead of a formal loan application, a loan request is formulated. This wish can be published on the platform. Investors, mostly small investors, can then submit a bid. If there are sufficient bids, the loan is ready for allocation.
A bank is now responsible for the further organizational process. She collects the money from the lenders and transfers the loan in training to the borrower’s checking account.