Many young people have great wishes, especially when they have started their training. The first salary is in the account and you are already dreaming of a driver’s license, home furnishings or a vacation. Often, however, an apprenticeship salary is not enough to make great wishes come true immediately. In such a case, however, a loan can be taken out for trainees that has been tailored specifically for this group of people.
How can a student loan be taken out?
Every trainee thinking about a loan has to meet certain requirements. If the applicant is not yet of legal age, he needs the signature of the parents, who have to step in as guarantors. If the applicant is of legal age, he needs different documents, which the bank will check. In any case, the training contract, the latest account statements and the consent of the Credit bureau information are important.
Those who already have proof that they will be taken over after their training should also bring this letter with them. This has the advantage that the loan amount can be higher. Otherwise, only a small loan amount is approved, which often has to be repaid during the training period.
How must a loan for apprentices be repaid?
The bank checks with the trainee how much he has available each month. This is done through a budget in which all expenses and income are recorded. If there is still money available at the end of the month, a loan amount can be calculated, which must be paid back monthly. If the trainee has little money at the end, he can only pay a small amount back. In such a case, a small loan is often granted, the sum of which does not exceed 2,000 to 3,000 USD.
What should trainees pay attention to?
It is always important that nobody takes over and borrows a sum that they cannot repay. So you should pay close attention to whether the loan really makes sense or whether you should save further. It is always an advantage to have a guarantor. With a guarantor, a bank is always ready to grant a loan faster than without a guarantor.