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Training Loan – Low-priced loan for educational purposes

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There are situations in life where it is difficult to obtain a loan, including, for example, the time of unemployment, as well as the duration of an education. But trainees also have desires that must be fulfilled because they are also conducive to training, such as the financing of the driver’s license and a car. With a training loan, one could meet some wishes and take the step into a new life and a home. But it is still difficult to get a loan for trainees, since the salary in education is usually low. However, the training loan for banks represents an opportunity, because they have the ability to retain customers at an early age, but this does not mean that banks readily grant a loan to trainees. Even with a training loan, the usual security measures, as well as credit checks.

Training loanfor drivers license & vehicle

Training loanfor drivers license & vehicle

As a trainee, you will receive a monthly training allowance, but this is usually too low to finance not only everyday life but also a loan installment. A loan for trainees, therefore, if it is awarded, can only amount to a small loan amount, usually it is not more than 4,000 euros, which are awarded as part of a training loan. Whether or not a loan can be awarded to trainees is not only determined by the level of income, the remaining period of training also plays a decisive role in lending, because the longer the trainee is still in training, the lower the chance of finding one Education credit. In the best starting position for a loan is an apprentice, if he already has a confirmation of a takeover in the operation, because then the bank can be sure that not only continue to pay a salary, but that this is usually also above the training allowance. However, other factors also make the awarding of a training loan more likely, for example when the trainee can name a guarantor . Most parents declare themselves ready to vouch for a loan for trainees. When awarding a training loan, care must be taken to keep the monthly rate as low as possible in order to adapt it to the trainee’s financial situation. This is usually only possible if one chooses a long term, which in turn causes increased costs. Therefore, before applying for a loan for trainees, it is important to find out about the costs and to weigh up whether you can afford a training loan.