For apprentices, getting a loan is not always easy. If the income of the applicant covers the minimum livelihood, guarantors or co-applicants are the solution for obtaining a loan commitment. The story is on acieq2019.org
Most of the guarantors are parents, siblings or other close relatives. With this option a loan for trainees with guarantors is possible. These are in any case small loans up to 5000 euros. Also the reason for the loan is important for the loan application. If, for example, a car is to be purchased with the money, this is considered a seizable property. Should it come to a non-payment of the installments, the bank can seize the car.
One possibility for a loan commitment is solvent guarantors, who can step in if the rates are not paid. These guarantors must have a clean private credit and a regular income. Also helpful with a loan for trainees with guarantors is a written commitment that the trainee is taken over by his teaching after completing the training. This will continue to guarantee a regular income, which is above the training fee.
An alternative to the loan for trainees with guarantors is a collection policy. Since every apprentice must have a current account, it makes sense to apply for an overdraft for smaller sums. While interest rates are slightly higher in most cases, the application procedure is much simpler. Due to the regular receipt of money, the chances of obtaining a permit also increase. However, there may be no seizure on the account.
Especially as a trainee you should think very carefully whether it is absolutely necessary to take out a loan. The income is low and even with a guarantor one enters into a longer-term payment obligation. For example, you can pay the installments that you would pay off in full on a savings account book and, after completing your training, afford the longed-for new purchase without a loan.