When you are in training, the financial opportunities are often very limited and you cannot fulfill all of your wishes or needs. Wishes and needs do not even mean luxury goods here, rather it is about personal development and taking life into your own hands.
In the foreground are your first own apartment or your own car. The financial situation, i.e. the salary in training, does not allow these desires. This can be remedied by a loan despite Credit Bureau and training. But the very low income only allows this possibility in the rarest of cases.
Credit despite Credit Bureau and training
If a car or apartment is required for professional reasons, such as the distance to the place of work, other security must be offered when applying for a loan, despite Credit Bureau and the bank’s training. If the income is insufficient, real estate or other assets can be presented for security. However, this is rather unlikely for young people in training. The alternative is the guarantee. Any adult who has his own income can be considered a guarantor.
As a rule, these are the parents. Here it should be considered whether the parents should not be considered as applicants, so that the young person does not run the risk of over-indebtedness. Even if the loan is approved despite Credit Bureau and training, it harbors great risk in this regard. However, it should be noted that banks generally do not grant such a loan because they see their own interests at risk, for example if training is interrupted or a subsequent takeover does not take place.
Requirements and processing modalities
Some banks offer special trainee loans. The loan amounts are not exactly high, but are still sufficient. The loan in spite of Credit Bureau and training is adjusted in its framework to the actual income situation of the respective trainee. Thus, the loan made available cannot be generalized. In any case, as with any loan, the bank prepares its household bill. In addition to income, this also takes into account all costs necessary for subsistence, such as rent, etc. If a trainee still lives with his parents at the time the loan application is made, the credit line can be larger.
With a loan despite Credit Bureau and training, it should be ensured that the monthly charge is not too high and the term is very long. This keeps the installments affordable. If the Credit Bureau is rated too bad, this type of credit usually does not come about. The only way to get a loan despite Credit Bureau and training is a co-applicant or guarantor. In this case, the entire debt burden is transferred to the guarantor. However, the respective guarantor should have no or not too large debts and should meet the requirements that are placed on a borrower. The guarantor has a duty when the trainee can no longer pay his debts to the bank.
Opportunities to get a loan despite Credit Bureau in training
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If the application is already negative, the chances for the trainee to get a loan are very slim. Foreign banks can help here. But these also require sufficient security. As a rule, they are required to transfer their wages as security for the term of the loan. But since a trainee’s income is usually below the garnishment limit, such a loan is only theoretically possible. These foreign loans are usually offered through credit intermediaries. Here you should make sure that this broker is also serious. If advance fees or insurance contracts are incurred, this offer should not be used.
If you have a negative Credit Bureau and are in training, the chances of getting a loan are very unlikely. One should rather ask the question here whether the needs are really imperative or whether they can be shifted. If they are necessary, consider whether there are no other options. For example, a loan could be taken out through the parents, or you should try to find out if there are no stately aids such as Credit Aid for the respective situation that you can avail yourself of.