Financial bottlenecks can also occur during the training period. Be it due to an unexpected repair or because purchases cannot be made otherwise. The financial requirements quickly exceed one’s own funds and financing of the remaining amount must be organized. However, it is usually particularly difficult to obtain a loan during the training, since the borrower’s creditworthiness is insufficient due to the low earnings and the insecure employment. But even in these cases it is possible to get a suitable loan if you consider a few options.
Receive a loan from the bank during training
Those who go to the bank to get a loan during their apprenticeship are usually rejected because of a lack of creditworthiness. But you can counter this refusal if you can offer the bank additional collateral. Due to the rather poor creditworthiness during the training, a guarantee is particularly suitable, since no borrower’s service is required. In this case, the guarantor is included in the loan agreement and, as the name suggests, guarantees the fulfillment of the loan agreement.
For this, however, the guarantor must meet all commercial criteria for creditworthiness, i.e. must be able to demonstrate an unlimited employment contract and sufficient income and must not have any negative entries in the Credit bureau. With such a guarantee, the guarantor’s creditworthiness is used as a criterion for the approval of the loan, so that nothing stands in the way of lending. The bad credit rating of the actual borrower is therefore no longer decisive for the granting of the loan.
A loan during training through private lenders
If you do not want to go to the bank, a private lender can be a possible alternative, especially when short-term financing is required. Such a lender mostly comes from the borrower’s circle of friends or relatives. The main advantage here is the faster availability of the loan, since such a loan can be taken out quickly. However, it is important for both parties that a corresponding loan agreement is also concluded for such a loan.
This means that no disagreements can arise later and the terms of the loan are made binding for both parties. Such a contract can be drawn up informally, but should include the most important points such as term, repayment and loan amount. If the lender can still confirm the transfer of the sum or transfer the money to the borrower with a clear name, there is sufficient evidence of the loan during the training. Due to the fast processing and the normally high level of trust between the lender and the borrower, such a loan is particularly advantageous, especially if the creditworthiness is poor.
So it turns out that a loan is always possible during the training. Private lenders in particular are the most pleasant alternative, since they generally charge little or no interest.