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
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
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.