After school, the first steps towards independence are ventured when the trainee earns the first money. The requests are very big, but the account is already empty. To avoid such a situation, banks and savings banks have a loan for trainees that can be used.
What is a loan for trainees used for?
It is often the desire for a little luxury that cannot be afforded with the training salary. This includes, for example, furnishings for your own apartment or a car to get to the training place more easily and quickly. But even the non-existent driver’s license can easily be paid for with a training loan.
The various credit institutions offer a tailor-made training loan to meet the wishes of trainees.
What should you look for in an apprentice loan?
A loan not only means great freedom, but also obligations. These obligations consist of the fact that the loan for trainees must also be repaid. The borrower goes into debt when taking out a loan. The trainee can usually only pay low installments. The training relationship is limited to that, which means that only short terms are possible. Both aspects mean that the loan amount can only be small. What is important here are the installments and interest, the term, the loan amount, the security and flexible solutions.
With regard to interest and installments, the limits for a loan for trainees are very narrow because the training allowance is very low. The rates of a trainee loan consist of the repayment and the interest. The following applies: the lower the interest, the higher the repayment. Since the financial framework of an apprentice is tight, the amount of interest is very important. The loan amount increases due to low interest rates and a constant monthly charge. The level of the interest rate depends on the security. It is therefore possible to get a higher loan for trainees if a guarantor is available.
Maturities and loan amount
The term and the interest rate determine the amount of the monthly installment. In order to get a loan that has a longer term, it is worth taking out the loan with another liquid person who has a permanent employment contract. According to Best bank, loans are no problem for trainees and up to 3000 USD can be obtained without major collateral. This has been the result of previous tests and inquiries from the respective banks.
The loan amount is limited by three factors. This includes the maximum amount of the monthly rate, the term and the amount of interest. The right loan for trainees is not based on the maximum amount, but on the current capital requirement. If you only earn 1000 USD, you shouldn’t go into debt higher.