During your apprenticeship, you finally earn your first money and your personal desires, which you can finally fulfill, grow relatively quickly: your driver’s license, your own scooter or your own car – or your own apartment with friends, of course also set up and for which the deposit must be paid.
Your own training content quickly reaches the limits of what is possible
It’s because here you usually need a larger sum that quickly exceeds your own training content and what you can save. A loan for trainees would be the ideal solution here to borrow the required money quickly and easily and then repay it from the salary.
However, there are at least 2 problems here: the training salary is a fixed salary and trainees enjoy special protection against dismissal outside the trial period, but the training salary is often below the garnishment-free limit. A bank (or other creditor) may not pledge below the garnishment exemption limit. The bank therefore has no security of getting their money back in the event of an emergency. In this case, a guarantor with sufficient creditworthiness is often required, who must guarantee the loan for trainees.
If you are still a minor as a trainee, you cannot get a loan even with a training salary above the garnishment-free limit, since you cannot conclude contracts as a minor – in this case, the parents must always agree to a contract, otherwise the contract is ineffective. Most banks therefore do not conclude contracts with minors, but always require the consent of the parents or that the loan for trainees must be concluded through the parents.
In the case of a loan for trainees, this ultimately means that the parents must either act as co-signers, the so-called second borrowers, or as guarantors. However, this constellation usually has only disadvantages, because: Loans with a guarantor are generally more expensive than loans without a guarantor and always harbor the risk that if the loan is not paid properly, the loan can be terminated and the guarantor the complete loan at once Must pay the sum – and the borrower receives at least one negative entry at Schufa, which makes it more difficult to enter into additional contracts.
The high financial risk is punished again by the high credit costs
It’s because those who earn little and have little assets are considered risk factors and get significantly worse conditions. If you as an apprentice urgently need money, you should take out a personal loan from a relative if possible, or the parents should take out the loan and then give the child a personal loan on the same terms. These often get much better conditions than a trainee, which makes the loan cheaper.
A loan for trainees should only be drawn on with a guarantor or co-signer / second borrower if there really is no other option, the money is urgently needed and the parents can also ensure that the guarantee will not be redeemed one day got to.