Trainees are mentioned in an informal manner as trainees. The short name does not only belong to the youth jargon, but is also used by health insurance companies and banks if they are aimed specifically at young people.
In addition to the classic start of vocational training after graduation, more and more young people are initially working in temporary jobs, which is unavoidable for a few professions such as professional drivers due to a legal minimum age. At the same time, employers are increasingly demanding the Abitur as an application prerequisite for an apprenticeship position, so that more and more trainees are of legal age and are therefore generally entitled to borrow.
Usual loans for trainees
Some banks grant trainees a small overdraft facility on their checking account when they reach the age of majority. At a few credit card companies, trainees generally receive a credit limit of around one thousand USD without further proof. Payment in installments is also a possible loan for trainees without a co-applicant and for most orders, especially since mail order companies rarely ask about the employment relationship.
However, taking out a larger bank loan is difficult for trainees because their income is just enough to live on. An exception is if they can use their training allowance entirely as pocket money and thus also for loan repayment. In this case, banks are often satisfied with a corresponding certificate from the parents without having to appear as a co-applicant at the same time.
It depends on the bank whether parental support is taken into account as income for the appraisal of repayability for trainees living outside the parents’ home. A loan for trainees without co-applicants can also be taken out via a website for arranging loans between private individuals, since lenders registered there prefer to grant loans to applicants who find it difficult to obtain a loan from banks. Low monthly credit rates are important for trainees, which are guaranteed by a long loan term.
Special loans for trainees
Lite lender can apply for a loan for trainees without a co-applicant or guarantor for the final training phase without any further requirements. Trainees are also paid the training loan if they have already forfeited Credit Bureau negative entries, because the only reason for exclusion is applied for personal bankruptcy.
In addition to the low interest rate, the fact that a loan taken out via Lite lender is granted to trainees without a co-applicant and only has to be repaid after completing the training. If the trainee does not pass his final exam on the first attempt, the bank postpones the start of the repayment phase after submitting the relevant evidence.
Loans for trainees via Lite lender are not free of interest, but have lower interest rates than average consumer loans. Some private banks and cooperative banks also provide training loans comparable to Lite lender, but these usually place higher demands on Credit Bureau information.