The loan for trainees is not uncommon. The training position is often the first job. With the new income, greater wishes seem to be within reach. For whom there are credit options, restrictions and providers of credit for trainees, the article illustrates.
Loan for trainees – secure credit opportunities
The house bank already offers a safe and convenient loan option. The first loan for trainees is almost always the first small overdraft facility. Due to the regular receipt of money, after three months at the earliest, even a small discount framework is automatically set up. The clerk determines the height of the frame. The usual planning framework, with which everyone actually gets along well, is about the amount of a training salary. Only for trainees in the public service is this first credit line automatically set significantly higher.
If a monthly salary is not sufficient, there are fair chances that the clerk will grant up to 2.5 monthly salaries as a overdraft facility. In the public sector, the limit is around 3.5 months’ salary. In addition, it will be difficult to get a loan from the house bank. As a rule, the income is not sufficient to prove real creditworthiness as part of a real credit check procedure.
The restrictions result primarily from the type of income and the amount of the salary. An apprenticeship automatically ends on the day of passing the journeyman’s examination. The employment relationship is therefore a temporary contract. In addition, only in a few professions, often only in the last year of training, an income above the seizure allowance is achieved. Practically everyone is less than 1,000 USD net per month and therefore not creditworthy. Above all, the overdraft facility is intended to strengthen customer loyalty, which is why it is so easy to assign.
Loan alternatives without approval problems
The overdraft facility is not always sufficient to pay for larger purchases. Financing a car in this way, or even a driver’s license, would also be far too expensive. The overdraft facility costs an average of between 11.5 and 17.5 percent interest, depending on the provider. To finance a larger purchase in this way would be to throw cash out the window. In this case, an installment loan is the cheaper alternative.
The offers of direct providers from the Internet are particularly easy to compare and offer low interest rates. Unfortunately, this loan for trainees cannot be managed on its own. The income is too low for an installment loan. Asking the parents for a guarantee gives access to the cheap offers. A solvent guarantor compensates for the bad creditworthiness of the applicant through its creditworthiness. In this way, larger loan requests, such as car loans for trainees, can be met.
Still, nobody wants to get his guarantor in trouble. The loan amount should not be too high, even if larger sums were possible.
Fast trainee credit on your own
The loan for trainees to compensate for a current credit crunch can of course also be found without guarantors and large formalities.
The advance payment from the employer can easily be requested in many companies from the pay office without waiting times and loan formalities. Payment is almost always made in cash. The advance is offset against the income.