Ask for a loan for an apprenticeship

Unfortunately, education in Germany is not always free of charge. Many people who want to fulfill their dream of a dream job are therefore put to the test. Anyone who decides to study further in the form of a course of study or school education may have to face enormous costs, especially if child benefit ceases to apply from the age of 25.

For this reason, more and more people are asking for a loan for an apprenticeship. The banks have also targeted people who want to use a loan for training. Many banks offer low-interest loan financing under the name “Bildungskredit”, but online financing can also be used to finance training, since it usually offers free use and can therefore also be used to finance training.

Due to the wide range of offers, even borrowers with a limited credit rating can benefit from interesting conditions, but the comparison has become significantly more difficult in recent years due to the enormous increase in offers.

This should be taken into account when looking for a loan for an apprenticeship

This should be taken into account when looking for a loan for an apprenticeship

Since people who need financial resources for training only have limited liquidity, a loan product with a long term should be selected if possible. When repaying installments, long terms ensure that repayments are made in smaller installments and that liquidity is therefore not burdened as much. Since an apprenticeship often extends over a period of 2-4 years, it is particularly advisable to resort to the option of special repayment for long terms.

The special repayment enables the borrower to repay part or all of the loan in advance. In this way, the loan can be repaid quickly and often at no additional cost once the training has ended.

Another model of repayment is a loan with final installment repayment, especially when financing an apprenticeship. The final installment repayment offers a low liquidity burden throughout the term, since only the interest on the loan is repaid during the term. The borrower is only required to repay the entire loan amount after the term has expired.

The repayment of the remaining debt proves to be more cost-intensive than the repayment of the installment, since the repayment of the residual interest calculates the interest over the entire term from the net loan amount.
When comparing, cost-conscious consumers should focus primarily on the effective interest rate.

Comparison on the Internet

Comparison on the Internet

By using a loan calculator on the Internet, borrowers can permanently secure the best individual interest rate and, above all, save cash in the long term.

Small loan for trainees – What to do if you have bad credit rating?

The world of trainees changes suddenly when they start their apprenticeship. They live an independent life, move into their first apartment, earn their first money and want to get a driver’s license or buy their first car. All of this is exciting, but always involves costs.

These costs can be partly covered by the training salary, but it won’t be enough for all things. For example, the trainees either have to forego some purchases or take out a loan for trainees. Banks see today’s inexperienced customers as tomorrow’s high-earning customers.

Conditions that banks place on apprentices

Conditions that banks place on apprentices

Lending is not possible without conditions that are not met. After all, banks want to be sure that they will get the borrowed money back from the trainee. For example, they have to meet certain requirements for a bank to grant a loan to trainees.

A distinction must be made as to whether the trainee is of legal age or not. If he is not, he must bring his parents with him when applying for the loan, who will sign the loan agreement. Minors do not receive a loan in Germany, so the signature cannot be waived.

In addition, the applicant must sign a document in order to give the bank permission to test the Credit Bureau. This is always checked, because only in this way can banks see whether contracts already exist or whether payment obligations have not been met. The trainee brings his apprenticeship contract with him when applying. This enables the bank to see whether the trainee is already from the trial period and how long the training will take.

Bad credit rating – what to do?

Bad credit rating - what to do?

It may well be that a trainee already has negative entries in the Credit Bureau. This can be the case, for example, if he has a cell phone contract and does not pay his bills. Then the bank must inevitably assume that the trainee does not take his payment obligations seriously and rejects a loan application.

In this case, it only helps to ask the parents to take out a loan for trainees so that the trainee can make his or her purchases. Parents are not always willing to do this, because a loan means to incur debt. And debts at a young age should not be underestimated, because it is not uncommon for young people to be so indebted that they can hardly get out of this lousy financial situation.

How can the loan amount be reduced?

How can the loan amount be reduced?

The lower the loan amount, the lower the monthly costs. If the trainee knows exactly how much money he needs, for example for the driver’s license, he could reduce the loan amount. If he has one or two driving lessons for free for his birthday, Christmas or Easter, it no longer has to be included. The actual loan for trainees then shrinks and the costs become manageable.

Delayed payment – loans and leasing

Have you taken out a loan or signed a leasing contract and your monthly payments are behind schedule? What are the consequences of this delay? Is there a way to defer certain monthly installments? When does the situation become dangerous? Can the life partner be consulted by the bank?

If you take out a personal loan, you undertake to repay an amount X each month for a certain term. Many unpredictable events can drive your finances into the red, which can lead to late payment of some or all of your bills.

 

1. Payment after a reminder

loan payment

In the first case, you pay the monthly installment of your loan or lease after a reminder. They say that after all it is an invoice like any other, and that a delay in payment is a minor error that has no consequences other than administrative costs. You cannot imagine that a future loan or leasing application could suffer.

But that’s how it is! The ZEK already sees this stage as a serious mistake that affects your trust index. You will receive a code ZEK 03 that will remain in effect for 5 years. In this way, it is very likely that all credit or leasing applications applied for within this period will be rejected.

For this reason, you should avoid any delay in payment, whatever the cost. Except with Lend Now, which gives you 2 wild cards.

penalties

What do these payments look like, is it interest on arrears, fixed costs?

The fixed costs for these fines start at 15.- and can be up to USD 100. These amounts vary from bank to bank and are set out in the general terms and conditions.

Exception with Lend Now

Credit-Now allows the monthly installments to be deferred twice without additional interest payments or entry at ZEK.

Some banks grant this option in exceptional cases without consequences for the customer, but not officially and rather rarely.

 

2. Reduction of the monthly rate

credit loans

In the second case, your financial situation will no longer allow you to pay the entire monthly installment. So ask your bank to reduce this rate.

This leads to a code ZEK 04, even worse than code 03. It also remains in effect for 5 years.

 

3. Delay that reaches 10% of the claim

credit payment

In the event of a serious delay that reaches 10% of the net amount of the debt, the bank has the right to demand the total amount of the claim plus interest immediately.

In general, this procedure takes place before a court. The customer is forced to repay the entire loan immediately. If he is unable to do so, a debt enforcement procedure is initiated.

If the person lives in a relationship and the partner is solvent, the bank can also contact them.