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Working life begins with the training of young people. They become independent and requests can be partially realized. The driver’s license usually comes first. But the salary is not always enough for large purchases. A loan should help to make wishes come true.

Is a loan feasible for apprentices?

Is a loan feasible for apprentices?

Many banks have adapted to apprentices’ loans and offer favorable conditions. Interest adapts to the salary and is not very high. The salary of an apprentice also plays an important role. The higher the salary, the higher the credit line can be. The loan is repaid in installments monthly. Many banks prepare a budget before applying. This compares the income and expenditure whether there is an increase in the salary in the end.

Most of the apprentices still live with their parents, so there is no rent. A cell phone contract and fixed travel costs are almost always expenses. As soon as a good plus can be seen, nothing stands in the way of a loan for apprentices. A loan can start at 500 USD and usually ends at 5000 USD. Interest rates range from 2.9% to 9.9%. A comparison with several banks can be worthwhile in order to get cheap interest on a loan.

Basics for a loan

Basics for a loan

The fixed income from the apprenticeship contract is a good basis for a loan for apprentices. This salary is important in the calculation. However, the point at which the loan is taken out is also decisive. Those who take out a loan at the beginning of their training have better chances because the contract ensures regular income. Since the loan amount of 5000 USD can already be reached. A guarantee is advantageous for the larger loan for apprentices.

For example the parents or a friend. However, both must have a fixed income. Banks are also happy to accept collateral. An example would be life insurance. If the apprentice is already in the last year of training, the amount of credit may decrease. However, if a fixed employment contract has already been concluded after the training, there is the prospect of a higher loan for apprentices without guarantors.

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