Being able to pay a loan as a trainee is rather rare

Apprenticeship years are not men’s years, that has been recognized by past generations, and most trainees also have little financial leeway. A loan would be the ideal opportunity for many young people to increase their lean trainee salary somewhat, but the difficulties usually start with the repayment. The salary of a trainee is often not even enough to rent their own apartment, so a lot of apprentices still live with their parents. If a long-term loan obligation is added at such a young age, the risk of early debt is very high. Very few trainees can repay a loan in full, often the training company does not take on the apprentice in a permanent position and after the apprenticeship, unemployment follows first.

A loan for trainees

A loan for trainees

In principle, it is possible for trainees to get a loan, since there are usually no negative Credit Bureau entries and the trainee has a regular income. However, since the income falls below the seizure exemption limit in most cases and the bank would hardly have a chance to get the loan back within a reasonable amount of time if there is a delay in payment, a loan becomes Only awarded to trainees if a parent or another solvent person signs a guarantee for the loan. If no guarantor is available, a security deposit can be deposited with the bank as an alternative. Securities, real estate and savings contracts are regarded as security, but are not available for most trainees.

Borrow with a security deposit

Borrow with a security deposit

One option would be to borrow with a security deposited by the parents if they do not want to sign a guarantee. If a trainee needs a loan, it would sometimes be better to first apply for an overdraft facility on the account. The overdraft facility can then be used as required within a defined framework and is automatically compensated for when the salary is received. It is not advisable to take on the burden of a loan at a young age, since the debt ratio among young people has increased dramatically in recent years. This is usually not due to loans, but installment purchases, mobile phone contracts and other fixed costs that cannot be paid by the low apprentice salary.