Apprentices also need money. With the first apprentice salary, they first go on a shopping tour. But it quickly becomes clear that, of course, not all wishes can be fulfilled. If you then have your own car or your first apartment, even if it’s only in a shared apartment, the budget is quickly broken up. A loan during training could be helpful. But how do the banks see it?
A loan during training
During training, banks struggle to approve a loan. But the matter is not quite so hopeless. There are differences that are explained in more detail below.
When the training has just started
If the training has only started, a loan is possible if the loan amount including interest and costs is repaid within the training period. Of course, the trainee must have appropriate income. Since the apprentice salary is not sufficient, many work on a € 400 basis. Then the income is sufficient for the repayment in any case.
Credit during training, when it is almost over and there is no declaration of acceptance
In this case, the banks will not grant a loan. In such a case, the income situation is not guaranteed. Despite good credit, the bank cannot be sure that it will receive its installments on time, month after month. The trainee can expect a rejection.
The apprenticeship is almost over and the employer has given a written acceptance
In this case, there are no problems with a loan approval. This is where the bank can count on it to get its money on time. The ideal case is when there is already an employment contract that the bank can view. In these cases, the bank may also want to see an employment contract before lending in addition to proof of income. If the customer is already in a permanent position, the pay slips are usually sufficient.