In order to cope with such and other costs, such as the cost of a necessary move to take up training, trainees often rely on small loans.
But getting a loan during training is not always easy. The situation is different with loans taken out to finance training. If the salary does not come to life, you can supplement the household budget with a low-interest training loan.
Take up loan during training
A personal loan during the training you rarely get with good conditions. The problem is the usually low salary, which is not a real collateral for banks. There are better chances if you have a written acceptance guarantee with salary information before the loan application. If it is certain that a guaranteed income of a certain amount will be generated after the training, low-interest loans can be granted.
There are also good opportunities if you can provide collateral as an apprentice . For example, parents can vouch for the borrower. As a guarantor, they are then obliged to repay the loan if, contrary to expectation, the borrower is unable to repay the debt. Here you can inform about other tips for borrowing .
Assigned loans are also possible for trainees. In a car loan , the vehicle serves the bank as collateral. If the installments are not paid, the car becomes the property of the bank. Since the car has a certain value, low-interest loans are also possible here. However, trainees’ conditions are rarely as good as those received by those with higher incomes due to continuing low income.
Loan calculator for trainees
Here trainees get an overview of how expensive a loan is. The interest and costs, however, apply to persons with a fixed income. The loan for apprentices will therefore actually be a bit more expensive than the values listed in the calculator . Anyone who completes a non-binding application will usually receive a loan tailored to their personal situation within a few hours and corresponding interest. Then you can think about whether the loan is worth it or not. If several people are entered as borrowers (eg family), the loanworthiness increases and the loan offers are correspondingly better.
Trainees should not rush borrowing
In general, the inclusion of a loan during the training should be well considered. During the apprenticeship you usually earn your first own money and you should not forget that your own money also leads to greater personal responsibility. Young apprentices in particular often get into the debt trap because they spend more than they earn and close the gap with a loan that they can not repay after training.
Borrowing should be limited to the basics as a trainee and only buy things on loan, which are imperative. With smaller purchases, it is easier in most cases to borrow the money from the parents and repay the amount interest-free in small installments. If one knows that the account will only be in the short-term by the purchase in the minus, also a dispatch loan is conceivable.
Take loan for training: training loan
Anyone seeking an academic education must first be able to finance i. But there are also non-academic educations, in which must first be invested before the merit. An example is the training as a pilot. In this area, airlines usually offer loan financing programs, which are repaid after training.
If participation in such a program is not possible, some trainings will only be followed by training loan financing. Here it must be weighed whether it is worth the risk, because at worst one does not manage the training and suddenly stands without job prospects in front of a huge debt mountain.
Training loan with the savings bank?
Many young people mostly only know the savings bank as a house bank. This is used very often, especially in rural areas, as the sales network of the savings banks is very good in Germany. When it comes to the issue of borrowing, so the first thought is always your own savings bank locally. A personal consultation can help first to get a rough market overview and possibly to get rid of open questions as a trainee. Before you take the loan there directly, you should urgently examine the market conditions for personal loans . Online banks and rival institutions often offer more favorable conditions than the Sparkasse (read our article on savings banks loans: interest rates compared to banks ). If the loan from the savings bank for apprentices turns out to be only slightly worse than that of the competition, the editorial board nevertheless recommends to take out the savings bank loan. As a result, young people have direct contact persons on site and can negotiate better if necessary.
Conclusion on training loans
Taking out a loan as a trainee involves certain difficulties, as the financial situation is usually not very good. In many cases you get a loan, but rarely on good terms. Who can prove collateral is clearly in the advantage here. During an apprenticeship, loans should only be taken if it is really necessary.
In order to receive loan for training, it is important that the training is eligible. In some cases, there are regular costs during training that can not be covered by the educational salary. In such a situation, it can not hurt to talk to the head of the training company about whether there are ways to get things needed for the training from the company