Apprenticeship years are not men’s years – there is a lot of truth in this saying. Trainees usually have to do “simpler” jobs and earn little money. The low income is nice pocket money, but you can’t afford big jumps with it.
If you still live with your parents and do not have a lot of expenses, you can spend your training salary at will and fulfill some wishes. Small purchases are usually possible without problems, but larger investments usually fail due to the lack of money. If you are in training and want to fulfill an expensive wish, you may be able to take out a loan with training.
Credit with training – what are the requirements?
Most of the time, trainees do not have a good chance of getting a loan because they earn very little and do not (yet) have a permanent job. After all, there is a risk that the apprenticeship will be terminated prematurely or that the company will not take on any trainees. Most banks are rather critical of training loans and only grant such a loan under certain conditions. If you have hardly any expenses and do not have to pay rent, groceries, etc. from your salary, chances are good for a loan with training. Apart from that, it is important that you appoint a guarantor (e.g. your parents) who will help you in the event of insolvency. This gives the bank the security of knowing that the loan will be repaid – whether by you or your guarantor.
This is how you make the right decision
Borrowing is of course not easy, but a long-term payment obligation that you have to meet month after month. For this reason, it is important to keep the loan amount as low as possible and not to take any risks. Small loans up to 5,000 dollars are usually also offered to trainees if the above requirements are met.
When choosing the bank, pay attention to low interest rates, long terms and reasonable monthly rates. It is important that you do not go into debt at a young age – because this could ruin your entire future. Most people don’t just get a loan once in a lifetime; from car financing to building loans, there are always occasions that require borrowing.