For young people, signing the apprenticeship contract usually means the first step in an independent life without parents. In the best case scenario, they will learn an exciting job, maybe even have their own small apartment and have their own money in their pockets. However, because in most cases the salary during the apprenticeship is not too high, trainees can get into the situation that they need a loan. This becomes difficult with a classic branch bank, at least if the trainees want to take out the loan without a co-applicant or guarantor. The reason: in many cases they do not meet the requirements for taking out a loan. For example, they must be of legal age, which is not necessary for training.
Important: regular income
Although the trainees can demonstrate regular income – at least for the duration of the training – this should not be too high in most cases. The amount of the loan, however, depends on the amount of income. Basically, trainees can assume that they can take out a loan from an income of around 1,000 USD. In the first two years of training, the credit opportunities for most trainees are likely to be rather poor, especially if they live in East Germany – because in many industries the rates are considerably lower than in the West. In addition, very few trainees can provide appropriate collateral such as land or life insurance.
So there are chances for a loan
A loan for trainees is also possible without a co-applicant or guarantor, which is also offered by various providers on the Internet. The prerequisite, however, is a good credit rating and a comparatively good salary, which should be in the order of around 1,000 USD. However, according to kleinkredite.net, trainees can only take out small loans of a maximum of 2,000 USD. Online providers also attach importance to the fact that the loan amount has a certain relationship to income. On the other hand, trainees whose creditworthiness is classified as poor – for example because they have a negative Schufa entry – have a rather poor chance of getting a regular loan. If you still urgently need money, you can use Schufa-free loans from foreign providers or credit marketplaces.
Take out a so-called educational loan
By the way, trainees can even take out a so-called educational loan, which is granted on particularly favorable terms. The prerequisite for this: as part of their vocational training, they must be in a profession in the last two years of training that can be funded by Credit Institutions. But no matter which option you choose, in any case the trainees have to draw up a solid household bill. Based on this, the clerk can see whether the trainees can really afford the monthly installments.