A training loan is a loan that is specifically tailored to the target group of trainees. Because the trainees have a regular income – which in most cases is not too high – the apprenticeship loan is particularly worthwhile for trainees who can neither receive financial help from the state nor be supported by their parents. The training loan should not be confused with the education loan. The former can in principle be used by any trainee and in any phase of the training. The state-sponsored educational loan, on the other hand, can only be drawn on in a relatively late phase of training – and only then if the trainees or students are entitled to German state funding.
Important: a careful comparison of the conditions
Because the trainee budget for repayment of the loan is usually tight, they should pay particular attention to the conditions on which the various banks grant training loans. Numerous financial institutions also attach importance to the fact that trainees also have to provide collateral so that they can get the loan at all. Trainees who own a property, have an inheritance or have life insurance have good chances – all of this is accepted as security by the banks. Alternatively, trainees who want to take out a training loan can also provide a guarantor. If they themselves are no longer able to service the loan, the guarantor must step in and be liable for the liabilities.
Because not only the conditions, but also the terms differ considerably from bank to bank, the trainees should also pay attention to this. According to the test reports and the conditions, Best bank, Nice bank and Loan plus are the TOP 3 providers of trainee loans. For example, it may well happen that trainees only need a loan for a relatively short period of time because an urgent purchase is pending. In this case, it is more worthwhile for them to apply for a short-term loan, for which the provider Best bank is known. The borrowers pay a slightly higher interest rate here. However, only for a relatively short period of one or two months. Compared to a longer-term loan with a lower interest rate, the financial burden is still manageable and the bottom line is much cheaper.
Other providers of training loans
One of the best-known providers of a training loan is the Nice bank-based credit institution Loan plus. The big advantage of this bank is the quick processing. Borrowers can conclude a contract here within 15 minutes and the required amount will be credited to their account the next working day.
It may also be worthwhile for trainees to use the services of the credit broker Nice bank. Because to find the optimal loan for each customer, the experts at Nice bank negotiate with up to 20 banks. This means that you can find a credit solution even if the house bank has already declined.