Trainee loan without guarantor.

Loan for trainees without guarantors

Loan for trainees without guarantors

Of course, young people who are currently in training also have some funding requests. Especially in adolescence there is a lot that can or should not be avoided. The driving license, the first car or simply a trip to the sea with your best friends, the wishes are diverse and different. Most of the time, the little money is not enough for these dreams and a loan seems to be the perfect way out. Banks and credit institutions offer a loan specifically for trainees for precisely these purposes. However, these loans are usually so-called small loans up to a maximum of $ 5,000.00.

For the banks, the trainee loan is a very good way to retain customers at an early stage and the loan helps the trainees enormously. A very good deal for both sides. Of course, it doesn’t mean that banks simply lend the money under all circumstances. Of course, trainees must also pass various security and credit checks first.

The loan for trainees

The loan for trainees

People who are currently in training earn their own money, but not so much to pay a large loan amount. For this reason, apprentices should not expect large amounts of credit and should rather focus on smaller wishes and dreams. In addition, the banks not only check the financial income, but also the length of time that the borrower is still in training can play a very important role in granting a loan. However, it is generally possible that a trainee can take out a loan from the banks.

If the trainee wants to take out a higher loan, he cannot avoid a surety. For the banks, a guarantor means that as soon as there is a delay in payment, the second borrower (guarantor) must pay for the outstanding claim. However, the guarantor should not be in training right now. Most of the time, parents are liable for these loans for trainees and are also very happy to be accepted by the banks.

Criterion for granting a loan to trainees

Criterion for granting a loan to trainees

The most important and most decisive factor is and remains the salary. The credit institutions are of course aware of the fact that the apprentice does not have a very high income and therefore check and recalculate very carefully. It must be ensured that the loan can be repaid with the available financial resources and the banks are not stuck with the cost.

When deciding whether a loan is to be paid or not, the banks also take into account the fact that the training only lasts for a certain period of time and that it is not certain whether the trainee will continue to have a fixed income after this period. For this reason, the banks usually only grant a loan during the apprenticeship period, where a regular income is also available. Of course, this has a huge impact on the loan amount.

Loan for trainees without guarantors

Loan for trainees without guarantors

If there is no person to stand in as a guarantor, the apprentice usually does not have a lot of leeway and he must accept the offers of the banks in any case and agree to the modest selection. It can be a little easier if the apprentice can present a confirmation of acceptance from the employer.

With this document, the bank has the certainty that borrowers will receive a regular income even after their apprenticeship and the banks will certainly have a little more leeway when it comes to lending. Before taking out the loan, however, this step should be carefully considered. It is a very serious financial obligation and if it cannot be met, it can lead to a very problematic situation and very high costs.

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