Trainees usually do not earn much and have to earn a low income every month. In most cases, the merit is sufficient to finance the livelihood, but big jumps or special wishes are not in the training. If you still want to make an expensive purchase and have no savings, a loan could be worthwhile despite training for you.
What are the difficulties with credit despite training?
Most banks attach great importance to security when lending – and this is only guaranteed by a regular and sufficiently high income. Most apprentices earn a few hundred USD a month and can only pay rent and food if necessary. The opportunities for wasteful spending and savings are limited during training. Apart from that, it is possible that the training is terminated early or the trainee fails the final exam. In this case, the debt risk is very high, since the income from today to tomorrow is eliminated. Unfortunately, many companies no longer take on trainees after training – another reason why banks are more cautious about lending.
What requirements do you have to fulfill for the loan despite training?
Even if you as a trainee do not have the best chance of getting a loan, the situation is not hopeless. It is important that you are at least 18 years old and can prove a regular income. Of course, as your earnings increase, so do your chances of getting a loan despite training. In addition, it pays to apply for a small loan and stay within what is feasible. If you take over and fall into the debt trap, you will be struggling with an unclean credit bureau all your life. With low income and few collateral, you have the opportunity to appoint a guarantor. For example, this could be your partner or your parents who earn enough and repay your loan in an emergency.
What should you look for when choosing the provider?
Before you choose a particular provider, you should compare different loans. The interest rates, the monthly installment amount and the length of the term play an important role here. The better the conditions, the lower your risk. Make sure that the monthly installments are not too high and affordable despite your educational salary. If you wish, you can still apply for the loan on the internet, despite your training, after you have made a comparison. Online banks are usually more accommodating than “conventional” banks and put fewer obstacles in their way.