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Apprentices are not exactly among the most profitable groups among bank customers. Although there is a regular income, it is still not particularly high. Big leaps in terms of borrowing can not be done with it. But apprentices do not have to completely deny the creditworthiness. With certain conditions, loans for apprentices are also possible.
Are there loans for apprentices?
For trainees, it is usually difficult to get a suitable loan as an apprentice. Many banks shy away from the potential risks of providing a loan to trainees . What the new entrants are likely to be denied, are large loans for auto or real estate financing. Here, as a rule, both income and collateral are lacking. Smaller installment loans are possible for trainees, although many banks are cautious. For example, only in rare cases is there a guarantee that learners will be taken over by the company after completing their training.
Bank offers a welcome exception, because even trainees with a rather moderate credit rating can get credit here. The reason is the relatively small amounts of money that are given throughBank, which then go along with very short terms of up to 30 days. This lowers credit risk and increases the chances of obtaining a loan for trainees who otherwise are less likely to default on credit transactions.
How do you get a loan as an apprentice?
If you need a loan as a trainee, your own house bank is usually your first port of call. The bank checks creditworthiness and may even engage in lending business in the event of a positive outcome. Often, apprentices can claim a credit line for their own current account. However, caution should be exercised here, as interest rates are very high for most banks. If apprentices do not return such a loan fast enough, they quickly run the risk of over-indebtedness.
AtBank things are much simpler and more transparent, because it’s clear from the start what the trainee credit will cost and how long it will last. In addition,Bank does not require long planning periods because loans for apprentices have already been paid off within one month.Bank is the first financial service provider in Germany specializing in short-term loans, which also allows trainees to obtain credit cheaply and without undue risk.
Opportunities for credit for apprentices
How can I improve my credit rating for a loan during training?
There are various options that we would like to discuss in detail here.
Assistance by a guarantor
The guarantee is an interesting way to hedge against a default. However, the trainee must first find someone who vouches for him, so in case of doubt, if he can no longer serve his trainee loan himself in case of doubt. The guarantor thus commits himself to the creditor, as a rule the bank, to stand up for the liabilities of the borrower and also to assume liability for this with his entire assets. Of course, the prerequisite is that the guarantor has the appropriate financial resources. This shows that there should be a certain basis of trust between trainee and guarantor, because the latter takes a risk. Incidentally, the type of loan does not matter for a guarantee. Anyone looking for a loan for trainees without guarantors should at least once have heard about the benefits of a guarantee.
Creditworthiness of the trainee before and after the probationary period
For most apprenticeships, a probationary period is agreed, after which the management decides whether or not to retain the trainee. Until this decision has been made, the trainee can not really refer to a secured income. However, once the probationary period has passed, the income is secured at least for the duration of the remaining apprenticeship and is thus also suitable for securing credit.
Support of the trainee by a co-applicant
A co-applicant is a second person who applies for the loan. This double-hedges the student’s loan because the co-applicant is also liable for the correct performance of the contract. The co-applicant, in contrast to a guarantor, is liable to pay from the beginning and jumps in as soon as the apprentice, as the main applicant, can no longer fulfill his obligations. If necessary, until the loan is completely repaid. In contrast to a guarantee, principal and co-debtors always act as joint and several debtors.
Secured acquisition – secured income
A secure acquisition after training is of course the ideal case for a loan approval. The apprentice already knows that his company will stop him after completion of the training. As a result, he also knows that in the foreseeable future he will have a significantly higher income and thus an extended financial headroom. This, of course, makes it easier to apply for an apprenticeship loan at the bank, because a higher secured income considerably improves your credit rating. However, the apprentice should be sure to be taken over. Commitments can z. B. also be dependent on test results that are determined only at the end of training.
Take the right loan as an apprentice
What type of loan is suitable for apprentices?
Basically, it is not the type of loan that matters, but the amount of the loan and the associated risk. Banks usually grant apprentices a credit line that is relatively expensive, but can bridge short-term liquidity shortages. Dealer credits are also awarded to trainees if the product financed by them does not exceed the borrower’s funds or budget too much.
With our short-term or small loans,Bank offers a new alternative for trainees to get a loan. For small loans, the loan amount is low, which minimizes the risk to the bank. Borrowers also do not run the risk of over-indebtedness. In addition, these loans are pretty fast back from the table, because their term is usually a maximum of one month.
Benefits of the apprentice loan from Bank
The advantages at a glance:
- Calculate trainee credit for free
- Credit request without influence on the Bank score
- Fast apprentice credit in just 60 minutes
- Trainee loans without processing fees and commission
1. Free loan calculator for trainees
With our loan calculator apprentices know exactly what to expect atBank. The operation is very easy: First, the required credit amount is selected by slider. It should only be noted that first-time customers are granted a maximum of € 500. As soon as the first lending business was successfully completed and we were able to get to know our new customers better, we also increase the scope for credit. Just below it, the desired run time is set, which is between 7 and 30 days.
2. Credit report without Bank rating
Bank Holding AG is always informed when apprentices apply for a loan. This request is stored for one year and can negatively affect the base score, which reflects the trainee’s creditworthiness. Not so withBank, because here we handle the loan requests of trainees confidentially. This means that every request for credit with us is Bank neutral and will not be forwarded to the credit agency.
3. Immediate payment on loan for trainees
WithBank, everything is a little faster than anywhere else. That’s why all our loans are considered like instant loans. Our short-term credit is not just so called because of its short term, but also because of the very fast payout. So if the money is to arrive on your own current account very quickly, our quick loans for trainees will help. The loan amount is within 60 minutes on the account of our customers!
4. Cheap loans for trainees
Trainees are not among the big earners and must pay attention to every penny. Since the short-term loans ofBank come just right, because these are particularly favorable to have. Trainees find the current interest rate just below the loan calculator.
Debit interest and effective interest rates are the same for us, because we do not charge any processing fees or commissions. In addition, it should be noted that the interest is still divided by 12, because it is an annual interest and we give loans with maturities of up to one month. Cheaper loans for trainees are hardly to have.
Requirements for a trainee loan
How can you get a loan as an apprentice?
As with any other credit,Bank needs to meet some of the requirements, because we can not do without collateral. Applicants should therefore meet the following conditions:
The requirements at a glance:
- permanent residence in Germany
- German bank account
- The apprentice must be of legal age
- Trainees must have a regular income of at least € 500 per month
As part of the application, the identity card or a passport will be needed to verify the identity. In addition, a proof of income in the form of the last payroll is needed.
Take out credit for trainees
WithBank trainees come quickly and easily to their credit. How this works is explained below in three steps:
1. Select loan amount Our loan calculator is very easy and quick to use. Use the upper slider to set the desired loan amount, and the lower one to set the planned runtime.
At runtime, periods between 7 and 30 days are available. Just below that is the complete loan or repayment amount including interest. 2. Make a loan application In the next step, you will first fill out the form completely. Thereafter, the binding information, which you also complete completely and truthfully. Subsequently, the individual determination of the credit line takes place. At this point, a few useful additional options are displayed, which can be selected if necessary. 3. Identity confirmation In the last step we confirm your identity. We offer two secure methods: Videoident and Postident. With VideoIdent, you identify yourself to a staff member via webcam and identity card. Then enter the TAN in the corresponding input field. At Postident they print the required coupon and can then be verified in a post office.
How much is a loan for apprentices?
Assuming the month takes a little longer than usual and the budget is almost used up before it expires and before the next paycheck. Ironically now, the graphics card in the PC on the mind and it must be quickly found a worthy replacement. Cost: 250 euros. They can be repaid in less than two weeks, if the wage is in the account. Duration: 10 days. Both entered into the loan calculator results in a loan amount of 252.90 euros. The interest rates amount to a tiny 2.90 euros.
Azubikredit without Bank
What does credit actually mean without Bank or despite Bank? For most providers, this means that a credit check is not required. Inquiry and borrowing can be communicated to the credit agency. In addition, reputable providers who provide credit for training always carry out a credit check because it is not possible without collateral. ForBank, the loan request is basically Bank-neutral. So nothing is saved, which could negatively affect the base score.
Pay off loan for trainees immediately
Trainees usually have a rather thin budget because of their comparatively low pay or salary. It can quickly lead to unplanned bottlenecks, where fast financial help is required.Bank is also a trainee with rather moderate credit in such situations as an alternative to the side and offers them particularly cheap loans with short terms and manageable conditions.