Apprentices have a hard time getting loans from the banks. This is because the banks want to see security as a permanent employment relationship with regular cash receipts. In addition, the salary should not fall below a certain limit. For trainees unfortunately both are not true. They have neither a permanent employment nor a normal salary. But are there cheap loans for apprentices?
What chances does the trainee have?
Shortly before completing the apprenticeship, the apprentices are informed by their employers whether they will be taken on as a permanent employee following the apprenticeship. In some cases, the employer also gives the trainee a written confirmation. If the apprentice is able to submit such a letter to his bank, he has a chance of obtaining cheap credit for apprentices. But that should not hide the fact that even in these cases, banks are still skeptical. This is particularly the amount of the loan, because the apprentice gets only limited.
line of credit
Even apprentices receive a credit line in their checking account. Although this depends on income, it can be used without restriction. If the wishes of the apprentice are not too great and the dispensing is sufficient, this can also be used as an alternative. It should be remembered, however, that this overdraft is not cheap. But if the bank does not want to give credit to apprentices, that’s the only way to get paid. Alternatively, you can borrow it from private individuals.
The personal loan
There is the possibility to get cheap loans for apprentices from private individuals. Here you can find the creditend portal, where private individuals have joined forces to invest their money and get a higher profit than the banks. This profit comes from the interest that the borrower can choose for himself. Whether the members lend funds to apprentices, certainly depends on the individual case. A free request would certainly be worth it.