Loan for trainees: How do trainees find cheap loans?

In order to receive a loan during training, prospective students have to meet a number of requirements. In principle, loans are only granted to adults who live in Germany. Anyone who has a negative credit record entry will be rejected at almost every bank. In addition, a regular income is almost always necessary. Neither student loan nor child benefit count towards regular income.

Apprentices in a profession can refer to their wages here. If you still live at home and therefore do not have to shoulder rent expenses, the greatest financial burden will be eliminated. The financial scope is large enough to support the monthly installment, especially for a mini loan. For better chances, however, trainees should optimize the ratio of income and expenditure in their household accounts as far as possible. We therefore recommend specifying a second working borrower.

 

More affordable loans thanks to co-applicants

affordable loans thanks to co-applicants

If you take out the loan together with a creditworthy co-applicant, you increase the likelihood of lending and get more favorable terms. It is particularly worthwhile for trainees who are considered risky borrowers. Unlike a guarantor, a co-applicant can also determine how the loan should be used.

For apprentices, parents are recommended as co-applicants, but they can also apply for the loan together with the partner. The most important thing is that this person meets the requirements for the loan: regular income, permanent employment and a probationary period. If the trainee is no longer able to repay the loan himself, the co-applicant takes over the repayment.

 

Loan in the trial period

Loan in the trial period

In most cases, trainees are only granted loans when the trial period has expired and the employment relationship has not ended. Some banks have even requested employment for six months, even if the contractually agreed trial period is shorter. This can be a problem for trainees: In the first month of training, no bank grants a loan because there are no proof of salary at this time.

 

Takeover after training

Takeover after training

Another risk in the eyes of the lender is the takeover after the end of the training. If this is not guaranteed, the banks assume that the trainee may be unemployed in a few years and therefore unable to repay the loan. So it can be difficult to get a loan that extends beyond the duration of the training.

In contrast, trainees who have received a written acceptance for the takeover can also set a longer term – unless the future contract is limited. In this case, the loan should be repaid in full by the end of the period. An oral promise is unfortunately not legally binding and cannot be used as an argument when requesting a loan.

 

Short-term loans

Loan in the trial periodShort-term loans

If you only have to bridge the time until the next salary receipt and need a small amount, you can also take out a short-term loan. The following requirements apply:

  • Regular salary receipt
  • Loan amount less than 1000 dollars
  • Repayment in 30, sometimes 60 days

For some short-term loan providers, the trial period is not a problem because the loan is only granted on a short-term basis. However, they often charge a fee for fast processing and payment, which can amount to more than 50% of the loan amount.

 

Find credit online

Find credit online

In the credit calculator on Lite Lender, trainees can enter the desired term and the required scope for their loan in order to get an overview of the conditions of many banks. You can quickly and without any negative effects on your credit record score, submit a loan request to several banks to check whether borrowing is possible.

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