A loan becomes an interesting topic for many trainees when it comes to training, regular payment on the checking account. What credit options are available during the training? Is the loan for the car purchase possible with the training salary. The article provides the answers to these questions.
Credit in Education – Credit Requirements
A credit is not automatically possible with the training. Minor trainees generally do not get a loan. The only exception could be in the one-time overdraft of a few USD, after consultation with the customer advisor. The possibility of borrowing only begins at the age of at least 18 years.
Even for adult trainees, the loan with the training salary is not a matter of course. The credit institutions only grant a small overdraft facility within the framework of a training salary. This credit line is usually even granted automatically after a few months of training and several incoming payments.
If the bank with which the salary account is kept does not agree, only the change of provider helps. Nobody has the right to get a loan, but neither does it have the obligation to stay with an inflexible provider. The online current account of Targobank could be mentioned as an example. The current account is permanently free and is equipped with a small overdraft facility when the account is opened. A sum of up to 50 USD may be overdrawn without interest.
Credit during training – other options
In addition to the house bank, from a training salary of around 600 USD, another loan option can be used. For this, an application for a real credit card must be made. The normal credit card, despite its small income, is available in the range of 500 USD to 1,000 USD.
A low-rate loan is a very common loan request by trainees. The driver’s license or the first used car should be paid with it. As an installment loan, a loan is unfortunately not fully available in training. The possibility of paying off your first car with your training salary can only be guaranteed.
An apprenticeship salary is generally well below the attachment limit. Only a guarantor or high-quality property security can create the necessary credit security. The guarantor opens up all credit opportunities. A cheap small loan can be easily found and applied for using a loan comparison calculator.
Installment loans for trainees
There are only two installment credit options that can only be approved with the training salary. The first option is a mail order company or department store loan. Provided that the Credit Bureau is clean and the loan amount is small, then the sales promotion loan can be approved. Prominent examples can be found especially in the large electronics stores.
The second option is a loan from private donors. Commercial lenders must follow many different rules and guidelines. As a result, small income loans are very difficult and subject to conditions. The situation is different with the loan options via the portals for private lending. Private small investors decide for themselves, and mostly based on their feelings, who appears creditworthy to them. A loan in training, as an installment loan, has at least a fair chance of being approved despite a low income.