Young people have a lot of purchases that are needed, especially at the beginning of their training. During this time, many move into their first own apartment, get a driver’s license or want to buy a car. The apprenticeship generates the first income and the trainee is on his own two feet for the first time. It is understandable that there are many wishes that should not wait long. However, the training salary is not always sufficient to procure things as expensive as a vehicle. This enables the trainee to take out a loan during the apprenticeship.
Trainees must meet special requirements
For normal borrowers, it is often sufficient to provide proof of income to take out a loan. This is not always enough for apprentices because they have to be creditworthy so that a loan can be taken out during the apprenticeship. Since the salary is often very low, an important security is missing. Banks usually require a high salary so that the loan can be paid back on.
First of all, a budget is drawn up to see whether the training salary is sufficient. If this is not the case, a guarantee should be taken out. Your own parents can act as guarantors, so the bank can be sure that they will get their money back. In addition, the applicant must have reached the age of 18. If he is younger, the parent or guardian must always sign the loan application.
In order to check the creditworthiness, a declaration of consent must be signed so that the bank can check the Credit bureau. All contracts, whether a loan contract or a mobile phone contract, are entered in the Credit bureau. If there are irregularities in the Credit bureau, in other words too many negative entries, often no loan is granted during the training.
Conditions for trainees
So that no trainee gets into debt, the loan contract runs as long as the training contract. Since a takeover after training is not guaranteed, the borrower is protected against over-indebtedness. At the same time, the bank ensures that the loan is repaid. Interest rates are relatively low, so little needs to be paid.