Best chances with guarantors
- Start your credit request now (this does not result in a contract).
- After checking your request, the money will be in your account after 4 days.
- All you have to do is accept our offer. If not, then not. No catch, no upfront costs.
Many young people want to fulfill bigger consumer desires already during their training. This can include a car as well as the first home furnishings. Those who have not saved enough money or can borrow money from their parents often ask themselves whether it is possible to take out a loan during their training.
Even if this question can be answered with a fundamental yes, a trainee or student has to be prepared that it may take a little longer to find a suitable lender or that the bank has narrow limits regarding the amount of the loan or the term puts. In many cases, only a small loan of a few hundred or a few thousand USD can be considered. In addition, the term of the loan must not extend beyond the end of the training.
A small loan is an installment loan in which the amount of the loan taken out is very low. Due to the high processing costs and the associated costs, not every bank or savings bank offers a small loan. If you want to take out a loan during your training, you should make a comparison on the Internet, pay attention to the loan conditions and the interest rates of the banks and in this connection ask yourself whether you can add further collateral.
A guarantee from a parent or other family member would be one such option. Those who own larger valuables are welcome to use them as security. However, he must prepare himself for the valuables to be deposited with the bank during the credit period. Personal access is only guaranteed once the loan has been repaid in full.
Line of credit
If the house bank determines that the training remuneration is regularly received in the checking account, it may be willing to set up a credit line. The most important requirement is that there are no negative Credit Bureau entries. With a trainee, this should rarely be the case.
An installment loan must be repaid within a fixed time frame. This does not apply to overdraft facilities. Both the disposition of money and the repayment are very flexible. Anyone wishing to take out such a loan in training only has to pay interest on amounts of money that they have drawn. No interest is charged for the provision of the overdraft facility.