Apprentices face their most important phase of life for the time being. They earn their first salary and start an independent life. But this is also associated with hurdles, because when the first salary is in the account, dreams and desires begin. The first car is to be bought, the driver’s license is to be obtained or the first apartment is to be occupied.
All this comes at a cost that an apprentice cannot always compensate for with his low salary. In many cases, however, this gives the opportunity to take out loans for apprentices. Banks have adjusted to apprentices and have special offers for this group of people.
Terms and conditions
Since apprentices are not always of legal age, the signature of the parents often has to serve as security. However, if the apprentice is of legal age, he is fully legally competent and does not need this signature. The training salary is very low, so that the student can expect the loan amount to be very low. In such cases, banks grant a small loan.
If the apprentice already has an employment contract that proves that the employment relationship will continue after the apprenticeship, banks will issue a normal installment loan like an employee. If the creditworthiness is sufficient to be able to apply for loans for apprentices, the loan amount will be transferred to the checking account within a week.
A budget can be drawn up to determine the amount of the installments. This is where all income and expenses are entered and offset against each other. If there is a plus at the end of the invoice, this can be used for payment in installments. With a minus, banks are not given a loan, because then there is no money for the repayment.
Where can the loan be taken out?
The apprentice, with a good credit rating, can take out a loan from the house bank or on the Internet. In doing so, he must present his apprenticeship contract, obtain private credit checker information and show the last bank statements. At the house bank is the easiest way to get loans for apprentices. The bank already knows the customer and not many documents are required.
The private credit checker information is particularly important because it enables the bank to see whether a loan has already been taken out or whether the apprentice is meeting his payment obligations or not. In the best case, there should be no entries, otherwise the creditworthiness would be downgraded immediately.