Training is the step from school to professional life for around two million Germans every year. It means a piece of independence: young people often use this transition to move out of their homes, for the first time they receive a salary, but demands and needs also grow in this phase of life. Clothing has to be bought, a car is often required and the right furnishings for your first apartment tear a big hole in the household budget.
The classic problems with a loan in training
However, it is not easy to get a loan in training. The classic problem that arises again and again is the creditworthiness of the trainees. Although they receive a salary, this is extremely low. In addition, medium-term employment is not guaranteed. There is a possibility that they will fall through the training and will not continue to earn money and will therefore not be able to repay the loan.
The guarantee as a door opener for a loan in training
One of the classic solutions to still be able to get a loan during training is the guarantee, which is usually given by the parents. The loan amount that the young people need is very low compared to other loans. Banks can therefore be easily persuaded to borrow a loan if people with a larger and secure income confirm in writing that they will pay for the debt if necessary. As an alternative to the classic guarantee, many financial institutions also offer that parents can apply for a loan together with their children.
The loan in training
However, some banks also offer a special loan that is specifically designed for trainees. The idea behind it is quite simple: as soon as the trainees have successfully completed the training, they become well-paid. It is therefore important for banks to bind them to them at an early stage, which can be ensured as easily as possible with such a special loan. However, the conditions are strict: the loan amount is small, the trainees usually have to show several salary slips and have been in training for at least one year. If the loan amount is to increase, however, a mixture of both methods is often possible.
This means that the parents or other relatives are not liable for a normal personal loan, but for the special trainee loan. The advantage remains and increases: The guarantee ensures that the loan can actually be obtained. Because the income of parents or other guarantors takes away the fear of the banks that they could not get their money back.