The loan for trainees without a co-applicant is only possible to a limited extent. Despite the restrictions, there are various options as a trainee to be creditworthy. The article provides more on the credit opportunities, requirements and restrictions for loans for trainees.
Credit for trainees without a co-applicant – it’s very easy
The loan for trainees without a co-applicant can come from the house bank as long as it is not an installment loan. The training salary does not exceed the garnishment exemption limits, but it still creates a small credit line. Most local credit institutions easily allow overdraft facilities for trainees. If the disposition does not appear on the account statement automatically after a few months, a brief request from the clerk is sufficient.
The overdraft facility for trainees is automatically allocated in the amount of approximately one training salary. However, with a little luck and a nice clerk, he can even grow to 2.5 times the monthly income. The background to this marketing strategy is easy to justify. Today’s trainee can be tomorrow’s solvent bank customer. Of course, no bank wants to miss out on the possibility of early customer loyalty. Nevertheless, the bow must not be spanned. An installment loan is not possible from the training salary without outside support.
Credit with the training salary
In addition to the overdraft facility, credit cards offer another, albeit modest, credit option. Of course, a platinum card cannot be applied for with the training salary. However, a low income is sufficient for an ordinary card with a budget of around 500 – 1,500 USD. The loan for trainees without a co-applicant is now possible at least within the limits. If you want to take your time with the repayment, you can request a partial payment.
Depending on the credit card provider, convenient partial payments of between five and ten percent of the overdraft are now possible. Unfortunately, this loan option is not cheap. When the money is withdrawn from the machine, the fee trap strikes. Four USD fees per cash withdrawal are not uncommon. The debit interest to be paid is quite comparable to the usual overdraft interest. Rescheduling the overdraft facility in this way is not worthwhile. In addition, it is not recommended to request a credit card from several providers. The risk of over-indebtedness is great.
Consider alternative loan options
The easiest thing would of course be to apply for a loan from a direct bank. Unfortunately, this will not work without a co-applicant or at least a guarantor. Nevertheless, there are also credit opportunities online. Various portals offer personal loans. These offers are a kind of auction credit. The loan request is set on the platform and private donors can bid on it. Fair credit opportunities exist if a security, such as the car, is offered to secure the loan.
If the credit request is “only” about the payment of the holiday trip, the advance payment can be a good alternative. This loan for trainees without a co-applicant has been a proven means for generations. Even before the actual vacation allowance payment, a partial amount of the upcoming training salary and vacation allowance can be made available. The question in the payroll office costs nothing. If the advance is granted, no interest is even payable.