Apprentices often find themselves wanting to move out as soon as they start training. Your own first apartment costs a lot of money. Furniture must be bought, a deposit will be deposited and the fridge will be filled.
The start-up capital, which is needed for this, is often missing from a trainee, because he has only a small income available. So that the dreams do not have to remain and become true, there is the possibility to take a installment loan for trainees. This is where the difficulties begin, because getting a loan as an apprentice is not as easy as many think. But there are solutions that can be considered to get an installment loan for trainees.
Possibilities for an installment loan for trainees
To receive an installment loan for apprentices, the applicant must be 18 years old. If he is younger, his parents have to sign the contract and automatically act as guarantor. Since the income in training is very low, the loan amount should not be too high. The loan also wants to be paid back and who takes up too much, has to wait a long time until the loan can be redeemed. Most banks offer a small loan, the sum is very small. The term is often based on the training period. Nobody knows if the apprentice will be taken over by his company later or not. It may happen after training that he is looking for work and still does not have much money.
Finance first car
To be on the safe side here, this limitation of the term has been set up so as not to burden the trainee too long financially. Since the interest rates can be between two and 17 percent, you should first look for the right bank. Often the interest rate depends on the amount that is to be taken up. The more money is required, the higher the interest rate can be and the more collateral the bank can demand. Frequently, the purpose of financing is determined for a student loan installment, so that the trainee does not spend the money selectively and often unnecessarily. For example, should the first car be financed, the contract will be fixed so that the money can be spent only for this purpose.
As a last alternative there is the disposition credit, which should be used only in extreme emergency. The overdraft rates are sometimes so high that it will be difficult to come back from the dispo. The low income is often not enough, even if the Dispo is offered by many banks for free.