For young people, training is the first step in the professional world. However, the income is often relatively low. This poses a financial challenge for many trainees, because it is precisely during this time that there are often higher expenses. In this case, a loan could be a good solution for you. The problem: It is much more difficult for trainees to get a loan. We show you how it works anyway, when a loan is possible for you and what requirements you have to meet for a loan.
A few steps to a loan for trainees
Our loan comparison gives you an overview of loan offers from over 20 selected partner banks. This speeds up the search for a bank that grants you a loan even during your apprenticeship – and at the cheapest interest rate. Here’s how easy it is:
1. Enter the data
At the beginning you enter the loan amount , the term and the purpose . The term can be between 12 and 120 months. You should definitely specify a purpose, because earmarked loans, such as auto loans, have a cheaper interest rate.
2. Start credit comparison
You then only have to enter some data, such as your income situation, your employer or training company and other possible payment obligations. Pay attention to the correctness and completeness of the requested data – this is the only way we can find the optimal offer for you.
Definitely think about the option to include a second borrower or guarantor in the contract. This improves your credit rating and increases your chances of getting a loan with a low interest rate. For example, it is a good idea for trainees to ask their parents for support.
3. Select the appropriate loan offer
After you have entered all the data, you will receive a list of individual loan offers – tailored to you. Is there an offer for you? Then all you need to do is legitimize yourself and sign the loan agreement. At many banks, you can do this conveniently from home using online signatures and video identification procedures.
A trainee’s salary can sometimes be too low to cover all costs. If a larger purchase is then necessary – for example a car to get to vocational school – you often need money at very short notice. We’re here to help. Our specially trained advisors will accompany you on your way to a loan.
Requirements to receive a trainee loan
There are phases in life in which banks have an increased risk of being granted a loan. Training or studies are part of this, for example, since there is often little income and hardly any security during this period. For this reason, you have to meet various credit requirements:
Age / residence: You must be resident in Germany and be at least 18 years old. If you have not reached the age of majority, you can take out a loan together with one or both parents.
Creditworthiness: The creditworthiness indicates how solvent you are. Trainees who, for example, do not conscientiously pay the mobile phone bill, risk negative Credit bureau entries. These state that they may represent a high risk and there is a risk of the bank rejecting them. Factors such as income or loans that are already in progress also influence creditworthiness. An online loan for trainees is also possible with negative Credit bureau entries. With a Credit bureau-free loan, there is no request from the credit agency. However, these loans have very high interest rates.
Regular income: Regular income includes all income such as wages or rental and lease income. Child benefit and social benefits may not be taken into account.
Guarantee: The guarantee is a good way to get the loan cheaply. Banks reward you with lower interest rates when you deposit collateral like a guarantee. In addition, this security can offset a bad credit rating. However, you are not obliged to do so. Credit comparisons also cut interest rates. At Good lender you can make such comparisons free of charge and anonymously. Within a few seconds, borrowers get an overview of the loan costs at numerous banks.
Trial period: Many banks only grant a loan to trainees who have successfully passed the trial period.
What is the training loan?
The training loan is a loan especially for trainees who want to finance further training . It is not intended to support living expenses or make investments like buying a car, but for all expenses related to your own education. Intrasavings bank, for example, grants an educational loan of up to $ 7,200. The borrowers do not receive the money in full, however, but in 24 monthly installments of 300 USD each. However, it is possible to have a partial sum paid out directly. Such models also exist with private banks.
The advantage of the training loan is that it is low-interest financing. In addition, many of these loans can only be repaid after the training period, when trainees receive higher wages.
How do you increase your chances of getting a trainee loan?
A loan for trainees poses some hurdles and is not always cheap for the bank due to the increased risk. But there are a few ways that trainees can not only increase the chance of getting a loan, but also save money:
Confirmation of takeover from employer: The confirmation of takeover can not only lower interest rates, but also increases the chance that you can get a loan at all.
Second borrower: If you have family members entered as a second borrower, this improves your creditworthiness and reduces the risk for the lender.
Guarantee: In the case of a guarantee, you insure a third person to repay the loan if you are not financially able to do so. The bank thus minimizes the risk and the chances of the loan being approved increase.
Reduce probationary period: With the shortening of the probationary period, a longer-term income is in prospect. For you as a prospective employee, this can be a good means of increasing your credit rating in the near future.
What alternatives are there for you?
If you are not yet of legal age or if you are unable to obtain a loan in training for other reasons, there are alternatives to paying the maintenance. The state also offers young adults the opportunity to finance their own training. The German State Funding are important government-funded credit options or schooling, 50 percent of the amount received must be paid back as soon as your income exceeds a specified amount.