Trainees have an exciting life. They start their training and start an independent future. They start making purchases that only belong to them, such as a car, a driver’s license or take a short trip and set up their first apartment.
It is therefore not surprising that the wishes are often larger than the wallet and many things cannot be paid for. In order not to miss the most important things, many banks offer a loan for trainees. This is specially designed for young people and can be used to finance a driver’s license or a car.
How can the loan be taken out?
In order to be able to take out a loan for trainees, there are a number of things young people need to consider. Only those who prepare well will receive a loan from the bank. If the applicant is not of legal age, he must ask his parents or guardian to sign the loan agreement. Banks will not lend to minors without this security. However, if you are of legal age, you can do without this signature.
The apprenticeship must not have just started, so the trial period must definitely be over. During this time, some trainees choose a different job or the employer sees that this person is not suitable for his company. So the employment relationship can end from one day to the next and that creates a security gap. A trainee is not allowed to have Credit Bureau entries because this would reduce the creditworthiness.
The training contract must be submitted and preferably a budget. This is used to see how much money is still available at the end of the month. Because this sum can be used to repay a loan.
What conditions can be expected?
Since it is a loan for trainees, it will be a small loan. The amount should not be too high, because the higher the loan amount, the higher the monthly installments. The loan term depends on the training period. If the apprenticeship runs for only two years, the loan contract will only run for two years.
During this time, the loan must be paid off. This prevents over-indebtedness, because if the trainee is not taken on, he still has his credit installments, but no job. Without a job, people have no income and can no longer repay the loan. The interest rates are quite low, so that high additional costs do not have to be expected.