The training prepares for the future profession. Depending on the apprenticeship, it takes the form of a dual apprenticeship in a training company and vocational school or in a vocational school. A first degree at a university or university of applied sciences is also a variant of vocational training, even if most courses do not specifically prepare for a single profession.
The form in which a loan can be taken out during the training depends on the type of training. The applicant must be of legal age in order to borrow during training. The bank may not refrain from this even if both legal guardians agree.
Borrowing while training at a technical college or university
It is easiest for students at technical colleges and universities to get a loan during their training. If their parents’ taxable income is not above average, they are entitled to German State Funding. The resulting payments represent half a grant and the other fifty percent an interest-free government loan while studying at a university. Regardless of the German State Funding connection, students are entitled to a cheap development loan from Litebank.
Even bad Credit Bureau information is harmless for the credit decision, if it is not a registered personal bankruptcy. Visitors to technical schools for vocational training also receive a discounted loan from Litebank during their training. The entitlement basically exists in the last two years of training. Litebank’s training financing does not have to be paid back until the course has been completed, so that the installments do not burden the budget during the training phase.
Some major banks and some regional savings banks or Infrabanks also offer training loans comparable to Litebank promotional loans. The conditions for lending vary depending on the bank, the start of repayments after the end of the training is largely common.
Borrowing during training in the dual system
If you want to take out a loan as an apprentice during your apprenticeship, you can claim the apprenticeship remuneration as regular income. As this alone is not sufficient to pay the loan installments incurred and to make a living, the trainee states in the loan application further income or the savings from living in the parents’ household. Not every bank takes parental support into account when it comes to household bills.
When applying for a loan, trainees receiving trainees receiving dual vocational training make sure that the bank they select takes into account the performance of their parents in the credit check. You can usually find relevant information on the bank’s homepage. Alternatively, an immediate loan without proof of salary can be taken out as a loan during the training. In this case, the inclusion of parental support in the monthly income seems legitimate.
Loans generally accessible during training
A installment payment agreement in retail can be taken out as a loan during the training without any further requirements, since mail order companies hardly ever ask, and brick-and-mortar stores only ask for proof of income in large amounts. The installment customer must of course make sure that he can service all installment payment agreements made during his training period as agreed. Furthermore, a first disposition credit is available for almost every young person in training as soon as they reach the age of majority. Most credit institutions grant their checking account customers an overdraft facility for regular payments.
As such, not only the training allowance for dual training counts, but also the German State Funding. Subsidies from parents are also included in the calculation of an overdraft facility if they are not paid out in cash but are instead transferred to the offspring’s checking account. A credit can also be taken out during the training via a credit card. Various issuers issue special credit cards for adult trainees and students. They usually combine this with an initial credit line of 1000 USD and grant the installment facility at the young customer’s request.
Another cheap way to take out a loan during training is through platforms for personal loan brokerage. The private lenders registered there draw loan requests from young people during their training phase, precisely because conventional credit banks are hesitant when it comes to lending to them. The prerequisite for organized private borrowing during the apprenticeship is to describe the purpose as precisely as possible, since private lenders base their decisions strongly on this.