Apprentices are at the beginning of their career ladder and want to achieve something. The first money has already been posted to the account and thus the independent life begins slowly. You will find out that this can be very expensive when you move out of your home.
The parents bought the rent, the electricity, the food and also the clothes. It is not enough, because trainees are often at an age when a driver’s license can be obtained and the first apartment is set up. It quickly becomes clear that a trainee’s salary will hardly be enough to pay everything. An installment loan can be taken out for trainees so that this group of people does not have to do without everything.
How is the loan applied for?
Apprentices have different options to take out an installment loan for apprentices. So it is possible to contact the house bank where the current account was opened or the applicant chooses a direct bank on the Internet. Everyone has to decide for themselves which bank is the right one. Before making the decision, a loan comparison should be made, because not all offers that appear cheap at first glance are ultimately. The applicant must be of legal age.
If this is not the case, he must ask his parents or guardian to sign the loan agreement. Without the signature, no installment loan will be granted to trainees. The applicant must consent to the bank requesting information from Credit Bureau. Credit Bureau is there to ensure that all contracts and late payments are entered.
If there are late payments or a loan has already been applied for, the bank will often reject a loan agreement. It is also important that the trial period is over, because during this time the employment relationship can end from one day to the next.
What conditions are awarded?
Apprentices receive a loan with a term that is no longer than the apprenticeship contract. The bank thus ensures that the loan will be repaid during this period and that there will be no over-indebtedness. This means that you can only count on a small loan, from which, for example, a driver’s license can be paid without any problems.
A budget can be drawn up with the bank, where all income and expenses are recorded. With this calculation, the bank wants to see whether there is still money in the applicant’s account at the end of the month in order to be able to set a credit rate. As soon as an application has been approved, the loan amount is transferred to the current account. This can take up to a week.