Anyone entering the professional world as an apprentice needs financial support if the parents do not have the appropriate resources. You want to have your own car or plan to move to your first apartment. However, these wishes are not cheap. That is why many apprentices first go to a bank. But what is the reality of a quick loan for trainees?
Trainees are welcome customers at banks. As a rule, they do not yet have their own current accounts and with lock offers, the banks try to win trainees as new customers and retain them in the long term. In addition to a current account with favorable conditions, young people are also offered opportunities to save. But at the latest when the trainee wants a loan, the friendship of the banks ceases.
What are the requirements for a loan for trainees?
A quick loan for trainees is not so easy to implement. The problem is that the trainee has an income, but it is usually so small that there is not enough money left to pay the installments. If the young person still lives with their parents, at least the rental and ancillary rental costs are eliminated. Nevertheless, it is not easy for the trainee to get a quick loan for trainees.
For banks, security beyond training is a problem. The trainee is not always taken over by the training company after completing the apprenticeship. In the worst case, even unemployment threatens. Most banks do not make a loan commitment during training or during a trial period. The financial situation after the expiry of these fixed-term contracts is too uncertain.
If the monthly income is sufficient to repay a loan within the training period, then the young person can hope for a promise. Things become even more positive if a declaration of acceptance has already been submitted by the training company and the employment contract is not limited. However, an oral promise from the HR manager is not enough.
Credit for trainees with co-applicants
If the trainee’s creditworthiness is still impeccable, a co-applicant, for example a parent, can be included in the loan agreement. The co-applicant must meet the same requirements as the applicant. There must be a regular income, the credit rating must be good and the employment relationship must not be temporary or during the trial period.
How do you find the cheapest loan?
This is where comparison calculators help to find a quick loan for trainees. In this way you will not only find the bank with the best conditions, but also a suitable checking account. These loan comparisons are free and do not commit to anything.