Trainees are usually struggling with two problems that are related: Firstly, because they only earn better pocket money, if at all, there is a great financial need for the trainees. Trainees often need a loan. Secondly, due to their very poor income situation, many banks refuse to grant loans. A Fast credit for trainees is particularly difficult to obtain. However, there are ways to get the appropriate loan. However, these are associated with some disadvantages or with a certain outlay. An assessment at chrismillerjazz.com
Banks generally don’t like to give a lightening or instant loan to trainees at all because they don’t see how you, as a low-income borrower, should be able to repay your debt. The easiest way to still get such a loan is through a guarantee declaration from suitable people – for example, from your partner or from your parents. It is crucial that your guarantor is already in professional life, earns well and has no problems with the protection association for general credit protection.
Another way in which you can also receive a Fast credit as a trainee is to use the variant that you can set up a overdraft facility in your checking account or, if it already exists, extend it. Especially if you have an acute financial need between 100 and 300 USD, this variant makes a lot of sense because it is quick and easy. In addition, banks are much more generous with overdrafts than with installment loans. However, what you should be aware of is the problem of repayment: there is no fixed repayment schedule and the interest on the overdraft facility is very high.
You can agree with the bank in order not to pay interest that is too high for years without need, for example, to reduce the overdraft facility by 50 USD per month. Money houses like you to make such suggestions. Most financial institutions are then once again more willing to agree to a corresponding loan.
If the two options above are out of the question, you also have the chance to contact a loan broker. Houses like Maxda specialize in being able to find instant loans even in difficult cases. This gives you as an apprentice the chance to find the loan of your choice. The downside for you with this variant is that interest rates can be very high. You have to expect that you will even have to pay a higher interest rate than on a overdraft facility