Here you will find our free loan calculator for apprentices. Serious loans in comparison.
The use is simple:
- Select desired loan amount.
- Select the repayment term.
- Specify a purpose. (optional)
After clicking on “recalculate” the credit comparison is now adjusted to your entries and automatically sorted by the amount of the effective interest in ascending order. With a click on “continue” you can immediately online a free and non-binding loan request to the respective bank.
Online loan for apprentices in Germany
A loan for apprentices is not a hot iron, but hard to get. Banks are usually struggling to give credit to a trainee as sole claimant. The consideration of an apprentice is relatively easy to understand why he wants to take a loan. The first own money is a motivation for many to find their own home. However, one or the other piece of furniture is missing. Another reason may be the first own car. The training allowance is sufficient for tax, insurance and fuel, so why not? If only the bank were not there …
Why banks are having a hard time getting credit for apprentices
Banks like it for sure. Especially when it comes to lending money. Of course, when it comes to making commissions when their clients trade in derivatives, security takes a back seat, but credit is different.
One of the securities in the figurative sense of a credit institution is that the borrower is in an open-ended and unfinished employment relationship. Although an apprentice is usually left without an apprenticeship, the apprenticeship is limited until the day of the exam. Those who have just started their training will hardly have a takeover contract in their pockets. The training company only talks about this when it comes to the final exam. The bank simply assumes that the apprentice will not be taken on, and thus is initially unemployed. Against this backdrop, a lending initially leaves, first.
Which solutions are suitable?
- First, there is the option of a parent who complies with the Bank’s lending policies acting as a co-applicant or guarantor . In this case, there is nothing to prevent a loan for apprentices. This path is the simplest and most straightforward if a larger amount is needed immediately. A suitable loan can be found above in the loan comparison .
- Another solution, but much more expensive, would be the alternative of choosing the repayment term in such a way that the loan would be repaid before the end of the apprenticeship . The consequence, however, are comparatively high rates. If an apprentice still lives at home, this could be a solution. In a private apartment, however, the financial ceiling should be quite thin, unless he proves another side job.
- If the loan amount is not dramatically high, a credit line or a mini loan or short-term loan with a term of up to 60 days would be conceivable. The Dispo depends on the creditworthiness of the trainee and on the benevolence of the bank. Mini loans are awarded without fuss by FinTechs. They have a relatively short duration, usually 30 or 60 days, and offer the benefit of having the same amount of money as the deadline. The minimum income is absolutely in the range of apprentice salary.
The loan from private
Another option is a loan from a private loan via a corresponding credit platform. There, the apprentice presents his project to be financed and under an alias name. As part of the credit check, which usually provides a minimum income, he is assigned to a specific credit rating. This determines the amount of interest to be paid. The minimum income is quite moderate for many of these portals, so it also affects the income group of trainees. Although the lenders, the investors, have an interest in getting their investment back with the interest, they apply less stringent standards than the banks. This also means that the loan period can well exceed the duration of the training.
The KfW training loan
The KfW, the Kreditanstalt für Wiederaufbau, offers a fine thing as a loan for apprentices: The KfW Training Loan. However, the KfW training loan has a catch. He will not be paid at the beginning of the training, but only towards the end. However, at the beginning costs may be incurred for a move.
The loan is disbursed in installments of 100, 200 or 300 euros and is primarily intended to finance the cost of living. The maximum amount of the KfW training loan is 7,200 euros. However, a one-time installment payment of 3,600 euros can be made on request as the first installment. The repayment starts four years after the start. The monthly rate is just 120 euros, a fairly attractive solution.
A loan for apprentices from the savings bank is associated with relatively high interest rates. We recommend that you first use the credit comparison at the top of this page.