The training allowances are not always lush. Nevertheless, many wishes can be realized. It is their own money earned, the help of parents is usually superfluous. Loans for apprentices, without co-applicants, are therefore a frequent request. The feasibility is, however, associated with some hurdles. How it goes, the article reveals.
Loans for trainees without co-applicants – the house bank
There are not many ways of granting loans to trainees without co-applicants. The easiest option, at the same time the most expensive, is the credit line. Depending on which training is completed, the banks can easily clear a dispo. For apprentices in the civil service, the dispo can be up to three months’ salary, for all others one to two monthly salaries.
The interest that is payable for this financial freedom, however, are exorbitant. Depending on the provider, the range is between 11 percent and even up to 18 percent interest. A permanent overdraft is therefore far from advisable. If you are looking for loans for trainees without co-applicants for training purposes, the state provides low-interest educational loans.
The education loan from the Federal Office of Administration
Many undergo a school education or study to achieve their professional goals. In this case, there is not even a training allowance at the end of the month. Instead, it has to be paid. Travel costs, teaching aids and much more burden the budget. Especially in the last training phase, many people run out of money. Scholarships, which would have been possible at the beginning of the apprenticeship, are now also a possibility. A loan for training can finance the last months of training.
For these cases, the Federal Office of Administration has a loan that is easy to apply. The loan can amount to a maximum of 7,200 euros. He may be used for practically everything that is necessary for the training. The travel costs are financed, but also an internship abroad. There are virtually no requirements for the creditworthiness of the applicant. The repayment of the loan must begin no later than four years after the first disbursement. Also worth mentioning is the interest rate on this education loan. 1.45 percent APR is impressive.
Credit during training – more options
If the demand for credit is consumer spending, mail-order loans offer a good option for being a trainee creditworthy. Almost everything can be ordered today from the mail order company. The credit conditions of the senders are simple. There must be an ongoing income and the Schufa must not have a negative entry.
In addition, the large platforms for personal loans offer good opportunities for loans for apprentices without co-applicants. An honestly formulated loan request and the traceability of the repayment ability are recognized by private investors. The private loan offers trainees, in addition to good licensing opportunities, also fair interest.