Trainees are very young customers at banks who receive their first salary. With this the first own items are bought or invoices paid. The first cell phone, driver’s license or even a car are often the first wishes to be fulfilled. Trainees first learn to handle their own money and will quickly realize that not all wishes can be fulfilled immediately.
A driver’s license costs around 2,000 euros. That’s a lot of money, considering that many apprentices receive just 300 to 500 euros in the first year of apprenticeship. It takes a long time to save and other things have to be put on ice first. However, if you urgently need a car or have the first rental payment in front of you, you will quickly get into a bottleneck. But that does not have to come this far, because banks have just adjusted to the younger generation and forgive a loan for training. However, before the first bank discussion is conducted, the apprentice should inquire sufficiently about the requirements and conditions.
What collateral is required by the banks?
Trainees are often still underage. Most start their education at the age of 16 or 17 years. Few start an education right after graduation, these teenagers often go to study. If the trainee is a minor, he must know that he will not receive a loan for training without the parents’ signature. Only when the age of majority is present, one is fully competent. Before that, the parents or the guardian are responsible for the trainee. If the parents agree, there should be few problems getting a loan for training.
However, it is also crucial that the apprentice is no longer allowed to work during the probationary period. This is between the first three to six months of training. The probationary period should give the employer and employee the opportunity to decide whether this occupation is the right one or the employer can see whether the trainee really fits in with the business. If both or a side decide that the training is not for the trainee, then the employment can be terminated at any time during the probationary period.
How high the loan amount can be, the bank decides with the help of the training salary. The higher this is, the higher the loan for training can be. Usually, banks grant a loan for training as a microcredit. The total is always between 500 euros to 3,000 euros. For those who are almost finished with the training and may already have a fixed employment contract in view, can count on a higher sum. This is because banks see that there is a permanent employment relationship after graduation and this means that there will be no unemployment and that there will be regular income.
Is a loan comparison worthwhile for job starters?
Even if your own house bank offers a loan for training, it can not hurt to look at other offers. For example, those interested in the loan can look up these offers on the internet. There are countless providers on so-called comparison portals. Here, the trainee only has to know how much the loan amount should be and how much money is available to pay off the loan for training. The APR should never be missing, otherwise the apprentice will be surprised. Only if the annual percentage rate is listed, the applicant can see the costs that will really come to him.
Where can difficulties arise?
Difficulties can arise with a loan for the education above all, if there are already negative entries in the private credit. For example, mobile phone contracts are displayed in the private credit. That alone is not a negative entry. However, if the phone bills have not been paid, then it can lead to a negative entry. Only parents or guardians with good creditworthiness can help here. These are used as guarantors of the loan and must step in should payments fail. Apprentices should not overestimate the loan amount and the repayment amount. There should still be a certain scope of play, so that not all the training content for the installments is paid.