Apprentice is a short form for trainees or apprentices. Trainees learn a craft or a commercial or any other recognized training occupation in a dual education and receive during their training years a training allowance, the amount of which depends on the desired occupation, the year of apprenticeship and often additionally to the federal state.
Borrowing is allowed by law to trainees as soon as they are of legal age. Although junior trainees need a bank account, this may only be credited until they come of age. Even after the age of majority, borrowing for trainees proves to be difficult if they do not find a co-applicant.
What income do apprentices earn?
Whether a bank awards loans to trainees without co-applicants depends on the income and the necessary expenses of the apprentice. The fixed salary of the training allowance comes from the payroll, while the parents can certify paid assistance to the bank to an externally accommodated trainee.
Also on the basis of a certificate from the parents that the apprentice living with his parents may keep the training allowance completely, the bank takes into account that no fixed expenses are to be stated in the budget statement. The co-evaluation of these special cases is more likely to be carried out at a branch bank than at a direct bank, since fast credit processing on the Internet usually does not provide for special cases.
In view of the low income, loans for apprentices without co-applicants are always available with a relatively long repayment term and resulting low monthly burdens.
Low-threshold loans for trainees
At a low level, many banks provide loans for trainees without co-applicants, without placing high demands on their income. This applies in the first place to the disposition credit available to trainees, which many banks grant their trainee customers without special request on the day of their majority. In addition, a few credit card issuers issue a card limit of one thousand euros to all adult cardholders.
However, due to the amount of the debit interest to be paid, both forms of lending are only suitable for short-term borrowing. Long-term financing is easiest for apprentices without co-applicants via a private credit intermediation website. The private lenders registered on the sites decide more often than banks on social aspects when granting loans, so that apprentices have good chances to borrow.
Also, the order for installment payments by mail order is basically possible without a co-applicant and without salary; Any existing general doubts about the creditworthiness of first-time buyers can be overcome by first ordering a product with a low purchase price and paying for it immediately.
Most frequently applied for loans for trainees without co-applicants for the license acquisition. Here are the likelihood of lending in a loan transaction via the driving school greatest.